Mining History and Accumulation of Gold and Silver

Humans have mined gold and silver for thousands of years. Gold artifacts appear in ancient graves (e.g. the Varna Necropolis ~4500 BCE), and intensive gold mining was underway by the early Bronze Age in Egypt and Mesopotamia. Silver extraction also dates back millennia – it began around 3000 BCE in Anatolia (modern Turkey), later spreading to Greece by ~1200 BCE (where it supplied Athens’ early coinage). For much of antiquity, gold’s rarity and malleability made it a symbol of wealth, while silver became the primary metal for coinage in many civilizations.

Despite this long history, the majority of these precious metals have been mined in modern times. Technological advances and large discoveries caused production to skyrocket in the last century. In fact, about two-thirds of all the gold ever extracted has been mined since 1950. Major 19th–20th century gold rushes (California, Klondike, etc.) and the discovery of South Africa’s colossal Witwatersrand goldfields in 1886 dramatically boosted output – the Witwatersrand Basin alone accounts for roughly 40–50% of all gold ever mined. Silver mining also saw huge expansions: after the Spanish conquest of the Americas in the 1500s, rich mines like Potosí (Bolivia) and Zacatecas (Mexico) flooded Europe with silver. By the late 19th century, annual silver production had doubled (from ~1.1 million kg to 2.2 million kg/year in the 1870s). In the 20th century, industrial demand (photography, electronics, etc.) further drove silver extraction.

Today’s production: Gold is mined on every continent except Antarctica, with around 2,500–3,000 tonnes extracted per year in recent years. China is currently the largest gold-producing country (about 10% of world output in 2024), followed by countries like Australia, Russia, and the United States. Silver is often mined alongside other metals (like lead, copper, or zinc). Mexico is the world’s top silver producer (e.g. ~5,600 tonnes in 2020), and other major producers include Peru, China, Russia, and Poland. Silver mine output globally was nearly 25,000 tonnes in 2020. Thanks to continuous mining, both metals have built up sizeable above-ground stocks over the centuries, as we’ll see next.

Total Volume of Gold and Silver Ever Mined (The “Cubes”)

It’s surprising how small a space all mined gold and silver would occupy when put together. According to the U.S. Geological Survey, about 187,000 tonnes of gold have been produced in human history (with additional known reserves bringing the total discovered to ~244,000 tonnes). If one were to melt all that gold and cast it into a single cube, it would measure on the order of only 22 to 23 meters on each side. In other words, every ounce of gold ever mined would fit in a cube roughly 22 m (72 ft) tall – about the size of a 7-story building, or roughly the length of a tennis court. This is an astonishing fact, considering gold’s immense historical value. (By comparison, such a cube would weigh ~244,000 metric tons – about eight times the weight of the Statue of Liberty, illustrating gold’s high density.)

Meanwhile, humanity’s total silver haul is larger in volume (since we’ve mined much more silver by weight, and silver is less dense). Approximately 1.74 million metric tons of silver have been discovered through history – nearly ten times the mass of all gold mined. If all that silver were gathered into a cube, the cube would be about 55 meters on each side. That is a cube as tall as an ~18-story building, or about 180 ft (for perspective, 55 m is roughly the base width of the Taj Mahal). Silver’s “cube” dwarfs the gold cube, reflecting silver’s greater abundance (though far lower price per kilogram).

Visualization: If all the silver ever mined (~1.74 million tonnes) were cast into a single cube, it would measure ~55 m on each side. In contrast, all mined gold (~216,000 tonnes) would form a cube only ~22–23 m per side. Despite millennia of mining, these metals form surprisingly compact volumes.

It’s important to note that these volumes represent all the metal extracted over thousands of years. The gold figure (22–23 m cube) comes from estimates by the World Gold Council and USGS as of the mid-2010s, and it grows slightly each year with new mining. For instance, the World Gold Council estimated ~216,265 tonnes of gold had been mined by end of 2024, up from ~190,000 tonnes in 2019. Annual mine production adds a few thousand tonnes to the total, so the gold cube side length increases by only a few centimeters per year. Silver’s cube likewise expands gradually with yearly production (roughly 25–30 thousand tonnes added annually). But even as these cubes grow, they remain relatively small – one could hypothetically store all of the world’s gold and silver in a single large warehouse or two.

To help imagine the scale: an Olympic-size swimming pool (50 m long, 25 m wide, 2 m deep) has a volume of 2,500 m³. The gold cube (~22 m) has a volume ~10,648 m³, which would fill only about four Olympic pools. The silver cube (~55 m) is ~166,375 m³ – about 66 Olympic pools. Put another way, if spread on a football field (soccer pitch) (~7,140 m²), the gold cube’s content would form a layer only ~1.5 m thick, whereas the silver cube’s would be ~23 m (75 ft) thick. These comparisons show how rare gold is relative to most materials, and that even silver – while less rare – hasn’t been extracted in astronomically large quantities.

