Newmont sells Ontario mine to Orla for $850 million
The addition of the Musselwhite mine to its portfolio more than doubles Orla Mining's gold output to 300,000 ounces per year.
In 2024, gold prices have surged almost 20%, driven by significant central bank purchases, robust consumer demand in China, and increased interest in safe-haven assets due to geopolitical uncertainties.
In this graphic, we show the top 10 countries by total gold reserves (tonnes) as of May 2024. These figures come from the World Gold Council.
The country with the most gold is the United States, holding 8,133 tonnes valued at $628 billion. Half of the country’s reserves are stored at the United States Bullion Depository, commonly known as Fort Knox, a United States Army installation in Kentucky.
Germany ranks second with 3,351 tonnes, followed by Italy with 2,452 tonnes.
Most of the world’s gold is held by central banks, which maintain these reserves due to their safety, liquidity, and return characteristics. These institutions hold approximately one-fifth of all the gold mined throughout history.
In the first half of 2024, central banks purchased 483 tonnes of gold, setting a new record.
Turkey was the largest buyer of gold in the first half of this year, acquiring a total of 45 tonnes. India ranked second, purchasing a total of 37 tonnes of gold in the first six months. Traditionally a leading buyer, China recently slowed its gold purchases, suspending them in May and June. Prior to this, the Chinese central bank had been increasing its gold reserves for 18 consecutive months in a row.
(This was originally posted on Visual Capitalist Elements.)
Comments