Australia is Located entirely in the southern hemisphere, between the Pacific ocean and Indian ocean which also referred to the south of Maritime Southeast Asia and north of the Antarctic. Australia is famous for It's vast resources including gold and other minerals. It is the home of some of the largest Gold reserves in the world, which makes Australia one of the important and significant country in the Global Gold industry.
In Today's Post , We will try to have a Closer Look on Australia Gold reserves and their impact on the emerging economy of Australia.
Gold Mining in Australia:
You will be amazed to know that Australia is the World Second-Largest Gold producer in the world after China which is on the top. Gold mining has been the important part of Australia's Economy since the mid 1800's and today it is the most valuable and important industry. According to the World Gold Council, as of September 2021, Australia roughly produces 10% of the World's Gold Production.
Majority of Australia's Gold is produces in the Westerns part of Australia, which also famous for one of the world largest Gold mines. New South Wales, Queensland, and Victoria are the other important regions where Australia Gold is being Produced.
Gold Reserves in Australia:
Reserve Bank of Australia also Known as RBA holds the majority of Country's Gold reserves, and it holds approximately 80% of the Country's Gold reserves. The RBA holds its gold reserves in a secure facility in Canberra, and the gold is primarily held in the form of gold bars.
Australia's gold reserves have been steadily increasing over the past few years, with the RBA adding around 80 tones of gold to its reserves in 2020 alone. This increase in gold reserves is partly due to the RBA's efforts to diversify its foreign currency reserves.
Impact of Gold Reserves on the Australian Economy
With the help of mining Australia's Gold reserves is playing an important role in the country's economy during the past years. Gold mining is employing around 30,000 People and currently adding 14 billion $ to the country's GDP.
In addition to its impact on the mining industry, gold has also been an important part of Australia's export economy. In 2020, Australia exported around $24 billion worth of gold, making it the country's fifth-largest export commodity.
Don't take this post as a financial advice, It's just an informational post. DYOR before investing