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Gold Investing China’s "Supergiant" Gold Discovery Potentially Worth Over US$80 Billion
China is touting a massive discovery that geologists say may be the largest gold deposit ever recorded.
The find, reported by Chinese officials last year, allegedly contains up to 1,000 metric tons (MT) of the yellow metal beneath the Wangu gold field in Hunan province. It is valued at around US$83 billion.
Reports indicate that workers detected over 40 gold veins stretching as deep as 6,600 feet. However, advanced 3D modeling suggests that the deposit could extend even further, reaching depths of 9,800 feet.
This makes it a "supergiant" discovery, eclipsing South Africa’s South Deep gold mine, which holds 930 MT of reserves.
According to the findings, the deposit has a "maximum quality" of 138 grams per MT.
Already the world’s top gold producer, China accounts for approximately 10 percent of the world's supply; however, its domestic demand for the yellow metal far exceeds its production capacity.
As a result, China is also the largest importer of gold, with the People’s Bank of China aggressively increasing its reserves in recent years. This new discovery could strengthen its ability to meet demand and reduce its reliance on imports.
Largest gold reserves by country
China currently ranks among the top five nations with the largest gold reserves, trailing behind Australia, Russia, South Africa and the US. According to the US Geological Survey, the top gold reserves worldwide are as follows:
- Australia — 12,000 MT
- Russia — 11,100 MT
- South Africa — 5,000 MT
- United States — 3,000 MT
- China — 3,000 MT
- Indonesia — 2,600 MT
- Brazil — 2,400 MT
- Peru — 2,300 MT
- Canada — 2,300 MT
- Uzbekistan — 1,800 MT
While China’s discovery is significant milestone, experts have cautioned that the feasibility of extracting gold from such extreme depths poses technological and financial challenges.
Mining operations beyond 6,000 feet require advanced cooling, ventilation and safety measures due to extreme heat and pressure conditions. Additionally, concerns have been raised over environmental impacts and sustainability.
China has pledged to develop responsible mining practices, but large-scale gold extraction in sensitive regions could have unintended consequences for local ecosystems and communities.
The discovery comes amid ongoing debates over the concept of "peak gold" — the idea that the world has already mined most of its easily accessible gold, and new large-scale discoveries will become increasingly rare.
However, recent technological advancements and geological studies indicate that more significant gold deposits may still be hidden beneath the Earth’s surface, awaiting discovery. In 2024, scientists in Australia discovered a new mechanism linking seismic activity to gold formation, further supporting the idea that more untapped reserves exist.
Researchers have also been exploring innovative ways to extract gold from unconventional sources, such as deep-sea mining and urban recycling — the former being a divisive as countries debate its effects.
