Have you ever thought while buying gold jewelry, where does gold come from, and will its supply continue forever or could it ever end?
Last month a record increase in gold prices. The price of gold has gone up to $ 2000 (about Rs. 1,60,000) per ounce. Gold traders were behind the rise in prices, but with this, there is talk about the supply of gold. Questions are arising whether the supply of gold will end.
Gold is used as a status symbol for investment and for use in many electronic products.
The experts also talk about the concept of ‘peak gold’. In the last one year, people have withdrawn gold to their full potential. Many experts feel that they have reached the peak gold.
According to the World Gold Council, the total production of gold in 2019 was 3531 tonnes, which is one percent less than in 2018. Production has declined for the first time since 2008.
World Gold Council spokesman Hanna Brandstetter explains, “The supply from the mine may have been reduced or may be reduced in the coming years because the mines that are currently being used are fully utilized and new mines are now getting less But to say that gold production has reached its peak, it is too early. “
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Experts say that even if ‘peak gold’ comes, it will not happen that the production of gold will be reduced very soon. This decline will come gradually in a few decades.
Ross Norman of MetalsDaily.com explains, “Mine production has stabilized, seen a decline, but not very fast.”
So how much gold is left?
Mining companies estimate the amount of gold hidden under the ground in two ways:
• Reserve – Gold which is economical to remove
• Resource – The gold, which will be economical to be removed in future or will have to be paid more for extracting it.
According to the Geological Survey of America, the gold reserve is currently 50,000 tonnes. So far, 190,000 tonnes of gold have been mined.
According to some statistics, 20 percent gold mining is still pending. But the statistics keep changing. With the help of new technology, you can get information related to some new reserves, which are not yet economical to reach.
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With the help of new technology like artificial intelligence, smart mining and big data, prices can be reduced. Robots are also being used in many places.
Witwatersrand of South Africa is the largest source of gold in the world, 30 percent of the world’s gold comes from here.
China mines the most gold. Canada, Russia and Peru are also major producers.
The search for new gold mines is going on, but they are being found in very small quantities. Therefore, in future also, we will have to depend more on old mines.
Large scale mining is quite expensive, requiring large machines and artisans.
Norman explains, “Mining is becoming more difficult; many large mines, where mining is economical, such as those in South Africa, are now ending.”
“China’s gold mines are small so are expensive.”
There are very few areas that are expected to contain gold but have not been mined, some of which are in areas where uncertainty persists, such as in western Africa.
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Gold prices reached the highest level in August, but this does not mean that gold mining will accelerate.
Gold production does not usually affect its price.
“The work is done on such a large scale that prices are not immediately affected,” says Brandstetter.
Apart from this, it is important to note that due to Kovid-19, mining has also been affected, many mines were closed. An epidemic is behind the rise in prices.
How much gold is left on the earth, it is difficult to guess correctly, but gold is also present on the moon. But removing gold from there and bringing it back from there would be very expensive.
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Sinead O’Sullivan, a space expert, says, “There is gold there, but bringing it from there is not economical.”
Apart from this, gold is also known to exist in Antarctica. Gold is also under the sea, but removing it from there is not economical.
But there is also a good thing with gold. It can be recycled. Gold is also used in many electric products. The price of gold used in a phone can also be a few pounds.
Efforts are also being made to extract gold from them. Therefore, if the gold mines are not completely finished.
Thank you,Stay safe and healthy!