How Much Gold Has The World Produced?
How much gold is there in the world?
Warren Buffett, arguably the world’s best investor, estimated that the amount of gold ever produced would total 20m2 – a cube measuring 20 meters by 20 meters.
But now we don’t need to estimate any longer. Thomson Reuters GFMS – worldwide specialists of gold and silver data – have come out with a very detailed answer.
They have calculated that there is about 171,300 tonnes of gold produced, which would total about 20.7m2. So Buffett’s estimate was actually incredibly accurate. This places the total worldwide value of all the gold at about $9.7 trillion.
The US Geological Survey hypothesizes that there is still about 52,000 tonnes of gold in deposits and mines under the ground waiting to be taken out.
Controversially, the Gold Standard Institute estimates that there is 2.5 million tonnes of gold produced, which is 14x more than Thomson Reuters GFMS calculated.
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