How much gold is there left in the world?

It is estimated that 183,000 tons of gold have been extracted from the ground ever since humans began to mine. If all of this gold was ever melted into one big cube then it would be as roughly tall as a seven-story building.

Here is an illustration:

Why is this an important story? Because one of the reasons why gold is so valuable is because of its scarcity. Here is what Schiff Gold writes:

The scarcity of gold takes on more significance when placed in the context of declining production. In fact, some analysts believe the world hit “peak gold” production in 2015 or 2016. Peak gold means the amount of gold mined out of the earth will begin to shrink every year, rather than increase, as it has done pretty consistently since the 1970s.

Moving forward, the gold industry will discover that there is not too much gold left to mine. It will take greater efforts to pull gold out of the ground. This means prices will surge, with or without inflation (and inflation is coming).

This is great news for gold bugs who invest a lot of their fiat money in physical bullion, gold stocks, ETFs and jewellery. You’re going to be rewarded for your patience.