In this article we are going to list the top 5 gold producing countries in the world. For a detailed coverage of this topic and a more comprehensive list please take a look at the top 15 gold producing countries in the world,
5. United States of America
Gold production in 2021 (in tonnes): 186.1
While one of the top gold producing countries in the world, the U.S. is still not as influential as other countries. Gold mining in the U.S. has been taking place for over two centuries now, with around a dozen states accounting for nearly all of the gold production in the nation. Nevada is the biggest gold producer in the country representing nearly 80% of the country’s production and almost 5% of global production.
4. Canada
Gold production in 2021 (in tonnes): 192.9
Gold is the most valuable commodity mined in Canada, worth around $21 billion in 2021 alone, and Barrick Gold Corporation (NYSE:GOLD) is the biggest gold mining company in the country. Gold mining is carried out in at least 10 Canadian provinces and territories with Ontario and Quebec accounting for around 70% of gold mining. In April 2023, Pan American Silver Corp. (NASDAQ:PAAS) carried out a $4.8 billion acquisition of Yamaha Gold in the country.
3. Australia
Gold production in 2021 (in tonnes): 315.1
Australia’s vast land means that there is high availability for many metals and mineral despots, including gold. BHP Group Limited (NYSE:BHP) is one of the largest mining companies in the country and the world recording revenue in excess of $60 billion. Around 60% of the country’s gold resources are located in Western Australia. Even an amateur gold digger recently found a gold nugget worth $160,000.
2. Russia
Gold production in 2021 (in tonnes): 330.9
Russia’s invasion of Ukraine has resulted in massive sanctions on the country by Western nations, which is not good news for the gold industry considering that Russia is the second-biggest producer of gold. In 2022, the country bought a record number of gold bars, purchasing over 50 tonnes, ten times greater than the year before. Its central bank claimed recently that its gold bullion holdings jumped by over 1 million ounces in the past one year.
1. China
Gold production in 2021 (in tonnes): 332.0
Topping the list of the top 15 gold producing countries in the world is China, which is why its zero-Covid policy and struggle to contain the virus even as other countries did a much better job. In March 2023, China discovered a new huge deposit worth $3 billion with reserves of close to 50 tonnes. Demand is continuing to increase as well as the Chinese middle-class is becoming more affluent. In fact, in the country, gold is a gift that is often given to younger members of the family, especially to newborns. Because of the view that gold continues to increase in value, when price falls, purchases in gold as a form of investment increase.
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