Is there alot of gold still unmined?

Question

I've read that the IMF(International Monetary Fund) controls 99% of it (mostly by private banks worldwide I assume). I find it hard to believe that there is not any significant amount of gold left in the ground worldwide. Any expert opinions on this subject?

Answer 1

Whoever said that 99% of gold is owned by the IMF is wrong.  The number held by all the central banks in the world is closer to 20-25%.  The article below says 50,000 metric tons could be economically mined (about 40% of the existing total), but that number changes based on the price of gold.  Say you have a site that becomes economical if the price of gold is above $1,000.  Even though you know it is there, you aren't going to develop it as long as gold prices stay below $1,000.  But if the price exceeds $1,000, and looks as if it'll stay there, then it becomes feasible to develop that site.  So as gold's price goes higher, it figures that more gold becomes viable to mine.  The opposite happens if prices go lower.

Answer 2

Yes.

Answer 3

Most of the "easy" gold has already be mined. Most gold mines are now over a mile deep and the percentage of gold per ton on ore dug is low. It has been estimated that less than 1% of the world's gold has been found. The problem is that it is not cost-effective in many areas to go after it. From time to time somebody finds some "easy to mine" gold but that is rare.

Answer 4

My Contact **the**funny**bloke**9437962921, is an expert in the gold market, He is a gold dealer. He estimates a 36 year supply is left unmined, in the ground. He recently got a best answer for another question on gold in which he mentions this. The link to it below.