Tim Newcomb of Popular Mechanics reports that $83 billion dollars in gold, a “supergiant” deposit located under the Wangu gold field in the Hunan province, has just been sitting there underground this whole time. Newcomb writes:
A deposit of gold ore just discovered in China isn’t just giant. It’s supergiant. So much so, in fact, that Chinese experts claim it could be the largest deposit of any precious metal—not just gold ore—in existence today.
How big is the “supergiant” deposit located under the Wangu gold field in the Hunan province? Experts estimate it at 1,100 tons.
According to Chinese state media, a team of geologists detected over 40 gold veins of roughly 330 tons of gold ore dipping 6,600 feet deep under Pingjiang County’s Wangu gold field.
Already the world’s top gold producer with about 10 percent of global production, China is heavily dependent on the metal, using about three times more gold than it mines annually. A rate that high requires the country to purchase so much gold from other countries that it’s also the world’s top importer of the valuable metal. This new discovery has put the world’s gold markets on notice, enough so that the price of gold rose to $2,700 per ounce, according to CCN.com.And the gold news may not stop there. According to Liu Yongjun, vice head of the bureau, additional gold ore was found when drilling around the site’s peripheral areas.
Read more here.
