China’s state news media recently claimed that the world’s largest gold deposit was discovered in the country’s Pingjang County. The gold deposit has been estimated at roughly $83 billion U.S.
According to The New York Post, Xinhua News, a Chinese media outlet, claimed that geologists with the Hunan Provincial Geological Institute recently discovered over 1,000 tons of gold reserves and ore veins roughly 12 miles below the surface of the earth in Pingjiang County.
Pictures of the recent gold deposit discovery in China were shared Saturday on X, formerly Twitter.
The Daily Mail reported that scientists with the Geological Bureau of Hunan Province claim they have already discovered 40 gold ore veins and over 300 tons of gold at the Wangu goldfield in Pingjiang County; however, based on 3D modeling, scientists believe vast gold reserves are located even further beneath the surface. According to China’s state news media, the Hunan Academy of Geology estimated that over 1,000 tons of gold reserves are located over 3,000 meters below the surface.
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According to The New York Post, the Hunan Provincial Geological Institute noted that the historic gold deposit discovery was “significant in helping safeguard the country’s resource security.” According to data provided by the World Gold Council, China is currently the world’s largest producer of gold, with approximately 10% of the world’s total gold output as of 2023.
Before China’s latest gold deposit discovery, the largest known gold reserve was the South Deep gold mine, which is located in Gauteng Province, South Africa, according to The New York Post. The outlet noted that the South Deep gold mine holds roughly 930 metric tons of gold.
According to Fox News, gold futures prices have increased by over 38% in the past year. The outlet noted that one ounce of gold is currently being sold for roughly $2,674.
