World’s Largest Gold Deposit Found, Worth Over US$80 Billion Discovered in China
Scientists in China’s Hunan province have made an amazing discovery They found a huge gold deposit in the Wangu gold field with 1,100 metric tons of gold, worth nearly 80 to 100 billion dollars. This might be the largest gold reserve ever found on Earth.
A deposit of high-quality gold ore containing around 1,000 metric tons (1,100 US tons) of the precious metal has been discovered in central China.
World’s Largest Gold Deposit Found in China
Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.
China discovers $83 billion gold deposit, possibly the world’s largest. pic.twitter.com/uen4MeBk2b
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The discovery has been made near existing mines, and with China’s already significant role in global gold production, this could further bolster their gold reserves.
However, even this substantial deposit would only meet China’s gold consumption needs for about 1.4 years, given their current usage rates.
The news has caused a stir, with gold prices momentarily spiking due to the excitement over new supply in an uncertain global economic climate.