Things you need to know about gold

Last month, the price of an ounce of gold (approximately 28 grams) reached a record high of over $ 2,000 on the world market. Although gold traders have played a major role in the rise in prices, questions have been raised about the supply of gold, and when this most precious metal will disappear from the world. 

The demand for gold has increased and people are using it as their investment, to show their financial status and it is also used in many electronic devices. The expert says that the time is no longer than the availability of gold becomes less and thus disappears with time. The production of gold becomes limited all over the world 

Some say we may have reached this point. According to the World Gold Council (WGC), world gold production last year was more than 3,500 tonnes, down 1% from 2018. After 12years since 2008, the production of gold globally declined due to the high requirement of resources

However, WGC spokeswoman Hannah Brandstetter said in a statement: "The supply of gold may increase in the coming years as existing reserves are depleted and new landmines are not released. Production is at an all-time high, experts say. Even if gold rises, gold production will not fall sharply for many years, but supply shortages could be felt for decades.

How much gold is available?

The gold mining expert says they distribute and estimated the amount of gold in two different methods. Reserves: Gold extraction is economically viable at current prices. Resources: Gold may be more profitable after additional research or price increases. It is easy to estimate the number of reserves. The U.S. Geological Survey estimates that there are currently 50,000 tons of gold underground.

One of the other, 190,000 tons of gold have been mined so far in history, although the number is growing. According to these estimates, we have only 20% more gold left. But it is also possible to mine gold using new technologies, which is not yet possible. Some landmines use robots for mining and their use is expected to increase in the coming days.

The largest gold mines

The largest gold mine in the world is the Watersund Basin in South Africa. It is said that only 30% of the world's gold has been mined so far. Other major landmines in the world include China's M-Planning mine, Australia's Super Pit and New Mount Boddington mines, the Grossberg mine in Indonesia, and the US state of Nevada. Different countries provide gold including Russia, Canada while the largest gold producer created goes to China. But now different gold mines are discovered in many different countries, but they are unable to provide a large amount of gold.

Is it hard to get gold?

Large-scale mining is not an easy task and requires a lot of money and resources, such as machines and specialists who can work in these mines. Today, 60 percent of the world's work is done in underground mines, while the rest is done in underground mines. There are not many places left to find gold mines, but there are places where mining is not easy due to the soil conditions, such as in West Africa.

The record price of gold

The record rise in gold prices in August does not mean that global gold mining is booming. The point is, changes in gold production take a long time to affect gold prices. The increase was seen during the last few months, which also affected mining and forced many mines to be closed precautionarily. Gold prices have risen during the epidemic as investors see gold as a safe haven in times of economic uncertainty.

Availability of gold in the moon

It is not easy to estimate the amount of gold on earth, but gold is present not only on the earth but also on the moon. But extracting and depositing this gold on the ground is a very expensive process and will never be economically viable. A different gold deposit founds in different oceans all over the world, but to extract gold and provide resources would be very expensive. But the most important feature of gold is that it is useful despite repeated use and can be used permanently. This means that even if the world loses gold, it will never end.

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