Geologists have uncovered a “supergiant” gold deposit in the Wangu gold field of Hunan province — potentially the largest gold reserve in the world, estimated at 1,100 metric tons of high-grade gold worth about $118 billion CAD.
What China’s discovery means for gold prices
Surprisingly, instead of falling on expectations of more supply, gold surged to $4,100 CAD per ounce. Part of the reason: China, the world’s top gold consumer, already imports three times more gold than it mines annually — and investors keep treating gold as a safe haven amid global economic uncertainty.
For anyone watching gold, the discovery cuts both ways. If China ramps up mining and exports quickly, long-term prices could feel downward pressure. If production stays limited — or the gold stays domestic — prices may hold high.
Why the price didn’t drop: discoveries take a decade or more to become production. Markets price today’s demand against today’s supply — and today, demand is winning.
Whichever way the market moves, we price your gold on current trends — always aiming to offer the most for your pieces.
