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The current investor landscape is shifting increasingly towards precious metals as stock markets fluctuate and real estate markets decline. Aside from investors, many countries are currently stockpiling gold in their central bank reserves as a safe asset during the current unstable geopolitical environment. While the demand for gold is well studied, where countries source their gold is less known. Where are these countries and investors sourcing their gold from? Below, we’ll highlight five of the world’s largest sources of gold production and where these countries send their gold.
China, now a powerhouse in gold production, has been the leader in the gold mining industry for 18 years, ever since the country overtook South Africa as the largest gold producer in 2007. They are on track to continue being the world’s leader in gold production, as a massive gold reserve was found in Hunan province in 2024. Experts estimate that the gold deposits found could be worth around $82 billion, and it is one of the most noteworthy gold discoveries in modern times. Data shows that China has produced 280.4 tonnes of gold in 2024, fuelled by the increased demand for gold amidst China’s real estate and stock market troubles. Although it is the world’s largest producer of gold, China consumes far more gold than it can produce, making it also one of the world’s largest importers of gold. Along with the demand for investment gold, there’s a large demand for gold jewellery in China, as many holidays are celebrated with gold gifts, and China’s increasing interest in divesting away from the Western world, adding more gold to central bank reserves. As a manufacturing powerhouse, China has an interest in increased gold production to fuel its industries, such as gold conductors for electronics and gold reflectors for aerospace. The large demand for gold causes China to import gold from large gold producers such as Canada, Australia and Russia.
Russia, with its largest land mass, holds one of the largest gold mine reserves worldwide. Before the invasion of Ukraine, Western countries such as the United Kingdom were the largest importers of Russian gold. The UK was Russia's largest trading partner, purchasing around 270 tonnes of Russian gold at its peak. Gold was, and still is, an important strategic resource for the Russian government even during wartime. Before they invaded Ukraine, Russia had been stockpiling gold at an extreme rate, hinting at their plans for an invasion. After Russia invaded Ukraine, Western countries imposed sanctions against Russia, halting all trade to Russia to cut off Russia financially. Ever since Western sanctions, Russia has used gold imports to China as a means of payment to clear debts incurred by the war. In 2025, exports of precious metals to China jumped over 80%, deepening ties between Beijing and Russia. Currently, the largest importers of Russian gold, accounting for over 99% of Russian exports, are China, the United Arab Emirates, which has become a major trading hub for Russian goods after Western sanctions took place, and Turkey.
Australia is currently the third-largest producer of gold globally, mining 284 tonnes of gold by the end of 2024. Australia has a history with gold mining, the 17th century gold rush changing the previous convict community located in Australia into real developed cities. In fact, one of the largest natural gold nuggets ever recorded in history was found in Australia in 1869. Currently, Australia has 66 gold mines, with most of the mines concentrated in the western parts of Australia. The fastest-growing markets for Australian gold include Switzerland, the United States and Hong Kong. Main importers of Australian gold are China, Hong Kong, Switzerland, India, and the United Kingdom.
Canada has been a top gold producer for years, with production increasing steadily year after year. In 2024, Canadian mines produced 202.1 tonnes of gold, putting Canada fourth globally in terms of gold production. The majority of Canada’s gold reserves come from the Canadian Shield, located within Ontario and Quebec. The gold production from Ontario and Quebec accounts for more than 70% of Canada’s total gold production. Gold is one of Canada’s most valuable mined commodities, and the total amount mined in 2022 exceeded $13 billion, with a majority of the gold being exported to the UK and China. Ever since Western sanctions against Russia began, the UK has become a major importer of Canadian gold. Gold imports to the United Kingdom accounted for over half of Canada’s gold production in 2022, with London being a major financial hub for gold trade. Many international and local investors purchase and sell gold through the London Bullion Market Association located in the heart of London. Alongside the United Kingdom, China is also a major importer of Canadian gold, as the Chinese real estate market, a traditional vehicle for the older Chinese generation, has been collapsing in the last two years. Uncertainty surrounding the future of real estate has turned the younger generation away from buying land as an investment and pushed them towards gold to secure their future. Demand from China and Chinese central banks accounted for 85% of Canadian gold mined in 2024, and gold exports to China have been steadily rising. Other major importers of Canadian gold include the United States, Switzerland, Hong Kong, and Australia.
In 2024, the United States was the fifth-largest producer of gold globally, with 158 tonnes mined in the past year. Most of the American gold mined comes from open-pit heap leach mines in Nevada. Because the United States produces a lot of gold, they are a net exporter of gold. The major importers of American gold are the United Kingdom, Switzerland, Singapore, India, and Australia. The fastest-growing markets for American gold in 2024 were the United Kingdom, Singapore, and India.
