The world’s largest gold reserve has been discovered in China’s Hunan province. According to Xinhua News, Pingxiang County, Hunan, may have 1,000 tons of high-quality gold. Its value has been estimated at over $83 billion (Rs 7 lakh crore).
Expert Chen Rulin says gold is clearly visible in the cores of many drilled rocks. Core samples show that a metric ton of ore can contain up to 138 grams (about 5 ounces) of gold. It is considered the largest gold deposit discovered to date in the world. This represents more than 900 tonnes of gold in the South Deep mine in South Africa.
1000 metric gold found thanks to 3D modeling
According to the report, more than 40 gold mines have been discovered in Pingjiang County. Geologists had previously estimated that there were 300 tonnes of gold here. However, later, through 3D modeling, it was found that the depth of the gold cracks reached 3,000 meters. There are 700 tonnes more gold than expected.
Chinese authorities are conducting further research here. Hunan Gold Corporation, which discovered it, says that due to the great depth, it is unclear how much gold is in the mine. For this reason, the price cannot yet be announced.
10% of global gold production is in China
China is the largest gold producer in the world. Its share of global production in 2023 was around 10%. According to the World Gold Council report, China has 2,264 tons of gold reserves.
If a country’s currency weakens internationally, gold reserves help maintain that country’s purchasing power and economic stability. In 1991, when India’s economy was in decline and it no longer had dollars to import goods, it raised funds by mortgaging gold and came out of this financial crisis.
Having large reserves means that the country’s economy is strong. It also shows that the country manages its money well. In such a situation, other countries and global financial institutions trust this country more. Gold reserves are a strong asset to support the monetary value of any country.
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