China claims to have unearthed the largest gold deposit in the world —worth $83B

[Vinson]

China is claiming to have unearthed the largest gold deposit in the world — estimated to be worth more than $80 billion.

More than 1,000 tons of gold reserves and ore veins were allegedly discovered by geologists from the Hunan Provincial Geological Institute some 12 miles beneath the surface in China’s Pingjiang County, according to China state media.

The gold find is believed to be a whopping $83 billion.

The Hunan Provincial Geological Institute said the find was “significant in helping safeguard the country’s resource security.”

China is the world’s largest producer of gold, accounting for around 10% of global output in 2023, according to the World Gold Council.

Currently, the South Deep gold mine in Gauteng Province, South Africa, is the largest gold reserve in the world, holding around 930 metric tons of gold.

The Hunan Academy of Geology said workers found more than 40 gold ore veins at Wangu.

China claims to have unearthed the largest gold deposit in the world —worth $83B

More than 1,000 tons of gold reserves and ore veins were allegedly discovered by the Hunan Provincial Geological Institute.

nypost.com

 

[DesRicardo]

Where's Peter Zeihan to tell everyone Xi is lying and China has only 1 months before it's economy self destructs.

 

[Vinson]

Where's Peter Zeihan to tell everyone Xi is lying and China has only 1 months before it's economy self destructs.

To see if the gold is real, though.

 

[tml]

Bre-X 2.0.

 

[Ceiling Cat]

As technology advances, new devices and methods are being developed to extract gold more efficiently. Comparing the gold panning techniques of the mid-1800s in California to today’s advanced methods highlights just how far mining has come. In modern South Africa, miners descend thousands of feet into the earth to extract gold-bearing rocks. These rocks are then crushed into a fine powder and processed using sophisticated technology. For example, the powder is dropped in a curtain-like stream, and lasers detect the presence of gold. A blast of compressed air is then used to separate the gold particles. This process is repeated several times to ensure maximum recovery.

High-grade ore can yield 5 to 15 grams of gold per ton, while low-grade ore yields only 1 to 3 grams. Even with a significant high-grade discovery, it is unlikely to meet the ever-growing global demand for gold, both now and in the future.