79 Gold Statistics and Facts That Shine in 2023

Gold has always been a symbol of the elite and affluent. People have gone to war over gold, and pharaohs were buried with tons of it, so why is this shiny yellow substance so special? There’s got to be something unique to it, right?

Ponder no further. We’ve compiled 79 different gold statistics & facts to help you figure out why it’s so special. Why 79, you ask? Well, any gold fanatic knows that’s the atomic number of gold on the periodic table!

Let’s dive into these gold statistics and get our shine on!

• Gold is so malleable that you would only need about 36 pounds to cover a football field
• The world’s largest gold nugget was discovered in Australia and weighed 60 pounds
• Almost all of the gold on Earth originated from meteorites that hit Earth over 200 million yrs ago
• The Average Predicted Gold Price in 2023 is $2,028/oz
• The Total Gold Mined throughout history is around 208,874 tonnes
• Central Banks now hold more than 35,000 tons of gold
• South Africa Has produced over 40% of the world’s total production of gold
• Worldwide, the total amount of gold ever mined is about 152,000 tons
• The average daily trading value of gold ($131B in 2021) is more than half that of S&P stocks
• Russia has two of the largest gold mining companies in the world, Polyus and Polymetal
• Jewelry Accounts for About 50% Of the Total Gold Demand in the World
• The Human Body Contains About 0.2 MG of Gold!

79 Gold Statistics & Facts of 2023

Gold Metal

According to the World Gold Council, the melting point of gold is 1,064 degrees centigrade (about 1,947 degrees Fahrenheit).

The boiling point of gold is 2,808 degrees centigrade (Celsius). That’s equivalent to 5,086.4 degrees Fahrenheit!

(Source: World Gold Council)

According to Britannica, gold is considered a noble metal which means it’s extremely resistant to oxidation. It won’t rust, tarnish, or form an oxide film when exposed to air.

(Source: Britannica)

Gold is known for being extremely malleable, which means you can beat it into a thinner, larger layer easily.

For example, you can cover a whole football field with just 36 pounds of gold.

Also, just one ounce of gold (about the size of a quarter) can be hammered into 100 square feet!

(Source: American Museum of Natural History)

Since gold is a noble, inert, and unreactive metal, it’s completely odorless and tasteless.

(Source: Genially)

24-karat gold is pure and free from impurities. As the purity decreases, other karats of gold are formed. For example, 18-karat gold has a purity of 75%, while 14-karat gold is only 58.5% pure.

(Source: Genially)

Gold is one of the longest-lasting conductors of heat and electricity due to its noble properties and resistance to tarnishing.

(Source: American Museum of Natural History)

Gold is the only metal in nature that is naturally golden-yellow without undergoing chemical changes.

(Source: ScienceNotes)

Gold History

According to the American Museum of Natural History, gold has been mined on every continent except Antarctica. Despite being rich in gold, as well, there are laws that prohibit mining on that continent.

(Source: American Museum of Natural History)

Back in 2012, the Perth Mint created the largest gold coin in history, with a diameter of 31.5 inches (80 cm). The previous record had been about 20.86 inches (53 cm) which was the diameter of a C$1 million coin made in 2007.

(Source: World Gold Council)

Some people of the Andean region of South America, especially the Inka, considered gold to be the “sweat of the sun,” which was their most highly-revered and worshiped deity.

(Source: American Museum of Natural History)

In 1980, the “Hand of Faith” was discovered, which is the largest gold nugget in history. This 60-pound piece of gold is currently being displayed in the Las Vegas Golden Nugget casino.

(Source: American Museum of Natural History)

Around 200 million years ago, meteorites hit the Earth, giving us the magical substance we call gold.

(Source: ThoughtCo)

Buried just outside of London, a Stone Age woman was found with a strand of gold around her neck resembling a necklace. This shows just how long gold has been used as jewelry for its shiny, attractive properties.

(Source: LiveScience)

Gold coins were first used as money back in 560 BC in the Asia Minor Kingdom of Lydia. This area is now known as Turkey.

(Source: Mining)

Gold Prices

According to Gold Price, the current gold price spot is about $1,837/oz, while silver prices remain around $21.5/oz. That means gold costs almost 85 times more than silver.

(Source: Gold Price)

Scottsdale Bullion & Coin predicts that gold prices could reach $2,028/oz in 2023. This is based on the average of several gold price predictions and forecasts from top financial institutions and many analysts.

(Source: Scottsdale Bullion & Coin)

Gold prices have remained relatively the same compared to last year, with a very small drop of around 0.8% (around $15/oz).

(Source: Gold Price)

Over the last 5 years, there’s been a steady increase in gold prices. Compared to 2018, gold prices have increased by approximately $500/oz, almost a 37% increase. This supports popular forecasts claiming gold prices could easily break the $2,000/oz price threshold.

(Source: Gold Price)

Back in 2013, the gold price closed at around $1,200/oz. Compared to today’s value of about $1,837/oz, gold prices have gone up by more than 50% in the past decade. Compared to silver prices, which have only gone up by 10% since 2013, gold prices are really on the rise!

(Source: Macro Trends)

Back in 1971, US president Nixon decided to close the gold window, which meant that the US dollar could no longer be converted to gold. This was known as the Nixon Shock of 1971, which unfortunately led to inflation rises and stagflation.

Since then, gold prices have multiplied by more than 40 times, from around $37 to almost $1,837/oz.

(Source: Macro Trends)

Gold Reserves

With over 8,000 tons of gold in its federal reserve, the US owns the highest amount of gold in the world. Its federal reserve of gold is almost 2.5 times that of the second on the list, Germany, which is only about 3,300 tons.

(Source: Trading Economics)

Italy, France, and Russia hold the 3rd through 5th places, respectively, when it comes to world gold reserves. However, even combined, they come up about 1,000 tons shy of the US federal reserve.

(Source: Trading Economics)

According to the World Gold Council, two-thirds of all above-ground gold stocks has been mined since 1950.

(Source: World Gold Council)

The US Federal Reserve reached an all-time high of 12,000 tons of monetary gold back in 1973. This was two years after the economic slowdown caused by the Nixon Shock.

(Source: World Gold Council)

According to Reuters, Central Banks contain somewhere around 35,000 tons of gold, which is about a sixth of all the gold ever mined. This helps central banks diversify their reserves. Gold is much less susceptible to fluctuations than currencies are, making them a safer bet.

Money and currency can be printed, but the gold supply, however, is finite. There’s a limit to how much gold a country can have or supply.

(Source: World Gold Council)

80 feet (25 meters) below the streets of New York, there’s almost $147 billion worth of gold bullion stored in the Federal Reserve Bank of New York.

(Source: American Museum of Natural History)

According to Reuters and the World Gold Council, major central banks bought a whopping 1,136 tons of gold in 2022, which is the highest central bank gold demand since 1950!

(Source: Reuters)

Gold Demand

With a consumer demand of about 984 tons of gold per year, China is the highest gold consumer in the world.

(Source: Provident Metals)

India consumes about 849 tons of gold per year, which makes it a close second after China. Almost all of this gold is imported, however, since India doesn’t have much of a gold mining industry. This, in turn, can often affect its commodity prices.

The US, Germany, and Thailand are the third, fourth, and fifth highest consumers.

(Source: Provident Metals)

In 2021, the worldwide demand and consumption reached about 4,012 tons. The following year, there was a sharp rise in demand by about 18%, reaching a new consumption total of around 4,740 tons. With this trend, another rise is expected in 2023.

(Source: Statista)

According to the World Gold Council, one of the reasons gold consumption is so high in China is tradition and culture. On special occasions, young family members are often given gold as presents, such as necklaces and bracelets, especially for newborns.

With gold demand high ever since 222 AD, China has become the largest single market for gold in the world.

(Source: World Gold Council)

In India, gold is considered an investment, a symbol of wealth and affluence, and a core part of several rituals. About half of India’s gold demand goes to weddings as gifts and other forms of wedding preparations.

(Source: World Gold Council)

China is soon expected to discard its zero-Covid policy and unleash demand. This forecasts a spike in commodity prices. This is one of the reasons behind an outrageous forecast made by Saxo bank claiming gold prices will reach $3,000 per ounce this year.

(Source: Investing)

Gold Production

According to the American Museum of Natural History, the Witwatersrand mines in South Africa have produced more than 40 percent of the world’s total production of gold.

This dates all the way back to 1886, when the Witwatersrand Gold Rush first began.

(Source: American Museum of Natural History)

In 2022, China ranked number one as the leading producer of gold, with about 330 tons of gold mined that year. This was almost the same as 2021’s number, which was around 329 tons of gold.

(Source: Statista)

According to Statista, Australia, Russia, Canada, and the US came in 2nd to 5th, respectively, in terms of gold production in 2022.

