Precious Metals

Gold, silver, platinum, and palladium rank among the world’s most sought-after precious metals, prized for their rarity and wide-ranging applications. Their value is driven by limited supply, robust industrial and investment demand, economic and geopolitical uncertainties, and enduring appeal to collectors.

All these heavy elements originate from extreme astrophysical events, such as supernova explosions or neutron star collisions, rather than forming on Earth. During our planet’s early molten phase, much of this material sank to the core. However, subsequent asteroid impacts during the Late Heavy Bombardment (around 4 billion years ago) delivered additional precious metals to the crust, making them accessible today.

On Earth, gold and silver deposits typically form through hydrothermal processes, where hot, mineral-rich fluids circulate through rocks, depositing the metals in veins or as placer accumulations. Platinum and palladium, part of the platinum group metals, are primarily associated with igneous intrusions, forming as magma cools and crystallizes in layered mafic or ultramafic rocks.

As of late 2024, the total above-ground stock of gold—representing all gold ever mined throughout human history and still in existence—is estimated at approximately 216,000 metric tons, according to data from the World Gold Council and other reliable sources.

Remaining economically recoverable reserves (identified deposits viable for mining at current prices and technology) are estimated at around 55,000 to 64,000 metric tons, with broader resource estimates (including less certain or currently uneconomical deposits) reaching up to about 132,000 metric tons underground.

The countries with the largest identified gold mine reserves include Australia, Russia, South Africa, the United States, Indonesia, and Peru, which together account for a significant portion of the world’s known deposits. Major historical and ongoing discoveries, such as South Africa’s Witwatersrand Basin (the largest ever), continue to dominate global supply.

As of 2025, humans have mined an estimated 1.74 million metric tons of silver throughout history, with a significant portion consumed in industrial applications where much of it is dissipated or difficult to recover.

Known global silver reserves—defined as economically recoverable deposits under current technology and prices—are approximately 560,000 metric tons, according to data from the U.S. Geological Survey and other sources.

The countries with the largest silver reserves include Peru (140,000 metric tons), Russia, China (70,000 metric tons), Poland (61,000 metric tons), Australia, and Mexico (37,000 metric tons), which together hold the majority of the world’s identified reserves.