A significant gold deposit, valued at approximately $83 billion, has been discovered in Pingjiang County, China. The find, located about 12 miles beneath the surface, was made by geologists from the Hunan Provincial Geological Institute. The area, known as the Wangu goldfield, contains 40 ore veins with a total of 300.2 tons of gold. The Hunan Academy of Geology estimates that there could be more than 1,000 tons of gold reserves at a depth of over 3,000 meters.
What is being dubbed as the largest gold deposit in the world has been found in China, state outlet Xinhua news said. The gold reserves are worth 600 billion yuan, according to Reuters, which amounts to $83 billion U.S. The discovery was made by geologists with the Hunan Provincial Geological Institute about 12 miles beneath the surface in the Asian country's Pingjiang County, Xinhua reported, according to the New York Post. The area of the discovery of 40 gold ore veins with a total of 300.
Prior to the discovery, the title of the largest gold reserve in the world went to the South Deep gold mine in Gauteng Province, South Africa, the Post states. It holds about 930 metric tons of gold. In October, prices for gold futures had risen over 32% year to date and more than 38% in the past year, setting a number of new all-time highs in the process. CLICK HERE TO READ MORE ON FOX BUSINESS One ounce of gold is currently going for nearly $2,674.
GOLD DISCOVERY CHINA WANGU GOLDFIELD HUNAN PROVINCIAL GEOLOGICAL INSTITUTE ECONOMIC VALUE
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