China Finds 1,000-Ton, $83 Billion Gold Reserve in Hunan Province

Nov 24, 2024, 07:26 AM

Chinese geologists have discovered a superlarge gold deposit in Hunan Province, estimated to contain over 1,000 tons of gold worth approximately $83 billion (600 billion yuan). The reserves, found beneath the Wangu gold field in Pingjiang County at about 2 kilometers below ground, consist of over 40 gold veins. This discovery could significantly impact the global gold market by adding about 0.5% to the world's gold supply, potentially affecting gold prices and enhancing China's economic influence in global financial markets.