The current investor landscape is shifting increasingly towards precious metals as stock markets fluctuate and real estate markets decline. Aside from investors, many countries are currently stockpiling gold in their central bank reserves as a safe asset during the current unstable geopolitical environment. While the demand for gold is well studied, where countries source their gold is less known. Where are these countries and investors sourcing their gold from? Below, we’ll highlight five of the world’s largest sources of gold production and where these countries send their gold.
China, now a powerhouse in gold production, has been the leader in the gold mining industry for 18 years, ever since the country overtook South Africa as the largest gold producer in 2007. They are on track to continue being the world’s leader in gold production, as a massive gold reserve was found in Hunan province in 2024. Experts estimate that the gold deposits found could be worth around $82 billion, and it is one of the most noteworthy gold discoveries in modern times. Data shows that China has produced 280.4 tonnes of gold in 2024, fuelled by the increased demand for gold amidst China’s real estate and stock market troubles. Although it is the world’s largest producer of gold, China consumes far more gold than it can produce, making it also one of the world’s largest importers of gold. Along with the demand for investment gold, there’s a large demand for gold jewellery in China, as many holidays are celebrated with gold gifts, and China’s increasing interest in divesting away from the Western world, adding more gold to central bank reserves. As a manufacturing powerhouse, China has an interest in increased gold production to fuel its industries, such as gold conductors for electronics and gold reflectors for aerospace. The large demand for gold causes China to import gold from large gold producers such as Canada, Australia and Russia.
Russia, with its largest land mass, holds one of the largest gold mine reserves worldwide. Before the invasion of Ukraine, Western countries such as the United Kingdom were the largest importers of Russian gold. The UK was Russia's largest trading partner, purchasing around 270 tonnes of Russian gold at its peak. Gold was, and still is, an important strategic resource for the Russian government even during wartime. Before they invaded Ukraine, Russia had been stockpiling gold at an extreme rate, hinting at their plans for an invasion. After Russia invaded Ukraine, Western countries imposed sanctions against Russia, halting all trade to Russia to cut off Russia financially. Ever since Western sanctions, Russia has used gold imports to China as a means of payment to clear debts incurred by the war. In 2025, exports of precious metals to China jumped over 80%, deepening ties between Beijing and Russia. Currently, the largest importers of Russian gold, accounting for over 99% of Russian exports, are China, the United Arab Emirates, which has become a major trading hub for Russian goods after Western sanctions took place, and Turkey.
Australia is currently the third-largest producer of gold globally, mining 284 tonnes of gold by the end of 2024. Australia has a history with gold mining, the 17th century gold rush changing the previous convict community located in Australia into real developed cities. In fact, one of the largest natural gold nuggets ever recorded in history was found in Australia in 1869. Currently, Australia has 66 gold mines, with most of the mines concentrated in the western parts of Australia. The fastest-growing markets for Australian gold include Switzerland, the United States and Hong Kong. Main importers of Australian gold are China, Hong Kong, Switzerland, India, and the United Kingdom.
Canada has been a top gold producer for years, with production increasing steadily year after year. In 2024, Canadian mines produced 202.1 tonnes of gold, putting Canada fourth globally in terms of gold production. The majority of Canada’s gold reserves come from the Canadian Shield, located within Ontario and Quebec. The gold production from Ontario and Quebec accounts for more than 70% of Canada’s total gold production. Gold is one of Canada’s most valuable mined commodities, and the total amount mined in 2022 exceeded $13 billion, with a majority of the gold being exported to the UK and China. Ever since Western sanctions against Russia began, the UK has become a major importer of Canadian gold. Gold imports to the United Kingdom accounted for over half of Canada’s gold production in 2022, with London being a major financial hub for gold trade. Many international and local investors purchase and sell gold through the London Bullion Market Association located in the heart of London. Alongside the United Kingdom, China is also a major importer of Canadian gold, as the Chinese real estate market, a traditional vehicle for the older Chinese generation, has been collapsing in the last two years. Uncertainty surrounding the future of real estate has turned the younger generation away from buying land as an investment and pushed them towards gold to secure their future. Demand from China and Chinese central banks accounted for 85% of Canadian gold mined in 2024, and gold exports to China have been steadily rising. Other major importers of Canadian gold include the United States, Switzerland, Hong Kong, and Australia.
In 2024, the United States was the fifth-largest producer of gold globally, with 158 tonnes mined in the past year. Most of the American gold mined comes from open-pit heap leach mines in Nevada. Because the United States produces a lot of gold, they are a net exporter of gold. The major importers of American gold are the United Kingdom, Switzerland, Singapore, India, and Australia. The fastest-growing markets for American gold in 2024 were the United Kingdom, Singapore, and India.
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