Gold is a precious metal that has been used for coinage, jewelry, and other arts throughout recorded history. In the past, a gold standard was often implemented as a monetary policy. Still, gold coins ceased to be minted as a circulating currency in the 1930s, and the world gold standard was abandoned for a fiat currency system after the Nixon shock measures of 1971.
Gold is a chemical element with the symbol Au (from Latin: aurum) and atomic number 79, making it one of the higher atomic number elements that occur naturally.
Did you know that South Africa was the world’s largest gold producer for 101 years till 2006 when china’s gold production shot through? Gold mining in the People’s Republic of China has made it the world’s largest gold producer.
The gold mining industry in China received increased foreign and domestic investment, and project numbers have increased as more discoveries have been found. China produced nearly 300 tonnes of gold in 2008. It is also the only country in the top three where production rose in 2008. In 2014, production had increased to 450 tonnes and it was expected to reach 490 in 2015.
So Who Produces China’s Gold?
On top of all foreign investments, the country’s oldest and largest gold producer, China National Gold Group Corporation (CNGGC) accounts for 20% of total gold production in China and controls more than 30% of domestic reserves. CNGGC also controls Zhongji Gold, the first publicly listed gold mining company in China.
Does it have a Gold reserve?
Since the world’s central reserve holds most of the world’s gold, China’s gold reserves are relatively small (about 7% of the world total). Production has usually been concentrated in the eastern provinces of Shandong, Henan, Fujian and Liaoning.
Most of China’s gold output stays in the country where it is transformed into jewelry and manufactured items, though the country’s export role is increasing. In 2007, fabrication rose 18%, helped by demand from China’s increasingly wealthy middle and upper classes.
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