As one of the most valuable assets in the world, gold is not only a form of jewelry or investment but also serves as an economic safeguard in times of global uncertainty. From national reserves to international trade, gold plays a crucial role in financial stability.
Understanding global gold reserves is vital for investors and the mining industry, as it determines the sustainability of supply and expansion opportunities. According to the latest data from the US Geological Survey, the total economically recoverable gold reserves are currently around 59,000 metric tons. With gold prices reaching US$2,600 per ounce, each metric ton is worth more than US$92 million.
Now, let's explore the top 10 largest gold-reserves countries in the world:
1. Australia
Gold Reserves: 12,000 metric tons
Australia leads the world in gold reserves with a total of 12,000 metric tons, primarily concentrated in Western Australia. The country has consistently produced over 300 metric tons of gold annually since 2017.
In 2023, the merger between Newcrest Mining and Newmont formed the world’s largest gold mining company, taking control of two major gold mines in Australia, Boddington and Cadia.
2. Russia
Gold Reserves: 11,100 metric tons
As Europe’s main supplier since 2010, Russia remains a major player in the gold industry with reserves of 11,100 metric tons. Production in 2023 reached 310 metric tons, with the Olimpiada mine in Siberia contributing 20% of the total output.
The Russian government is the primary buyer of domestic gold, but international sanctions following the invasion of Ukraine have hindered access to global markets. In response, much of Russia’s gold is now exported to the United Arab Emirates or added to national reserves.
3. South Africa
Gold Reserves: 5,000 metric tons
Although still one of the largest holders of gold reserves in the world, South Africa has seen a decline in production over the past few decades. From 431 metric tons in 2000, production dropped to 100 metric tons in 2023.
The Witwatersrand Basin remains the center of major gold mining, with the East Rand mine in Boksburg being the deepest, reaching 3,585 meters. However, declining gold grades have forced mines to operate at extreme depths, increasing costs and risks. Additionally, power outages and a lack of exploration investment have further burdened South Africa's gold industry.
4. United States
Gold Reserves: 3,000 metric tons
With gold reserves stable at 3,000 metric tons since 2012, the United States remains a key player in the global gold industry. However, its production has decreased from 230 metric tons in 2012 to 170 metric tons in 2023.
Nevada dominates, contributing 80% of total U.S. production, while regions like Alaska continue to drive growth. One of the largest operations is Nevada Gold Mines, a joint venture between Barrick Gold and Newmont, which manages major gold mines such as Goldstrike, Carlin, and Cortez. Despite production challenges, U.S. gold exports remain worth billions of dollars, maintaining its role in the global market.
5. China
Gold Reserves: 3,000 metric tons
China has seen a significant increase in its gold reserves, rising from 1,900 metric tons in 2022 to 3,000 metric tons in 2023, making it one of the world's leading producers with an output of 370 metric tons last year.
The largest mines are located in Shandong, with Xiling—operated by Shandong Gold Group—holding more than 580 metric tons of gold and expected to operate at high capacity for the next 30 years. In addition to mining production, the People's Bank of China is also an active buyer of gold, now holding around 2,264 metric tons.
However, strict environmental policies have affected the mining industry, reducing reserves and causing the closure of some mines. Once the world’s largest gold consumer, China is now focusing more on sustainability in its mining sector.
6. Indonesia
Gold Reserves: 2,600 metric tons
Indonesia is a key destination for the gold industry with reserves of 2,600 metric tons, supported by the Grasberg mine in Papua—one of the largest in the world. In addition to contributing to global gold production, the sector is also a major driver of the national economy.
Grasberg, operated by Freeport-McMoRan, holds 23.9 million recoverable ounces of gold. Development continues with the Kucing Liar project, which is expected to add 520,000 ounces of gold per year, with a total of 6 million ounces to be produced between 2029 and 2041.
7. Brazil
Gold Reserves: 2,400 metric tons
As a center of gold prospecting for over 300 years, Brazil remains a major player with reserves of 2,400 metric tons. Its production reached 60 metric tons in 2023, with mining activities focused in the Amazon and Pará regions.
However, the sector faces serious challenges, including illegal mining activities that harm rainforest ecosystems and threaten indigenous communities. While the government continues to crack down on illegal operations, these practices remain widespread, often fueled by social media. On the positive side, new projects like Tocantinzinho, managed by G Mining Ventures, have the potential to boost Brazil’s gold production in the future.
8. Peru
Gold Reserves: 2,300 metric tons
Gold plays a crucial role in Peru’s economy, with reserves of 2,300 metric tons. Although these reserves increased to 2,900 metric tons between 2012 and 2022, gold production dropped from 160 metric tons to 90 metric tons in 2023, influenced by stricter regulations, political instability, and COVID-19 restrictions.
Peru is dominated by major players like Newmont, which operates Yanacocha, the largest gold mine in the country. However, illegal and artisanal mining continues to spread, causing significant environmental damage, especially due to mercury use.
To address these issues, the government launched the Mercury Operation in 2019, which involved strict enforcement against illegal mines. Additionally, initiatives such as Fairmined Ecological Gold certification aim to promote environmentally friendly mining methods and raise market awareness of more sustainable mining practices.
9. Canada
Gold Reserves: 2,300 metric tons
Canada, with a long history in gold mining dating back to its first discovery in Quebec in the early 1800s, now produces more than 70% of its gold in Ontario and Quebec. Other regions like British Columbia, Yukon, and Manitoba also play a role in the industry.
With stable gold reserves of 2,300 metric tons since 2012, Canada has successfully increased its production from 97 metric tons in 2012 to 200 metric tons in 2023. The country also leads in sustainability initiatives, such as the "Towards Sustainable Mining" program, which has been adopted globally by various countries.
10. Uzbekistan
Gold Reserves: 1,800 metric tons
Uzbekistan began developing its mining industry after gaining independence in 1991, although the country’s first gold mine began operating in the 1960s. Following a significant decline in gold production during the 1990s, Uzbekistan has managed to nearly double its production since 2020, reaching 100 metric tons per year.
Most of Uzbekistan’s gold comes from the massive Muruntau mine in the Qizilqum Desert, with reserves estimated at over 4,000 metric tons. Gold has become one of the country’s major exports, generating US$3.42 billion in the first quarter of 2024.
