SA Sits on 31,000 Tons of Explored Gold
Source: Commodity Online (5/31/11)
". . .Russia has 7,000 tons and China owns 6,328 tons."
China remained world's largest gold producer for a fourth straight year but its explored gold reserves are far behind that of South Africa.
According to China Gold Association, China is ranked only third in explored gold reserves behind South Africa and Russia.
Global explored gold reserve is approximately 100,000 tons, of which South Africa, as the world's largest owner of gold resources, has 31,000 tons of explored gold reserves, Russia has 7,000 tons and China owns 6,328 tons.
China has slowly accumulated on its gold production. In 1978, China's gold output was only 19.67 tons. In 2007, China's gold output reached 270.5 tons, and it became world's largest gold producer, surpassing South Africa for the first time.
In 2010, China's gold output reached nearly 341 tons, while the world's gold demand was 2,778.6 tons, of which India accounted for 783.4 tons, ranking first in the world, China with 571.51 tons, ranking second and the United States, 180.9 tons, ranking third, Zhang said.
Meanwhile, China's largest Gold Exchange, Shanghai Gold Exchange, the cumulative volume of gold futures contracts was 679.41 in 2010 with the trading volume of gold futures ranking seventh in the world.
All kinds of gold products in Shanghai Gold Exchange reached 6046.064 tons last year and the trading of certain standard gold ingots ranked first in the world.