Mining
The Gold Series: Gold as an Investment (Part 4)
How does gold behave like an investment and what are the fundamentals of investing in gold? What are the different ways investors can get exposure to gold in their portfolios?
History has shown gold to have several properties as an investment. Gold helps diversify a portfolio and also acts as a hedge against inflation, currency devaluation, and volatility.
Many factors affect the price of gold such as speculation, geopolitical events, supply and demand, and macroeconomic factors.
There are different ways to get exposure to gold in a portfolio: ]gold ETFs, bullion, and gold mining. Each has different advantages and risks.
Gold is the ultimate store of value. It has the tendency to stay strong in the face of inflation, uncertainty, or currency devaluation. As central banks continue to increase the money supply in today’s economic climate, investors continue to turn to gold as a safe haven for their investments.
Mining
Visualizing Global Gold Production in 2023
Gold production in 2023 was led by China, Australia, and Russia, with each outputting over 300 tonnes.
Visualizing Global Gold Production in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Over 3,000 tonnes of gold were produced globally in 2023.
In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).
China, Australia, and Russia Produced the Most Gold in 2023
China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.
Country | Region | 2023E Production (tonnes) |
---|---|---|
🇨🇳 China | Asia | 370 |
🇦🇺 Australia | Oceania | 310 |
🇷🇺 Russia | Europe | 310 |
🇨🇦 Canada | North America | 200 |
🇺🇸 United States | North America | 170 |
🇰🇿 Kazakhstan | Asia | 130 |
🇲🇽 Mexico | North America | 120 |
🇮🇩 Indonesia | Asia | 110 |
🇿🇦 South Africa | Africa | 100 |
🇺🇿 Uzbekistan | Asia | 100 |
🇬🇭 Ghana | Africa | 90 |
🇵🇪 Peru | South America | 90 |
🇧🇷 Brazil | South America | 60 |
🇧🇫 Burkina Faso | Africa | 60 |
🇲🇱 Mali | Africa | 60 |
🇹🇿 Tanzania | Africa | 60 |
🌍 Rest of World | - | 700 |
Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.
In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.
Estimated Global Gold Consumption
Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.
- Jewelry: 46%
- Central Banks and Institutions: 23%
- Physical Bars: 16%
- Official Coins, Medals, and Imitation Coins: 9%
- Electrical and Electronics: 5%
- Other: 1%
According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.
-
Money7 days ago
Charted: Which Country Has the Most Billionaires in 2024?
-
Energy2 weeks ago
Ranked: The Top 10 EV Battery Manufacturers in 2023
-
Countries2 weeks ago
Countries With the Largest Happiness Gains Since 2010
-
Economy2 weeks ago
VC+: Get Our Key Takeaways From the IMF’s World Economic Outlook
-
Demographics2 weeks ago
The Countries That Have Become Sadder Since 2010
-
Money2 weeks ago
Charted: Who Has Savings in This Economy?
-
Technology2 weeks ago
Visualizing AI Patents by Country
-
Economy2 weeks ago
Economic Growth Forecasts for G7 and BRICS Countries in 2024