Gold: Stocks
Why the gold above ground dwarfs what is mined
What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.Top five countries: reserves, output and years of supply
| Country | Reserves t Au content | Current output t Au content (mine, 2025e) | Years of supply | Recycling |
|---|---|---|---|---|
| China | 3,200 | 380 | 8 | n/a |
| Russia | 12,000 | 310 | 39 | n/a |
| Australia | 13,000 | 280 | 46 | n/a |
| Canada | 3,200 | 200 | 16 | n/a |
| United States | 3,000 | 160 | 19 | n/a |
Recycling
Almost all gold ever mined still exists, so recycling is large: 1,404 t in 2025, 28% of world supply (WGC). The US recycled about 90 t, about 60% of reported consumption (USGS MCS 2026). The EU end-of-life recycling input rate is 5% (EU CRM 2023), low because most gold sits in jewellery and bars rather than end-of-life products. India recycled 21.7 t in 2025 (WGC). Australia's JORC-compliant reserves are 4,500 t, well below the 13,000 t shown.
Gold is rarely used up, so the above-ground stock dwarfs annual mining. USGS puts world reserves at 66,000 tons, about 20 years of 2025 output, but reserves grow when prices rise. The US Treasury holds 8,130 tons, still valued at an official $42.22 per ounce. Central banks shape the market: official sales rose from 130 tons in 1994 to a peak of 674 tons in 2005 (Humphreys, pdf p. 41), before banks turned buyers. Recycling supplied about 60% of US reported consumption in 2025. The EU's end-of-life recycling input rate is 5%.
Reserves
World reserves 66,000 metric tons Reserve life 20 years at 2025 production Australia 20% Russia 18% South Africa 8% Indonesia 5% Canada 5% China 5% Largest reserve holders, share of world reserves (USGS MCS 2026). Reserves are what is economic to extract today, not what exists.Recycling
End-of-life recycling input rate in the EU: 5% of demand met from post-consumer scrap (EU CRM study 2023).In 2025 an estimated 90 tons of new and old scrap was recycled in the US, about 60% of reported consumption.