Real Assets
Ranked: Unmined Gold Reserves by Country (2025)
See more visualizations like this on the Voronoi app.
Ranked: Unmined Gold Reserves by Country (2025)
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Russia and Australia each hold an estimated 12,000 tonnes of unmined gold reserves—together representing almost 40% of global totals.
- Just 10 countries account for more than 85% of the world’s untapped gold deposits, valued at over $7 trillion.
With gold trading above $4,000 per troy ounce, the largest unmined reserves indicate which countries could drive the next phase of global production.
This visualization ranks nations by their estimated economically recoverable gold deposits, offering a snapshot of where future mining investment might concentrate. The data for this graphic comes from the U.S. Geological Survey (January 2025). It estimates total unmined gold reserves, expressed in metric tons and valued using a gold price of $4,362 per troy ounce.
Russia and Australia Dominate Global Gold Reserves
Russia and Australia are tied as the world’s top holders of unmined gold, each with around 12,000 tonnes. Together, they account for reserves valued at $1.7 trillion each.
Russia’s largest unmined gold reserves are primarily located in Siberia and the Far East, including major deposits in the Krasnoyarsk and Magadan regions, as well as the Amur and Chukotka districts.
In Australia, most untapped gold lies within Western Australia’s resource-rich belts, particularly the Yilgarn Craton, which hosts many of the country’s biggest existing and undeveloped deposits.
| Rank | Country | Unmined Gold (t) | Value (US$ B) |
|---|---|---|---|
| 1 |  Russia | 12 000 | 1 687 |
| 2 |  Australia | 12 000 | 1 687 |
| 3 |  South Africa | 5 000 | 701 |
| 4 |  Indonesia | 3 800 | 505 |
| 5 |  Canada | 3 200 | 449 |
| 6 |  China | 3 100 | 435 |
| 7 |  United States | 3 000 | 421 |
| 8 |  Peru | 2 500 | 351 |
| 9 |  Brazil | 2 400 | 337 |
| 10 |  Kazakhstan | 2 300 | 323 |
| 11 |  Uzbekistan | 1 800 | 252 |
| 12 |  Mexico | 1 400 | 196 |
| 13 |  Ghana | 1 000 | 140 |
| 14 |  Mali | 800 | 112 |
| 15 |  Colombia | 700 | 98 |
| 16 |  Tanzania | 400 | 56 |
Emerging Markets Show Strong Potential
Countries like Indonesia, Peru, and Brazil stand out among emerging economies. Indonesia’s 3,800 tonnes place it fourth globally, while Peru and Brazil each hold between 2,400 and 2,500 tonnes.
These regions could see significant investment as global demand shifts toward diversified supply chains and lower-cost extraction opportunities.
The United States and China, both major producers, still hold substantial unmined reserves, around 3,000 tonnes each. Yet much of the world’s new exploration is taking place in Africa, in countries such as Ghana, Mali, and Tanzania. Within the continent, South Africa leads our ranking with 5,000 metric tons of reserves.
Learn More on the Voronoi App
If you enjoyed today’s post, check out Visualizing Gold Production by Country on Voronoi, the new app from Visual Capitalist.
Real Assets
Central Bank Gold Reserves: Biggest Changes (2020–2025)
China, Poland, and Türkiye led global gold buying among central banks.
Central Bank Gold Reserves: Biggest Changes (2020–2025)
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- China, Poland, and Türkiye led global gold buying among central banks between 2020 and 2025.
- Rising gold prices and currency risk pushed many countries to boost gold reserves, while a smaller group reduced holdings.
Gold prices soared past $5,500 an ounce in late January as weakness in the U.S. dollar continued to steer investors toward hard assets. Since 2020, gold prices have risen by more than 230%, increasing the appeal of bullion for central banks seeking stability during a volatile economic period.
This visualization highlights which central banks made the biggest changes to their gold reserves between 2020 and 2025. The data for this visualization comes from the World Gold Council.