(Source: Statista)

According to an analysis of the gold produced over the years, about 3,100 tons of gold were mined in 2022. This was very close to the number of the previous year, which came in at around 3,090 tons.

The amount produced can often influence the gold price in the market.

(Source: Statista)

According to the American Museum of Natural History, the total amount of gold ever mined in the entire world is about 152,000 tons. That’s about 60 trailers’ full!

That’s very little compared to iron, for instance, which has a total mining number of around 907 million tons. That’s about 6,000 times more than gold.

(Source: American Museum of Natural History)

After discovering a viable and gold-rich deposit, gold mines can require from 10 to 20 years to extract and refine the gold into bullion.

(Source: World Gold Council)

Gold Trade

Although the correlation is around 30%, central bankers have found that interest rate hikes in many central banks have been linked to several declines in spot gold prices.

This is perhaps due to investors shifting to more fixed-income and high-yield investments rather than gold. This can lead to negative economic effects on gold and gold-centric stocks.

Taking a look at historical correlations can help with predictions and forecasts.

(Source: Investopedia)

The market gold price is usually more stable than stocks and currencies. Therefore, investors often prefer gold trading, which can take several forms, including futures, options, spot prices or shares, and ETFs.

(Source: Forex)

Gold trading is often used to hedge against economic instability in times of inflation, recession, and currency fluctuations.

(Source: Forex)

According to a study by Statista, the average daily trading volume of gold for 2021 was almost $131 billion. This was more than half the volume of S&P stocks which was around $239 billion.

(Source: Statista)

Golf futures are contracts traded on exchanges. It allows investors to buy commodities in the future without paying for the whole amount upfront.

(Source: Investopedia)

According to Forex, several factors can affect gold trading and gold prices. These include economic instability, industrial demand, and the US Dollar Index.

(Source: Forex)

Companies

Some predictions expect Russia to be the top producer of gold by 2029 since it has two of the largest gold mining companies in the market.

(Source: Elements)

With a massive production capacity of 5.88 million ounces of gold in a single year, Newmont is the number one gold mining company in the world.

(Source: Elements)

With its huge mining capacity, Newmont is the only gold producer to be listed in the S&P 500 index.

(Source: Elements)

According to Forbes, Southern Copper Corp. is one of the best gold stocks to invest in as of 2023.

(Source: Forbes)

Despite China being one of the world’s top producers of gold, the top 10 gold mining companies on the market are from North America, Russia, South Africa, and Australia. None of them are Chinese.

(Source: Elements)

Based in a little town in Sierra County, the Original Sixteen to One Mine is the oldest gold mining company in the US.

(Source: Abc10)

Gold Mining

In the mid-1800s, James Suter discovered the Sacramento Gold Mines, which led to the great Gold Rush of California. In the four years that followed the discovery, the population of the state jumped from 14,000 to over 220,000 people! Everyone wanted in.

(Source: Sciencing)

During the mid-1800s, miners relied on methods like panning and sluicing to extract and mine gold. Panning, which comes from the word pan, involves using a sieve near water deposits to extract the gold.

Sluicing, on the other hand, involves a series of sieves that help remove any unwanted minerals from the gold in gravel-laden water.

(Source: Sciencing)

Hard rock mining involves using heavy machinery to dig deep into the Earth and find gold embedded in rocks. It is the modern method used today.

(Source: Sciencing)

The deepest gold mine in North America can be found in Quebec, Canada, and extends almost 2.5 miles (4 km) beneath the Earth’s surface. It’s estimated to hold about 12.5 million ounces of gold.

(Source: Sciencing)

In 2021 alone, Canada produced $13.7 billion worth of gold which weighed around 223 tons. This makes it Canada’s most valuable mined commodity.

(Source: Natural Resources Canada)

According to the World Gold Council, about 208,874 tons of gold have been mined throughout history.

(Source: World Gold Council)

According to the US Money Reserve, about 54,000 tons of gold remain underground, yet to be mined.

(Source: US Money Reserve)

Gold Investment

Gold ETFs (Exchange Traded Funds) are an excellent way for investors to get into the gold market without purchasing physical gold. They can be held in your brokerage account and you can buy and sell them just like regular stocks without owning the physical gold.

Gold ETFs are low-cost for investors to diversify into gold-backed assets without the risks that come with buying physical gold.

(Source: Investopedia)

Whenever there’s a global financial crisis or a recession, currencies tend to fluctuate in the market. This can lead to inflation, economic turmoil, interest rate hikes, and often investment losses. However, all of this is usually accompanied by an increase in gold prices.

