China has discovered what is being called the world's largest gold deposit, valued at $83 billion, located 12 miles underground in Pingjiang County, according to state media.
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. One ounce of gold is currently going for nearly $2,674.
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