China just discovered a massive trove of gold worth $83 billion, according to state-run media.
The gold was found in central Hunan province and according to the region’s geological bureau, it is estimated to weigh about 1,000 tonnes, reports Xinhua news.
Prospectors say many of their core drillings show visible gold, with dozens of veins detected.
“Geologists have detected over 40 gold veins, with a reserve of 300 tonnes of gold, within a depth of 2,000 meters beneath the Wangu gold field in Pingjiang County, according to the bureau.”
Although it’s difficult to track the true supply of gold, the United States Geological Survey (USGS) estimates 244,000 metric tons of gold has been discovered to date.
That means the new discovery could boost the overall gold supply by 0.123%.
The price of gold has surged this year amid geopolitical tensions and as governments continue to battle inflation.
Gold is up by about 28% since the start of the year, moving from around $2,360 per ounce to a high of $2,786.91 on October 30th.
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