This is why Gold ETFs are a great investment for investors worried about a steep drop in currency value or a high-risk economy. Investors’ assets can increase in value despite the economic uncertainty and the inflationary pressures caused by central banks.

(Source: Smart Asset)

For those who prefer physical gold, you can buy the gold bullion from a reputable dealer and store it safely at home or a bank. Another option is to buy the bullion in an allocated account at a bank that is holding the bullion for a client.

In case the bank goes bankrupt, it has no claim whatsoever to the gold.

(Source: Investopedia)

While junior mining companies are somewhat high-risk stocks to invest in, they can be quite profitable. Some of the best junior mining companies that are deemed relatively-safe investments can be found on the TSX Venture Exchange (TSXV).

This stock exchange lists junior mining companies into categories based on their market capitalization. In other words, it calculates the value of the company based on its total US dollar market value for outstanding shares of stocks.

(Source: Investopedia)

With an ability to produce about half a million ounces of gold per year, the Barrick Gold Corporation is one of the best gold large-cap companies for gold trading investors.

This Canadian mining company has had a top-notch gold mining portfolio with an impressive balance sheet for years. It’s a smart investment for when forecasts predict a market hit or recession.

(Source: The Motley Fool)

Gold IRAs allow investors to stash gold as a retirement investment in the form of physical gold bullion or coins. However, gold IRAs must be held separately from other IRAs, and the gold requires a custodian such as a bank or a brokerage firm.

(Source: Investopedia)

One of the reasons gold prices and the US Dollar index are negatively correlated is that they often act as substitutes. Both the US Dollar and gold can be used as international reserves and hedging tools.

As the currency power of the US Dollar increases, the demand for gold decreases.

(Source: MacroMicro)

Gold Uses

According to the World Gold Council, about 50% of the world’s gold demand goes to jewelry. India and China have the largest market for gold jewelry.

(Source: World Gold Council)

The demand for gold in the electronics sector is surprisingly high. It’s used in several types of semiconductor chips, either as coating or as thin bonding wires.

(Source: World Gold Council)

Being biocompatible, gold was historically used in dentistry. Its noble and inert properties make it undetectable by the body, so there’s almost no chance of rejection. It’s also non-toxic and completely safe.

(Source: Sciencing)

Some parts of space vehicles are coated with gold to help reduce infrared radiation and insulate against heat. It is also used to lubricate some mechanical aerospace parts and as a good conductor of electricity.

(Source: Genially)

Colloidal gold is often used to make glass. It can help add a reddish or purple hue to the glass.

(Source: Lenntech)

Being safe and non-toxic, some restaurants add gold flakes to food and drink. However, some people might be allergic to it, although it’s not that common.

(Source: ScienceNotes)

In medicine, gold nanoparticles have been found to increase the efficiency of anti-cancer drugs called TNF-alpha.

(Source: LiveScience)

Gold Fun Facts

Despite being the single greatest gold reservoir on the surface of the Earth, no one tries to extract gold from the oceans because the process would cost much more than the actual price of gold itself.

(Source: American Museum of Natural History)

For the average human being weighing around 154 pounds (70 kg), there are around 0.2 mg of gold in their body!

(Source: India Today)

The chemical symbol for gold is “Au”, which arises from the Latin word “aurum”, meaning the shining dawn.

(Source: US Money Reserve)

Until 1912, Olympic gold medals were made from pure gold. Nowadays, they contain only 1.34% gold.

(Source: Mining)

According to Mining, gold has been mentioned over 400 times in the Bible. This includes details from God about covering furniture in the tabernacle with “pure gold”.

(Source: Mining)

While gold trading is an everchanging market, three centers remain at the top: the London OTC market, the US futures market, and the Shanghai Gold Exchange (SGE).

(Source: World Gold Council)

Pyrite, chalcopyrite, and weathered mica are all substances that can be mistaken for gold. To tell them apart, poke the substance with something sharp. If it flakes, crumbles, or turns to powder, it’s not real gold.

(Source: USGS)

Final Thoughts

It’s strange how this shiny yellow substance called gold became one of the most important commodities in the world.

It’s been around for so long; even the ancient Egyptians knew gold was valuable on a whole other level.

Next time you wear a gold necklace or see a gold ring, remember these 79 gold statistics & facts, and you’ll appreciate the beautiful simplicity of this precious metal.