China Discovers World’s Largest Gold Deposit, Estimated at $83 Billion

China has reportedly discovered the world’s largest gold deposit in Pingjiang County, Hunan Province, according to claims by the country’s state news media. The deposit is estimated to hold over 1,000 tons of gold reserves, with a value of approximately $83 billion U.S.

The discovery was announced by Xinhua News, which cited findings by geologists from the Hunan Provincial Geological Institute. The massive deposit, located roughly 12 miles below the earth’s surface, was uncovered during extensive exploration in the Wangu goldfield area of Pingjiang County.

Scientists from the Geological Bureau of Hunan Province have already identified over 40 gold ore veins and 300 tons of gold within the Wangu goldfield. Using 3D modeling, the team estimated that the total reserves exceed 1,000 tons, extending more than 3,000 meters beneath the surface.

China’s state media described the discovery as a “historic” find that could significantly bolster the nation’s resource security. China is currently the world’s largest producer of gold, accounting for approximately 10% of global output as of 2023, according to data from the World Gold Council.

Before this discovery, the largest known gold reserve was South Africa’s South Deep gold mine in Gauteng Province, which holds about 930 metric tons of gold. The Pingjiang County deposit now surpasses it as the world’s largest.

Gold futures prices have surged by more than 38% over the past year, with the current price of gold standing at roughly $2,674 per ounce, according to Fox News. This discovery comes at a time of heightened global interest in gold, driven by its value as a financial asset and a hedge against inflation.

Pictures of the discovery were shared widely on X, formerly known as Twitter, generating significant public attention. The Hunan Provincial Geological Institute emphasized the importance of this deposit for China’s economic and resource stability.