Leading Sources and Production of Gold vs. Silver

Gold – major sources: Over history, gold production has been dominated by a few key regions. South Africa’s Witwatersrand region has been the single largest source, yielding an estimated 40–50% of all gold ever mined. This one goldfield (discovered 1886) produced tens of thousands of tonnes of gold, especially during the 20th century. Other historically significant gold producers include ancient kingdoms (e.g. Egypt, Nubia), the Russian Empire (Siberian gold), and 19th century rushes in the Americas and Australia. In modern times, production has shifted: China is currently the world’s top gold-producing nation, mining on the order of 370–380 tonnes in 2024 (~11–12% of the global output). Australia and Russia follow closely, each around 300 t/year. The United States, Canada, and Peru are also among the top gold producers. Global mine production in 2024 was about 3,300 tonnes of gold – slightly higher than the previous year. Notably, while China leads in annual output, the single largest gold mining complex is the Nevada Gold Mines in the USA (a joint venture led by Barrick), which produces roughly 100 t of gold per year. Overall, gold mining is geographically widespread; however, just three countries (China, Australia, South Africa) have provided a major share of all gold mined historically.

Silver – major sources: Silver mining has also seen shifts over time. In classical antiquity, mines in Greece (Laurium) and Spain were prolific silver sources (during the Roman era, Spain was a leading producer). From the 16th through 19th centuries, the New World dominated silver production: vast deposits in Bolivia (Potosí), Peru, and Mexico supplied most of the world’s silver. For example, Spanish America produced tens of thousands of tonnes of silver, helping fund the Spanish Empire. By the 20th century, other countries rose in prominence – notably Mexico, which has become the world’s #1 silver producer in recent years. As of 2022, Mexico mined about 6,000 t of silver (roughly 23% of global supply), consistently topping the list of producers. China and Peru are the next largest producers (each around 3,000–3,500 t in 2022), followed by countries like Australia, Russia, Bolivia, Chile, and Poland. Total world silver mine production in 2022 was approximately 25,000 t.

It’s worth noting that silver is often obtained as a byproduct of mining other metals. Many large copper or lead-zinc mines yield significant silver. For instance, Poland’s KGHM mines (copper) make Poland a top silver producer due to silver in the ore. As a result, silver output can depend on the economics of other metals.

Reserves and deposits: According to the USGS, about 530,000 t of silver remain in identified reserves underground, versus roughly 54,000 t of gold reserves remaining. Silver deposits are somewhat more geographically concentrated: Peru alone holds an estimated 93,000 t of silver reserves – the largest in the world. Other countries with large silver reserves include Poland (~100,000 t of resources in its copper-silver deposits), Australia (~90,000 t), and Russia (~45,000 t). In fact, just four countries (Peru, Poland, Australia, and Russia) account for over 50% of all known silver in the earth by USGS estimates. Gold reserves are more evenly distributed, though South Africa still has substantial unmined gold, as do Australia, Russia, the USA, and Canada.

Who Holds the World’s Gold and Silver?

After being mined, gold and silver end up in various forms and ownerships. We can “map” the above-ground stock of each metal by looking at how it’s used and who holds it – whether governments, private investors, industry, or jewelry owners.

Gold Distribution and Major Holders

Nearly all the gold ever mined still exists in accessible form (unlike silver, very little gold is lost or consumed). The total above-ground gold stock was about 216,000 tonnes in 2024. Here is how that gold is distributed by usage category:

• Jewelry: ~97,000 t (≈45% of all gold). This is gold crafted into jewelry and ornaments, largely in private hands. India and China alone hold enormous quantities of gold jewelry due to cultural demand (Indian households are estimated to collectively hold ~25,000 t of gold in jewelry/investment forms – about 11% of the world total, and the largest private stockpile on Earth). Jewelry is the single biggest “chunk” of the gold cube, much of it passed down through generations.

• Private Investment (Bars, Coins, ETFs): ~48,600 t (≈22%). This includes gold bullion bars, official gold coins, and physically-backed gold exchange-traded funds held by investors. For example, the popular SPDR Gold Shares (GLD) ETF alone holds around 1,087 t of gold in its vaults (as of end-2025) – an amount equivalent to the 10th-largest national gold reserve. Many wealthy individuals, banks, and funds also store gold as an investment or hedge (often in major vaults in London, New York, Zurich, etc.).

• Official Reserves (Central Banks): ~37,755 t (≈17%). This is the gold held by national governments and central banks as part of their foreign exchange reserves. Central banks collectively hold about one-sixth of all above-ground gold. The largest official holder is the United States, with about 8,133.5 t in its vaults (stored mainly at Fort Knox and Federal Reserve Bank of New York) – this is nearly a quarter of all central bank gold. Other top countries include Germany (~3,350 t), Italy (~2,452 t), France (~2,437 t), Russia (~2,333 t), and China (~2,299 t) in official gold reserves. (Notably, the International Monetary Fund (IMF) also holds 2,814 t, ranking between Germany and Italy). These official holdings grew during the gold-standard era and some nations (like Russia, China, Turkey) have increased their gold reserves in recent years for diversification.

