Gold Recources In South Africa

South Africa has the largest known gold reserves in the world. Estimated to be around 40000 tons, this country cradles 40-50 % of the global gold reserves. Mining is perhaps the biggest industry of South Africa, and the nation’s economy basically depends upon it, because the gold resources in South Africa is very rich

History Of Gold Mining In South Africa

South Africa is the most advanced and richest country of Africa. It owes all its economical development to abundance of mineral resources like gold, diamond, platinum and coal etc. The country is the leading producer of precious metals such as this metal and platinum. Almost 50% of the reserves of the world are found in South Africa. South Africa was the largest gold producer and exporter till 2007, when China surpassed it. South Africa kept its title of the largest gold producer of the world for about half century.

Gold Mines In Johannesburg

History of Gold Mining in the US

Gold   mining  consist of a number of processes and techniques, employed to extract raw  gold  from earth. These  gold  extraction techniques include  gold  panning, metal detecting, sluicing, dredging etc.

This metal is an expensive element; thus, individuals and nations have always been interested in  gold  extraction, mainly to gain economic benefits. In the United States of America, a major rush of  gold   mining  took place with the discovery of  gold  at the Reed farm in North Carolina, in 1799. Thirty years latter, this metal was discovered at the southern Appalachians in Georgia, which was followed by the California  Gold  Rush in 1848-52 in the Sierra Nevada, as a result of which a lot of people started to settle down in California. This was only the beginning of the history of this metal discovery and mining in America. Later on, many states in America, like Alaska, Alabama, Texas, Virginia and many more, were found to be blessed with reservoirs of this metal.

The Real Gold Mine

For those of us that do want to have some level of financial security we try to save and invest our money at any opportunity. Some people do this on their own, while the majority of people have some sort of financial professional offering them advice. I personally have an account set up with a financial advisor. Most financial advisors will tell you to “diversify” your money and investments. But, do they really mean it? Yes, they mean it as long as it makes them money.

Gold Mining And Production

After the key gold mining discoveries in the United States and Australia around 1850, those two countries remained significant gold producers.

However, South Africa has larger reserves, and by 1930 was producing 53% of the world’s new gold. That was the start of the Great Depression, which slowed down economic activity around the world, beginning with the 1929 Wall Street stock market crash, the failure of the Credit Anstalt Bank of Austria in 1931 and Great Britain’s suspension of the gold standard in 1931.

President Franklin Roosevelt raised the official price of gold (in effect, inflating the value of the US dollar, which had been suffering from the deflationary effects of the Depression) from $20.67 to $35.