As the saying "Every person has their own way to look at things." Normal person looks at gold to be a precious metal to buy it as instruments while the chemist looks at it as chemical metal which atomic number 79 and symbolizes gold as Au. The engineer digs deep into the metal and uses it to his own benefits to use it in the electronic while the doctor does the same thing but to use it into the medical facilities to help the people from suffering. The one thing is common in all the prospects of a human it's valuable.
The physical and chemical properties of the gold and its scarcity makes it so valuable. Gold is know to be the most ductile metal. One ounce of gold can be made into a 80 km long thin wire which is also the concept behind making ornaments for which people go crazy. Gold is very good conductor of heat and electricity as it has electric resistivity of 0.022 micro-ohm and thermal conductivity of 310 W m-1. Gold is also very good corrosion resistant metal and doesn't oxidize which makes it to be a noble metal. These characteristics makes gold, one of the most valuable and precious metal on earth.
But wait how much is gold found on earth?
The estimates according to 2014, the gold reserves are estimated to be around 60,000 metric tons of gold. The Australia leads the reserves base by 9,900 metric tons with South Africa having 6000 metric tons of gold. The worldwide production reached 2860 metric tons in 2016 with China contributing it to 14%. The chart shows the gold mining reserves in the top ten countries which makes it 80% of the total gold reserves of the world.
The gold mining reserves in India is estimated up to 491 tonnes. As there is only one mine operational i.e. Hutti Gold mine in Karnataka which produces 3-4 tonnes annually.
Be aware about the difference between gold mining reserves and the gold holding reserves. The gold holding reserves corresponds to the holdings of the central bank of the country in the form of gold. The statistics of these reserves are far different than a person can expect. The normal person would expect the largest mining reserve would have the highest holding reserve While the truth is USA is in the top of the table followed by Germany. India is on the 11th place with 557.7 metric tonnes of reserves in central bank.
The gold holdings in the people of India as ornaments is estimated to be around 20,000 metric tonnes which is double to that of Australian gold mining reserves.
Sources:
thehindubusinessline.com
stasista.com
www.gold.org>download>file
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