• Other Uses (Industry, etc.): ~32,700 t (≈15%). This category covers gold used in electronics, dentistry, and other industrial applications, as well as art, artifacts, and unaccounted stocks. Gold’s excellent conductivity and corrosion resistance make it vital for electronics (computers, smartphones contain tiny amounts of gold). Fortunately, because gold is so valuable, even industrial gold is often recycled – so this “other” category often eventually recirculates back into bullion or jewelry.

In summary, private hands (jewelry + bars/coins) account for roughly two-thirds of all gold, while governments (central banks) hold about one-sixth. The largest single holder is the U.S. government (4.5% of all gold ever mined), but Indian families as a group hold an even larger share (~10–11%), albeit dispersed in millions of households. Gold’s distribution is thus a mix of decentralized private wealth and concentrated official hoards.

Silver Distribution and Major Holders

Silver’s above-ground fate looks very different from gold’s. Unlike gold, a huge portion of all mined silver has been consumed by industrial use or dissipated over time. Silver is used in small quantities across countless products (electronics, photography, solar panels, medical applications, etc.), and its lower value historically made it less intensively recycled. According to estimates, of the ~1.74 million tonnes of silver mined in history, about 49.9% has been irretrievably used up or lost in industrial processes. (Much of this silver ends up in landfills or tiny concentrations that are uneconomical to recover – e.g. in electronics or photographic waste.) The remaining half is split primarily between jewelry/household goods and bullion investments:

• Industrial Loss/Consumption: ~870,000 t (≈50%) – no longer in circulation. This is the portion of silver that has gone into electronics, chemistry, photography (x-rays, film), solar panels, and other industrial uses over the decades and is not recycled. Unlike gold, which is almost all still with us, half of all silver ever mined is effectively gone (or at least not presently accessible).

• Jewelry, Silverware, and Decoration: ~795,000 t (≈45.7%). A large share of silver is in jewelry, tableware (silverware), decorative objects, and religious artifacts. Silver has been used for fine utensils, candlesticks, and ceremonial pieces for centuries, as well as for personal adornment. India and Turkey, for example, have strong traditions of silver jewelry and ornaments. This category represents privately held silver spread across households and museums worldwide. Much like gold jewelry, this silver could be melted down and recycled if needed, but for now it resides in millions of small holdings (heirlooms, ornaments, etc.).

• Coins (Monetary Silver): ~50,000 t (≈2.9%). This is silver in the form of coins, both historic and modern. Historically, silver coins (from ancient drachmas to Spanish pieces of eight to modern silver dollars) accounted for huge amounts of silver. However, most old coins have been melted or lost; only a few percent of silver remains as coinage today (either as collectibles or bullion coins produced for investors). Some countries still mint bullion silver coins (like the American Silver Eagle, Canadian Maple Leaf, etc.), which fall in this category.

• Bullion Investment (Bars & ETFs): ~31,500 t (≈1.81%). This relatively small slice is silver held as bars, ingots, or in investment funds. Pure investment silver is a tiny fraction of total silver, in contrast to gold. For example, the largest silver-backed ETF, the iShares Silver Trust (SLV), holds on the order of 16,000 t of silver in its vaults – which by itself is about half of all the investment-grade silver stock. Private investors (and some industries) hold silver bars and rounds, but collectively it’s modest. Governments today hold virtually no strategic silver (most governments sold off their silver reserves after silver was demonetized in the 20th century). For instance, the U.S. government once had a sizeable silver stockpile for coinage, but that has long been depleted. So, unlike gold, central banks are absent from silver ownership; silver is almost entirely in private hands or industrial use.

In summary, roughly half of the “silver cube” has been dispersed and effectively removed from the market, and the other half is predominantly in jewelry or utilitarian objects. The largest accumulations of silver in usable form today are held by private entities: for example, large bullion repositories and ETFs. No single country or authority holds a dominant share of silver like the U.S. does with gold. In terms of production, however, one could say Mexico “holds” the title of top silver producer, and Peru “holds” the world’s biggest reserves of silver underground – but these refer to mining, not above-ground hoards.

Finally, it’s interesting to note the value contrast: at recent prices, all the gold ever mined (≈216,000 t) would be valued around $13–14 trillion (USD) in 2025, whereas all silver (≈1.74 million t) would be around $1.4–1.6 trillion – less than one-eighth the gold’s value, despite silver’s volume being much larger. This underscores gold’s greater scarcity and role as a store of value. Both metals, however, continue to fascinate humanity. They have literally been the treasure and currency of empires, and even in the form of modest cubes, they represent the fruits of centuries of labor and innovation in mining.