The price of gold has reached a world record

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Posted by: Daniela Socolovschi

News / Economic

27 Sep. 2020 / 18:15

The price of gold has reached a world record

The price of gold reached a record high this summer, exceeding $2,000 an ounce. With this unprecedented increase, experts are trying to find out the most accurate information on the amount of gold available on the market now, but also how much gold can be extracted from the Earth, informs Moldova 1.

Gold is a precious metal, often seen as an investment, as an adornment for displaying social status, but it is also a component of electronic products.

Total gold production in 2008 was 3,531 tons, 1% less than in 2018, according to the World Gold Council, being the first decrease since 2008.

The largest source of gold in the world is the Witwatersrand Basin in South Africa, which has so far yielded about 30% of the gold extracted. Other major gold sources are the Mponeng mine (South Africa), the Super Pit and Newmont Boddington mines (Australia), the Grasberg mine (Indonesia) and the Nevada mines (USA).

Currently, China is the country that produces the most gold, and Canada, Russia and Peru are major producers.

Although new gold mines are being found, large discoveries and deposits are becoming increasingly rare. Therefore, most of the current production comes from old mines, exploited in recent decades.

In addition, the costs of extracting the precious metal are very high, requiring a lot of machinery and a lot of expertise, but also the destruction of large areas, underground and on the surface.

Now, 60% of the world's gold mining operations are surface ones.

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