World's Largest Deposits of Gold The massive deposits of the Witwatersrand mines in South Africa have produced more than 40 percent of the world's total production of gold.
China, Australia and Russia are the largest producers of gold in the world, but which countries round out the list? Find out here.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes.
Some of the veins produce up to one quarter of an ounce of gold per ton of rock. What makes Dahlonega gold so different from other gold found around the world is the purity. Dahlonega has the purest gold in the world, which is 98.7 percent pure.
An amateur gold digger has found an enormous gold nugget worth 240,000 AUD ($160,000) in Australia. Discovered in the state of Victoria in an area known as the "Golden Triangle," the gold-filled rock weighs 4.6 kilograms (10.1 pounds), with the precious metal making up 2.6 kilograms (5.7 pounds).
World's Largest Deposits of Gold
The massive deposits of the Witwatersrand mines in South Africa have produced more than 40 percent of the world's total production of gold. The origin of these ancient ores--several billion years old--is controversial.
In Australia this concentration of gold took place in the Earth hundreds of millions of years ago in the eastern states, and thousands of millions of years ago in Western Australia. As well as gold, the fluids can carry other dissolved minerals, such as quartz. This is why gold is often found with quartz.
On February 12, 1851, a prospector discovered flecks of gold in a waterhole near Bathurst, New South Wales (NSW), Australia. Soon, even more gold was discovered in what would become the neighboring state of Victoria. This began the Australian Gold Rush, which had a profound impact on the country's national identity.
Weiberg (also spelt Wiberg) was a ship's carpenter aboard the SS Avoca who, in 1877, managed to steal 5,000 gold sovereigns that would be worth millions of dollars today. A history book published in 1964 by Kenneth W Byron called Lost Treasures in Australia and New Zealand described how Weiberg managed the feat.
About 244,000 metric tons of gold has been discovered to date (187,000 metric tons historically produced plus current underground reserves of 57,000 metric tons). Most of that gold has come from just three countries: China, Australia, and South Africa.
Using the millesimal fineness scale, 999.999 is the purest gold ever made. This was produced by the Perth Mint in 1957. Commonly referred to as six nines fine, it has since been used by The Royal Mint and around the world as the ultimate yardstick for gold purity.
It is thought that approximately 7000 Chinese people came to work at the Araluen gold fields in southern NSW. The Chinese miners often worked in organised groups of 30 to 100 men under the direction of a leader, which resulted in their gold digging efforts being very successful.
Considered by most authorities to be the biggest gold nugget ever found, the Welcome Stranger was found at Moliagul, Victoria, Australia, in 1869 by John Deason and Richard Oates. It weighed gross, over 2,520 troy ounces (78 kg; 173 lb) and returned over 2,284 troy ounces (71.0 kg; 156.6 lb) net.
The low-down on gold panning
Make sure you have permission to pan for gold, as no one would be happy to find you trespassing on their land. You'll need to pick up a Miner's Right Permit to do any prospecting in Australia. You can easily apply for one online or at some tourist centres.
Leading markets for gold exports from Australia FY 2022
China was the leading export destination for Australian gold in terms of value.
Australia ranks as the top country with the highest gold reserves at an estimated 10,000 tonnes, followed by Russia with 7,500 tonnes and the US with a distant 3,000 tonnes in gold reserves, according to data by the US Geological Survey.
Capital Gains Tax on Gold Bullion Australia
You must pay capital gains tax on selling gold Australia (a 28% tax rate) if your gold bullion has a higher value during the sale in comparison to the purchase price. Capital gains taxes typically have a lower rate than your earned income tax.
As part of Australia's official reserve assets, the Reserve Bank holds an amount of gold.
Discovery of gold in Australia
There had been multiple gold finds in New South Wales (Bathurst and Monaro), Tasmania and what would become Victoria prior to the 'official' discovery of the precious metal by Edward Hargraves near Orange in 1851.
One study found there is only about one gram of gold for every 100 million metric tons of ocean water in the Atlantic and north Pacific. There is also (undissolved) gold in/on the seafloor. The ocean, however, is deep, meaning that gold deposits are a mile or two underwater.
The largest gold specimen ever discovered was called Holtermann's Nugget, and it was found in the Star of Hope Mine in New South Wales, Australia in 1872. This mass of gold, quartz, and rock weighed 10,229 oz when it was pulled from the earth. It measured 144.8 cm by 66 cm by 10.2 cm, a massive specimen.
The Chinese name for Australia has four characters (澳大利亚) and is written in Pinyin and pronounced using Mandarin (or “Putonghua”) as Aodaliya (Ao-da-li-ya).