China and Eastern Europe Lead Gold Buying
China recorded the largest increase in gold reserves over the period, adding more than 350 tonnes. This reflects a broader strategy to diversify reserves away from the U.S. dollar and strengthen financial independence. Poland followed closely, increasing its gold holdings by over 300 tonnes as part of a long-term push to bolster monetary security.
Türkiye and India also ranked among the top buyers. Both countries face persistent inflation pressures and currency volatility, making gold an attractive hedge within official reserves.
| Most gold purchased | 2020-2025 (tonnes) | Most gold sold | 2020-2025 (tonnes) |
|---|---|---|---|
| China | 357.1 |  Philippines | -65.2 |
 Poland | 314.6 | Kazakhstan | -52.4 |
 Türkiye | 251.8 |  Sri Lanka | -19.1 |
 India | 245.3 |  Germany | -16.3 |
| Brazil | 105.1 |  Mongolia | -15.9 |
 Azerbaijan | 83.6 |  Tajikistan | -11.9 |
 Japan | 80.8 |  Euro Area (average) | -10.8 |
 Thailand | 80.6 | Colombia | -9.2 |
 Hungary | 78.5 |  Finland | -5.4 |
 Singapore | 77.3 |  Curaçao & St. Maarten | -3.9 |
 Iraq | 74.6 |  Solomon Islands | -0.6 |
 Qatar | 73 |  Suriname | -0.4 |
 Czech Rep. | 62.8 |  Malta | -0.3 |
| Russia | 55.4 |  Ethiopia | -0.2 |
 United Arab Emirates | 51.7 |  Switzerland | -0.1 |
Emerging Markets Step Up Accumulation
Beyond the largest buyers, several emerging markets made notable additions. Brazil added more than 100 tonnes, while Azerbaijan’s increase came through its sovereign wealth fund, the State Oil Fund of the Republic of Azerbaijan.
Japan, Thailand, Hungary, and Singapore also expanded reserves, signaling broader global interest in gold as a stabilizing asset during periods of economic uncertainty.
Who Reduced Gold Holdings?
On the selling side, the Philippines recorded the largest reduction, cutting reserves by over 65 tonnes. Kazakhstan and Sri Lanka also saw significant declines, often linked to domestic liquidity needs or reserve rebalancing.
Several European countries, including Germany and Finland, posted modest reductions. Switzerland’s change was minimal, underscoring its generally stable approach to gold management compared with more active buyers elsewhere.
Click to learn more
Learn More on the Voronoi App
If you enjoyed today’s post, check out The Rise of Major Currencies Against the USD in 2025 on Voronoi, the new app from Visual Capitalist.
Real Assets
Charted: Silver Supply–Demand Imbalance (2015-2025)
Silver price has staged another powerful rally at the beginning of 2026.
Charted: Silver Supply–Demand Imbalance (2015–2025)
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- The global silver market has been in a persistent structural deficit since 2021, driven by industrial demand.
- Silver prices have surged alongside widening deficits, hitting fresh highs as supply tightens.
Silver has staged another powerful rally at the beginning of 2026, pushing to fresh highs as market fundamentals tighten.
Futures prices have surged above $85, driven by export restrictions from China, rising demand from green technologies, and renewed interest in silver as a safe-haven asset.
This chart highlights how global silver supply and demand have diverged over the past decade.
While supply growth has remained relatively flat, demand has surged, creating a series of structural deficits that are reshaping the market.
The data for this visualization comes from the Silver Institute. Total silver supply includes mine production, recycling, net hedging supply, and net official sector sales. Total demand spans industrial use, photography, jewelry, silverware, physical investment, and net hedging demand.
Persistent Deficits Since 2021
After several years of modest surpluses, the silver market flipped into deficit in 2021. That year saw demand jump to 1,112 million ounces, while supply lagged behind at 1,023 million ounces.
The imbalance worsened dramatically in 2022, when demand surged to a record 1,306 million ounces. This resulted in the largest deficit on record, at 272 million ounces, marking a turning point for the market.
| Year | Supply | