With Hispanic Heritage Month taking place now, it seems like a good time to ask how much Gold has been mined in Latin America over the past centuries.
To be sure, there is a long, fabled, and strong historical link between gold and Latin America. Back in the 16th Century, Spanish monarchs became obsessed with the idea that there were as many as seven cities in South America that were made of gold. They even believed that there was an emperor named El Dorado, who was clothed with golden garments and ruled these cities. So in 1540, Spain sent an explorer named Francisco Vázquez de Coronado to the New World, where he searched in vain for these golden cities.
But even though Coronado’s search for gold and golden cities proved to be unsuccessful, the European drive to find gold in Latin America remained strong through the end of the 16th century and beyond.
These explorations were not fruitless, because wherever they went, Spanish explorers plundered gold from native populations. In fact, if you visit the Metropolitan Museum in New York, you can visit a large room that is filled with beautiful golden objects that were carried away from Mexico and other Latin-American countries by European explorers.
So, How Much Gold Has Latin America Contributed to the World’s Supply?
Despite legends about vast reserves of gold to be found in Latin America, only a small percentage of the world’s gold has come from that part of the world.
Let’s put the size of the world’s supply of gold in context. According to data from the U.S. Government, only about 244,000 metric tons of gold have been mined throughout all of history. Most of that gold – as much as 80% - has come from just three regions: Australia, China, and South Africa. And as of the year 2016, the United States ranks fourth in overall gold production.
According to one famous and interesting statistic, all of the gold ever discovered would fit in a cube that is 23 meters wide on every side.
And how much gold is being mined in South America today? According to estimates, total gold production in South America is flat or declining. And according to data compiled by Kitco.com, Brazil is now the largest gold-producing country in South America.
Mining Cannot Keep Up with the Demand for Gold
Gold is needed more than ever today for jewelry production. Plus, it is being used in a growing variety of applications that include . . .
Electronics manufacturing
Medicines and medical applications
Aerospace applications
The fact that newly mined gold cannot keep up with demand explains the growing need for recycled gold, which is keeping the prices high for gold scrap and recycled gold. High demand also explains why gold trades at high prices.
Send Your Gold Scrap to Specialty Metals to Cash in on High Trading Prices
Do you have gold-bearing scrap that you would like to recycle from electronics, old jewelry, plating supplies or any other source? Our precious metal recycling consultants are ready to test and process it and turn it into cash.
Call us at 800-426-2344 to learn more.
Learn moreRelated Posts
How Much Gold Can You Carry with You When Flying Internationally?
Where Is There a Precious Metal Refinery Near Me?
3 Simple Steps: How to Find the Best Gold Refiner
Fake Coins and Gold Bullion Bar Alert! Don’t Be a Victim
Gold and Other Valuable Metals Can Be Found in Electrical Switches
Don’t Ignore these Often-Overlooked Sources of Gold
