China mines almost ⅓ more than the next closest competitor. Gold mining has pulled China out of poverty. Most mines situated in Shandong Province, located midway between Beijing and Shanghai, and roughly one fifth of output is controlled by the China National Gold Group. Despite its vast gold mines, only 1,000 tons are held as reserve. Over 1,900 tons are still sitting in the ground, although they are fast going: its annual pace has risen over 10% and seems, if anything, likely to pick up with higher gold prices.
The miners down under have been working steadily under their barren soils to yield a massive haul and earn second place on the list with 270,000 kilograms of gold. Two thirds of the total comes from mines in Western Australia, based out of Perth. The largest open mine on the continent, named the Golden Mile, leads the nation in production of this valuable export, which earns Australia $14 billion per year. In addition to roughly 7,400 tons of unmined reserves, Australia holds around 80 tons of gold or 9.3% of its foreign reserves.
- United States
While its mines are mostly in Nevada nearby to Las Vegas and Montana, most of its gold sits in vaults under New York City, Fort Knox, and elsewhere. Over 8,000 tons of gold are held in these treasuries by the Federal Reserve and the Treasury Department; the totals are equivalent to 75% of total foreign reserves. The current high production figures are due to the reopening of once defunct mines in Montana as gold prices have spiralled up in recent years.