“Gold is the proven, quality, long-term wealth store during a slide into deep crisis – the one which everyone else comes to in a bit of a panic.
Even if, to begin with, the early buyers are buying gold purely to protect their wealth they still tend to multiply their money, because they are subconsciously anticipating future demand. The best investments do this.”
The greater use of Gold
And according to Bullionvault People always ask ‘But what’s the use of gold?’ which encourages some experts to pretend gold is vital for dentistry and electronics. It isn’t. The fact is that gold is hardly useful at all in industry, but that certainly does not mean it is not useful at all.
So let’s explain clearly why gold has repeatedly become one of the most fundamentally useful things there is in human society, and to do that let’s first recognize its main quality – its reliably rare supply.
How Much Gold Is There?
Even with modern technology gold is still incredibly difficult to find.
In total about 160,000 tonnes of gold have been taken out of the Earth.
A 205000 tonne Gold Cube
That 160,000 tonnes is less than you might think. Formed into a single gold cube it wouldn’t quite cover a tennis court. In fact it would be 2 metres short. But that’s all the gold in the world.
Gold is being mined at about 2,600 tonnes a year, so the above ground supply is expanding at 1.6% per annum. This newly mined supply means the world’s cube of gold – currently 20.2 metres across – is growing by just 11 cm per year.
All the world’s gold will cover a tennis court when the above ground stock is 205,000 tonnes. This will be some time around 2025.
205,000 tonnes is approximately the sum of the current above ground stocks (approximately 160,000 tonnes) plus the aggregate un-mined known reserves of all the world’s gold mining companies (approximately 50,000 tonnes).
That’s all the world’s gold – both above ground, and known about but still underground
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