Would you like to know which are the top gold producing countries in the world? The lucrative mining industry has blessed several nations with great wealth, especially those who possess large reserves of the golden precious metal. South Africa is a great example of a country which has derived great benefits from its extensive gold-mining activity.
Interestingly enough, large and powerful nations such as the USA, China, and Russia, all produce vast amounts of gold every year and are present in our list of the top gold producing countries in the world. The benefits of mining gold however, are vastly larger in countries with lower production costs, such as Peru or Ghana. Nevertheless, as economic cycles set off turbulence on the financial markets, investors look to gold as a safe haven.
Thus, gold prices tend to rise during times of economic strife, allowing even firms with large production costs to make a healthy profit. We saw that play out during the most recent economic crisis, when gold soared to record highs up until early 2013. At that point, the U.S economy began to show signs of recovery, and its currency (often considered the other safe haven aside from gold) strengthened along with that, sending the price of gold tumbling as a result.
If you happen to have seen our previous post on the 20 wealthiest countries in the world, you might come across similarities. After all, the price of gold has maintained a steady price and grown in the long term by a healthy margin, making profits in the industry immense. Might the top gold producing countries in the world also be some of the richest?
In order to find out, we have gathered information from a report presented by the U.S. Geological Survey, which allowed us to compile a ranking of the top gold mining nations on the planet. So let’s take a closer look at the top gold producing countries in the world.