Investing in gold is a popular choice for many people, especially those who are interested in buying the commodity. But which countries have the best resources for gold? In this article, we'll take a look at some of the most well-known mining regions in the world.
Top five gold-producing countries
During the past decade, the top five gold-producing countries have been China, Australia, Mexico, South Africa, and the United States. In fact, the United States has become the world's fourth-largest gold-producing country.
The top five gold-producing countries account for approximately 43% of the world's annual gold output. In 2021, Canada's production is expected to be 170 metric tons. In that year, Ontario and Quebec will account for 70 percent of the Canadian gold output. GFMS data indicates that supply outstripped demand last year by 370 mt.
China is currently the world's largest gold-producing country. It has been in the top spot for more than a decade. The country has been able to maintain its lead because of aggressive domestic investment and aggressive exploration. Its gold output has grown dramatically over the past decade. In 2013, the Chinese government purchased more than 600 mt of gold. The gold price has been rising over the past few years.
Russia is another major gold producer. The country's gold output has been rising steadily over the past few years. The US Geological Survey estimates that Russia holds 6,800 MT of gold. The gold output is expected to increase by another doubling by 2030.
In the US, the largest gold-producing mines are located in Alaska. The country has more than 40 lode mines that produce the vast majority of the country's gold. Several placer mines are located in the Western US.
In Africa, the top five gold-producing countries are Egypt, Nigeria, Tanzania, South Africa, and Tanzania. South Africa's gold output is expected to fall slightly from 290 MT to 290 MT in 2019. In that year, consumer demand in India marked the time. The gold price has been rising but has been slower in recent years.
The top five gold-producing countries are expected to remain in that position in 2020. In that year, the US is expected to produce 180 metric tons. In that year, Canada's production is expected to be on par with the 2020 level. In 2021, Ontario and Quebec will account for 70 percent. The other P/T category includes Canada's Nunavut Territory, Nova Scotia, and Saskatchewan.
Placer deposits
Throughout human history, placer deposits have been used for mining. They were the center of the great gold rushes in the nineteenth century. Today, placer mining is gradually being overtaken by lode-gold mining.
Placers are deposits of heavy minerals that form in sediments. These minerals have high specific gravity and chemical resistance to weathering. Usually, these deposits form along stream beds, or near bedrock.
A variety of gold-bearing rock formations may form placer deposits. These include creek placers, eluvial placers, and river-bar placers. The most important type is the stream placer. These deposits are formed by the reworking of the bedrock by running water. This action transports gold from its original source. The running water then disintegrates the rock formation and sets the gold free. This process is accelerated when the flow rate is reduced. The heavier minerals are then concentrated.
The next important type of placer is the beach placer. These deposits are formed along beaches where waves and shore currents concentrate the particles. Another type of placer is the eolian placer. These deposits are formed in areas with a dry climate.
Placers are easily accessed and do not require expensive machinery. These deposits are commonly explored by test pits, drifts, and small shafts. The main mineral that is recovered from placers is gold. However, there are other minerals that contribute to placer deposits.
Other minerals include platinum, tin, chromite, and magnetite. These minerals are enriched by chemical action. They are then concentrated by sifting and winnowing.
When working with placers, the most important prospecting technique is test pitting. This method uses a small sluice to recover the gold from the stream. This method is usually done at the same time as mining. The results of sampling can be inaccurate and can lead to erroneous conclusions. These errors have contributed to unprofitable operations.
A lode is a series of ore shoots, often composed of thin quartz veins. These may be too small to commercially produce. The most important types of placers are the stream placer, eluvial placer, and beach placer. The residual placer is composed of disintegrated gold-bearing lode material.
Myths and legends
Historically gold has played a significant role in folklore and the myths and legends about it have been around for millennia. In fact, gold has been credited with numerous perks, including immortality, mystical powers, and magical abilities. Despite its popularity, gold's role in the global economy has diminished in recent years.
One of the most fascinating legends about gold is the discovery of a mysterious city in South America called El Dorado. Its origin is a bit of a mystery, but it is said that the mythical city was a rich mine of gold. The Spanish conquistadors were among the first to explore the region, and it was subsequently reported that the city was crammed with gold.
The discovery of El Dorado also spawned several other legends. One story involves the myth that the valley of El Dorado was a mystical place where anything is possible, including gold. Another story involves the legendary Hercules. The story goes that Hercules traveled to the realms of the gods and deceived a giant Atlas into carrying the golden apple for him. The myth has been adapted to modern superstitions and is still a popular fable today.
The myth that El Dorado was the home of the golden apple is still a favorite amongst gold hunters. In fact, many people have risked their lives to attain a slice of these mythical riches.
The fact that gold was used in the construction of a golden city in Egypt is another intriguing story. The Inca civilization was a hotbed of gold mining and richness. Moreover, the Bible cites hundreds of references to the yellow metal.
Although the myths and legends about gold are not likely to be proven true, the legend of a magical city named El Dorado has been around for quite some time. In fact, the legend is so well known that it has been incorporated into modern history textbooks as an example of the sexiest city in the world.
Despite its diminished role in modern-day civilization, gold remains an important asset to many. For many, gold is still the symbol of wealth and prestige.
Origins of gold
Historically, gold has been valued as a precious metal since ancient times. As such, it has been widely dispersed throughout the world. It has also been widely used as an investment asset. It is therefore not surprising that gold has influenced cultures worldwide.
Gold has always been associated with power and beauty. Ancient civilizations used gold as ornaments and vases. It was also used to glorify deities. The Aztecs called gold "god excrement." Among the first civilizations to value gold was the Egyptians. The first coins were made from gold. The ancient Greeks added new refining techniques.
Gold is found in ores in rock from Precambrian times. The highest concentrations of gold are found in rivers and wind-blown dust. It is also found in a small percentage of alluvial deposits called placer deposits.
Gold is one of the few heavy metals found naturally in nature. It is also a very rare metal. It is found in a variety of forms, including native gold, electrum (elemental gold), and platinum. It is also found in gold-bearing veins. The native form of gold is found in free flakes or in larger nuggets. It is also found together with quartz and sulfide minerals.
Gold is a very dense metal. It has an atomic weight of 79, containing 118 neutrons. The atom of gold is one of the densest naturally occurring elements. It is also ductile and malleable. Unlike other metals, gold is not reactive.
Gold is formed by the fusion of iron and uranium under extreme conditions. It then sinks to the core of the earth. The amount of gold that sank to the earth's core is not known, but it is believed to be about 40 to 100 times the mass of the earth.
It is not known where the gold in our bodies came from. Some theories suggest that it came from outer space. Others say it was formed in supernovae.
Scientists have found a way to create gold by nuclear transmutation. But this theory does not explain the recent rise in the price of gold.