There is much talk about the Middle East’s potential for oil and Silicon Valley as a region of great wealth, but scientists have recently discovered a country near Dubai that could be the new golden goose. It is also interesting to note that this country is already considered a world power, mainly due to its industrial capacity, but this discovery would change its entire influence in the world. Let’s see which country we are talking about.
What does it mean for a country to have 1,000,000 kg of gold?
Anyone who reads this number in the title will be left speechless. After all, we are talking about one million kilos of gold, which is 1,000 tons of one of the most precious metals in the world – that really is no small amount.
But speaking of value, how much is all this worth? If we consider current prices, we are talking about an estimated value of US$ 83 billion. And as if everything up to this point wasn’t already impressive, experts have revealed that this is the largest known gold reserve on the planet.
What does this mean? Well, if we remember that all the gold ever mined throughout history barely fills a basketball court, this discovery could add more than 0.5% to all the gold ever mined in history. We said this discovery was historic, didn’t we?
Which country just got richer with this discovery?
We said it was close to Dubai, right? So, we are referring to China, more specifically, in the Hunan province, in the Wangu gold field, located in the Pingjiang county. All this gold was found deep down, we are talking about 3,000 meters below ground.
And what about the quality of this gold? The professionals found more than 40 gold cracks, some reaching 138g of gold per ton, and, once again, exceeding the global average. It is even unfair to consider because many other mines around the world operate with yields of 2 to 8 grams per ton.
Now, if we are going to talk about economic matters, we can say that China may have become richer (no wonder 40 billion tons and the future of the Earth is in China’s hands). As soon as the news hit the newspapers, the price of gold rose to US$ 2,700 per ounce, almost reaching an all-time high. This shows that investors from all over the world have turned to the country, which may have become even more dominant in this market.
What can China expect?
Even before this impressive discovery, China was already in first place when it comes to producing and consuming gold. Some studies indicate that by September 2023, the country had produced 268 tons and consumed 742 tons.
Since demand is so high, this discovery in Hunan represents the golden goose, as it represents just over a year of gold consumption in the country. How about comparing it to Dubai? Well, just as Dubai transformed itself by capitalizing on its oil reserves, China can use this discovery to strengthen its position as an economic and monetary power.
It is important to note that Liu Yongjun, deputy head of the Hunan Geological Department, has already shown that this discovery is just the beginning; new drilling near the region has already revealed evidence of even more gold reserves. In other words, there is great potential for continued expansion of exploration.
This discovery surprises not only China, but the entire world by revealing that this previously unknown region was already home to 1,000,000 kilograms of gold many, many years ago. And this was not the only valuable novelty discovered recently; scientists have created the most valuable gemstone in history, a diamond generated by sunlight.
