Gold constitutes only 0.001 to 0.006 parts per million of the earth's crust, making it one of the rarest elements in the universe.
China is one of the countries with the greatest levels of gold output. According to Statista, China's mines produced 370 metric tons of gold in 2021.
However, exploration funding has been rapidly dropping in recent years.
Given this, one could wonder if gold has actually reached its high. Massive gold discoveries worth millions of ounces are no longer being found at the same rate because the low-hanging fruit has already been picked.
Take, for example, South Africa. With almost 1,000 tonnes of gold discovered in 1970, the country was once among those with the biggest gold resources and output, but output has been progressively dropping since then.
As a result, nations such as Ghana, Suda, Mali, and Burkina Faso have entered the once-dominant South African gold mining business in Africa.
In March of this year, the price of gold surged to $2,069.25 per ounce, which is extremely near to the record high set in early August of 2020. According to financial experts, the impact of the Russian-Ukrainian war on geopolitical tension is leading major stock markets throughout the world to plummet, causing investors to run to what they perceive to be safe-haven assets such as the dollar, gold, or bonds.
According to Statista, the top ten African countries with the biggest gold reserves as of 2021 are as follows.
1. Algeria (174 tons)
2. 125 tons originating in South Africa
3. Libya has 117 tons.
4. Egypt ranked fourth with 80.73 tons.
5. Morocco supplied 5.22.12 metric tons.
6. Nigeria has 21.37 metric tons.
7. Mauritius supplied 7.12.44 metric tons.
8. 8.74 metric tons - Ghana
9. Tunisia supplied 9.684 metric tons.
10. Mozambique supplied 10.394 metric tons.
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