The largest single source of gold in history has been the Witwatersrand Basin of South Africa. It has produced over 1.5 billion troy ounces of gold since it was discovered in 1886 and accounts for roughly 50 percent of the gold ever mined. However, production has been declining since the 1970s. Recently, the total gold output of South Africa, almost all of which comes from Witwatersrand, has dropped below 170 tons per year.
Other major sources of gold include the extremely deep Mponeng mine in China, the Super Pit and Newmont Boddington mines in Australia, Indonesia's Grasberg Mine, and the mines along the Carlin Unconformity in Nevada,USA. Canada,Russia and Peru are also major producers of gold.
Between all the gold sources in the world, current estimates suggest that roughly 2,500 to 3,000 tons of new gold is mined each year. At present, experts believe that the total amount of above ground gold in the world stands at just over 190,000 tons.
But at some point, the world's supply of new gold will run out. Based on known reserves, estimates suggest that gold mining could reach the point of being economically unsustainable by 2050.
Fortunately, gold hasn't run out yet and is widely considered a wise investment option for any investor. Buy gold today while you still can.
