World gold production, not counting home-grown production in both Russia and China (which they never export), is 2,200 tonnes per year. Despite having 5,000 to 10,000 tonnes of gold reserves, China has instead been importing 1,000 tonnes per annum over the last few years.
The best estimate is of 165,000 metric tons of above-ground gold in the world. With 7 billion people on the planet, that leaves 24g of gold for each person — or about 5 (18-karat) gold rings.
[Ed: In 2008, $17 trillion was leant to banks in a two month period, and 50% to foreign institutions.]
5 tonnes of Gold ≡ USD 250 million
Of the 2,500 metric tons of gold mined annually:
- half is used for jewellery — India > China > USA
- 35% is kept for official holdings (16% of total) and investments (18% of total)
- ETF/IMF/Central Bank gold: 32,825 metric tons
- a bit over 10% is used in industry
From: Number Sleuth
- Part 1 — Gold: The Most Sought After Metal On earth
- Part 2 — Gold: Unearthing the World’s Supply
- Part 3 — Gold: The Eclipsing Demand of the East
- Part 4 — Gold: The Best Reasons to Own It
- Part 5 — Gold: 2014 Trends and Beyond
Gold Copper Ore Quartz – High Country Gold