China Finds New 'KGF' Treasure - BIG JACKPOT
Up until today, South Deep, South Africa, had the world's greatest gold deposit. However, china will now take the position of South Africa, which has said that it has found the greatest gold resource in the world. The discovery of this gold mine will alter the dynamics of the global gold market in addition to enlarging China's gold empire. In addition, China's struggling economy can benefit greatly.
China's expansionist aspirations include assuming global dominance. On the other hand, a finding has given China's aspirations to become a superpower golden wings, allowing it to take a lengthy economic flight. China's optimism stems from a finding in the province of Hunan that has both shocked the globe and caused problems for the major participants in the global gold market.
The greatest gold deposits in the world are located in the Hunan province of china, which covers an area of 2 lakh 11,800 square kilometers. china would never have thought that it would discover such a vast gold deposit 2,000 meters below the surdata-face. Forty veins have yielded around one thousand metric tons of gold.
The greatest gold deposits in the world are located in the Hunan province of china, which covers an area of 2 lakh 11,800 square kilometers. china would never have thought that it would discover such a vast gold deposit 2,000 meters below the surdata-face. Forty veins have yielded around one thousand metric tons of gold.
How Much is China's gold Reserves Worth?
Given the data-size of the gold deposit in China's Hunan province, jinping could either raise the nation's reserve by 50% or give rings to around 50 crore of the 68 crore women in China. On the global market, 1000 metric tons of gold are worth around 83 billion dollars, or 7 lakh crore rupees. Now, if jinping wants to give his people rings, a gold ring typically weighs two grams.
A thousand metric tons contains one billion grams. This can give the nation economic stability by allowing for the creation of 50 crore gold rings or the addition of 1,000 crores to the current gold reserve of 2264 crores. You may claim that gold has helped China's struggling economy, as the country possesses a gold reserve at a crucial moment. In addition, china is currently getting ready to participate heavily in the world gold market. First, find out where china is in the gold market right now.
China Consumes More Than it Produces
The world's gold market has been dominated by China. china accounted for 10% of global gold output in 2023, making it the top producer. China's gold stockpiles stood at over 2000 tons at the start of 2024. In terms of gold consumption, china consumes more gold than it produces since the country's middle class has grown in data-size, as have its incomes and spending habits. This explains why china was using more than twice as much gold—roughly 741 tonnes—as it generated in the third quarter of 2024 (268 tonnes).
For china and the world gold market, locating the biggest gold mine is a serious concern. china will become more dominant in the global gold market if this gold location is discovered. china will become less reliant on imports of gold. China's mineral riches will be allowed to grow. By boosting gold reserves, it will be able to stabilize the economy and help the faltering one.
Gold Reserves In The World
Although South Deep, South Africa, has 929 tonnes of gold deposits, china now tops this list because of the gold reserves discovered in Hunan. Grasberg, Indonesia, has an 856-ton gold resource. 350 tonnes are in Boddington, Australia; 330 tonnes are in Poneng, South Africa; 309 tonnes are in Pueblo Viejo, Dominican Republic; 246 tonnes are in Cortez, Nevada; 737 tonnes are in Olympiad, Russia; 680 tonnes are in Lihir, Papua New Guinea; 657 tonnes are in Norte Abierto, Chile; and 353 tonnes are in Carlin Trend, Nevada.
Chinese scientists have asserted that they have reached the point where gold is formed underground through a variety of geological processes that frequently take millions of years. One may argue that this gold reserve is a huge win for china, whose economy appears to be gaining fresh vitality.