The USGS reports that some 18,000 tons of gold remain undiscovered in the U.S. UU. Underground gold reserves are currently estimated at about 50,000 tons, according to the United States Geological Survey. The volume of gold reserves can be calculated more precisely than resources, although this is still not an easy task.
Investing in a Best Gold IRA Account is one of the best ways to take advantage of these gold reserves and secure your financial future. According to the United States Geological Survey, underground gold reserves are currently estimated at about 50,000 tons. From this perspective, a total of around 190,000 tons of gold have been extracted, as mentioned above, although these figures vary. Among all the world's gold sources, current estimates suggest that between 2500 and 3000 tons of new gold are extracted every year. Currently, experts believe that the total amount of gold on the ground in the world amounts to just over 190,000 tons.
Experts estimate that we have less than 55,000 tons of gold left to discover. Even so, we can't be sure how much of this amount can be extracted. We know that the Earth's crust is golden at a ratio of approximately four parts per billion. We also know that gold can be found and extracted from the ocean, which is thought to contain about 10,000 tons of gold.
The continent of Antarctica is even known to have large gold deposits buried deep in the ice. New technologies may also make it possible to extract some known reserves that are currently not economical to access, but it is unlikely that large-scale gold mining will continue after 2075 without major advances in mining technology or without the discovery of enormous gold deposits currently unknown. Rather, the gold industry will move from mining to recycling, allowing for the recirculation of the world's gold supply. The California Gold Rush, from 1848 to 1855, brought the world's total historical gold production to more than 20,000 metric tons.
Once the peak of gold is reached, world gold production will gradually decline until all economically exploiting deposits have been extracted. One aspect of gold mine depletion that is very difficult to predict is how it will affect the spot price of gold. He mentioned the gold that can be found at the bottom of the ocean itself, but he forgot to mention all the gold that could dissolve in the ocean's own water. With current extraction rates, some analysts believe that South Africa, which is one of the world's largest gold producers, could run out of accessible gold in 40 years.
On the other hand, the sharp increase in production costs in the last 15 years alone, combined with the unavoidable mathematics that shows how quickly miners are exhausting the Earth's remaining recoverable gold reserves, suggest that, in the coming years, production costs could start to rise again as the world runs out of untapped gold. The peak of gold is defined as the point at which world gold production reaches its historic highest historical point. While gold prices reached an all-time high in August, this does not automatically translate into an increase in gold mining activity. Therefore, 24-carat gold is pure gold; 12K would be an alloy that is half gold and half copper or other metals.
Since gold has been in use since the dawn of history and new mining is still taking place, it may seem strange to think of a day when there is no more gold to extract from the ground. . In terms of companies, Nevada Gold Mines, which is majority-owned by Barrick Gold, is the largest gold mining complex in the world and produces around 3.5 million ounces a year. .