In 2022, the United States was estimated to have some 3,000 metric tons of gold reserves in mines. Thus, the U.S. was one of the leading countries based on mine reserves of gold. Australia is estimated to have the largest gold mine reserves worldwide.
Australia and Russia hold the largest reserves of gold
Australia and Russia hold a large share of the world’s gold mine reserves, accounting for 8,400 metric tons and 6,800 metric tons, respectively. Worldwide, the production of gold reached an estimated 3,100 metric tons in 2022. That same year, China produced about 11 percent of the world’s gold.
Gold's versatile uses
Gold is known for its bright lustrous yellow color and was often used as a monetary standard in the past. It is a precious metal mostly used in jewelry, for investments, and in coinage. The United States held about 66.3 percent of its total monetary holdings as gold reserves in 2021; Switzerland held about 5.4 percent of its holdings as gold. This transition metal is also valued for its ductile, malleable, and non-reactive characteristics. Thus, it is also used industrially, often as electrical connectors, infrared shielding and colored-glass protection. The price of gold can vary, it reached a recent low in the early 2000s at 279 U.S. dollars per troy ounce in 2000 and increased to a high of nearly 1,800 U.S. dollars per troy ounce in 2021.
