China Discovers Massive Gold Reserve in Hunan Province

CGTN correspondent Sun Tianyuan brought us more details. Chinese geologists announced they have detected over 40 gold veins with a reserve of 300 tons of gold within a depth of 2,000 meters beneath the Wanggu Goldfield. The site's gold reserve within a depth of 3,000 meters is further estimated to be over 1,000 tons. Now that's worth about 600 billion yuan or over 80 billion US dollars at current market prices. And Chinese geologists say it's a huge breakthrough not only just for Hunan but also for the whole country.

Now the Wanggu Goldfield is the largest gold deposit ever discovered in Hunan's history and it's been 30 years since the gold deposit was first discovered. Even on a national scale, there are only about 5 gold mines out of this site. Gold is considered as a hard currency globally and has always been a reliable stabilizer during times of political or economic uncertainty. It's a resource that nations can count on to navigate risks and challenges whether they're financial, geopolitical or industrial.

So discovering more gold isn't just about adding to the reserves. It's about giving the country greater confidence and flexibility to face a wide range of uncertainties. And this massive discovery at Wanggu Goldfield is a big win for China for sure. And like I said, it means more gold to strengthen the country's financial systems, provide economic stability and security, especially in today's complex global environment.

Sources:

• CEIC Data: Provides comprehensive statistics on China's gold production from 1990 to 2024.

• World Gold Council: Offers detailed data on global mine production by country, highlighting China's leading position in gold production.

• Statista: Presents statistics on China's gold production from 2010 to 2023, including annual output figures.

• South China Morning Post: Reports on China's discovery of a massive gold reserve in Hunan Province, providing insights into the significance of the find.

• China Daily: Details the discovery of a supergiant gold deposit in Central China's Hunan, emphasizing its impact on the region and the country.

Gold Production in China 2020-2024