World’s Largest Gold Deposit Uncovered

Clear Facts

• The largest gold deposit in the world, valued at $83 billion, has been discovered in China.
• The discovery was made by the Hunan Provincial Geological Institute in Pingjiang County, with over 1,000 tons of gold reserves predicted.
• China, the world’s leading gold producer, accounts for approximately 10% of global gold output in 2023.

In a groundbreaking discovery, geologists from the Hunan Provincial Geological Institute have uncovered what is being hailed as the largest gold deposit globally. This monumental find, located in Pingjiang County, China, has been valued at an astounding $83 billion, equivalent to 600 billion yuan.

The gold reserves were found approximately 12 miles beneath the surface, according to reports from Xinhua, a state news outlet. This area, known as the Wangu goldfield, boasts 40 gold ore veins with a total of 300.2 tons of gold resources.

The Hunan Academy of Geology has projected that the reserves could exceed 1,000 tons at depths greater than 3,000 meters.

Prior to this discovery, the title of the largest gold reserve was held by the South Deep gold mine in Gauteng Province, South Africa, which contains about 930 metric tons of gold.

China’s dominance in the gold production sector is further solidified by this discovery, as the nation already accounts for around 10% of the world’s gold output in 2023.

The timing of this find coincides with a significant rise in gold prices, with futures increasing over 32% year to date and more than 38% in the past year.

This surge has been driven by investors seeking refuge in gold amid geopolitical tensions in the Middle East and Ukraine, as well as uncertainties regarding U.S. economic policies post-election.

As of now, one ounce of gold is trading at nearly $2,674, reflecting the precious metal’s growing appeal as a safe haven investment.

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