The world’s leading countries in terms of 2023 gold production is represented in the graphic below. These figures come from the latest USGS publication on gold statistics (published Jan 2024).

I found this information on Visual Capitalist and have found quite a bit of interesting information over the years. Not all of it that I agree with, but should we agree on everything all the time? Another topic for another day!

One comment in the article stated:

“While the country is one of the world’s biggest producers of gold, it has a relatively small share of global reserves. Based on USGS estimates from Jan 2024, China has 3,000 tonnes of gold reserves, which equates to 5% of the global figure of 59,000 tonnes.”


They are the largest miner and not one ounce leaves the country. They are also large buyers on the world stage and what they buy is delivered to China and never sees the light of day again.

From Pierre Lassonde, Chairman emeritus Franco Nevada gold corp. ““The world hasn’t woken up yet. The marginal buyer of gold is no longer the U.S. It’s no longer Europe. It’s China…. China takes up over two-thirds of all the annual production…. That’s where the gold price is set…”

2010 is the first concrete confirmation the West was aware of China promoting gold ownership to its citizens. The CCP starting running TV ads promoting gold ownership. Vending machines popped up for the Chinese to buy gold. Just recently, people were buying $80 “beans” — small enough to rest on a fingertip and weighing about one-thirtieth of an ounce.

China has also been ramping up its gold reserves and hopes to increase future holdings through unique agreements such as the one signed recently with Coeur d’Alene Mines Corp. to buy gold concentrates from a mine in Alaska. It’s the first deal of its kind between China and a U.S. miner.

Guessing you hadn’t heard that on the nightly news or your mainstream news feed…

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Legacy Wealth Management