You asked, we answered: Are we running out of gold

Second, we are not likely to run out of gold to mine either.

Metals Focus estimates that there are 54,770t of gold reserves by the end of 2025, i.e. the portion of an ore deposit that can be economically extracted under conditions as of 2025, whereas the US Geological Survey (USGS) data estimates gold reserves to be around 64,000t.

And resources - the total potential of gold deposits based on geological evidence and sampling, including the part that is economically minable and the part that is not - are estimated to be 132,110t, based on data from Metals Focus.

There is a common misconception that proven gold reserves can only last ~15 years at the 2025 rate of production. But it is important to note that estimates of below-ground reserves have remained stable for decades even as gold is being continually mined out.

This stability is explained by several factors, which will likely continue:

• Lower-grade deposits once unprofitable become economically viable - in other words, they move from resources to reserves as the gold price increases
• More gold is discovered, albeit at a slower pace. When a gold deposit is discovered, sufficient reserves are drilled out to justify the project construction.² But as some of the deposit depletes, further exploration often takes place, keeping total resources relatively stable.
• Often when a mine is built and brought into production, exploration geologists start to look for near-to-mine resources (often small deposits, sometimes known as satellite deposits), that can supplement reserves.

Also, with technology advancing, better geological modelling and deeper underground mining becoming more effective, making new discoveries more viable and extending current usable supply. Theorectically, gold exists deep under earth's crust³ and even under oceans,⁴ although these are not currently viable due to technological constraints or cost considerations and, in some case, due to ESG concerns.⁵

In conclusion, while there is a slim possibility that we run out of "easy" and "cheap" gold to mine - if all discoveries stopped, technological advancement and a price that is high enough could see gold extracted from previously unfeasible supply sources.