Gold Mining In Different Countries
The gold standard has been abandoned since the beginning of the First World War in most European countries and then gradually in other countries, and it was replaced by an unbacked monetary policy. In addition to capital use and use in jewelry, this metal has various other uses. Dentistry, production of colored glass and electronic industries are among the most important uses of gold. Due to its high electrical conductivity, this metal has many uses in electrical wiring.
According to estimates, more than 174 thousand tons of gold have been mined throughout human history until 2012. This amount is equivalent to 5.6 billion troy ounces in terms of Hajji, which is equivalent to 9015 cubic meters, according to estimates, 50% of it is used in the form of jewelry, 40% in the form of ingots and coins for investment in the official gold reserves, and about 10% in the industry sector.
The amount of global gold production in 2011 was about 2700 tons, which has increased significantly compared to 2260 tons in 2008. Since the 1880s, a large part of the world's gold production has been done in South Africa. About half of all the gold that has been mined so far has been from this country. From 1905 to 2007, South Africa has been consistently recognized as the number one gold producing country in the world. In 1970, this country produced 1480 tons of gold, equivalent to 79% of the total world gold production. South Africa's share in gold production has declined sharply in recent years. By 2017, China is by far the largest gold producer in the world with an annual production of 440 tons of gold.
India has been the largest importer of gold in recent decades due to the high demand for jewelry in this country. It is estimated that 18 thousand tons of gold are kept in the homes of Indians. However, in 2013, gold demand in China surpassed that of India. The unit of measurement of gold in the global market is the troy ounce, equivalent to 31.1 grams. The price of gold in July 2020 was equivalent to $1,800 per ounce, which is equivalent to about $58,000 per kilogram.
