Infographic Category Business

What is the Cost of Mining Gold?

By | source: Jul 8th, 2013

There are plenty of (overly) expensive things that Americans can spend their money on these days, but it may surprise you to learn that a certain precious metal we often consider a luxury can actually be purchased cheaper here in America than almost anywhere else in the world: that’s right, gold. Out of all of the planet’s gold mines, the top 50 produce more than one third of the entire world’s gold supply, and 12 out of those 50 are located in North America. The only continent that has more “top 50” mines is Africa, and the price per ounce of gold there ($957/oz.) is almost double the price in North America ($598/oz.).

Today’s infographic from Business Insider gives us a closer look at the costs that go into mining humanity’s favorite yellow ore, how rare it is and how it is faring in today’s modern economy. Concerning the rarity of gold, almost 10 tons of earth has to be shifted and moved in order to sort out just one ounce (about a golf ball) of gold. There’s quite a bit of heavy work involved there.

For more info on the price and cost of gold have a look at the graphic below. [Via]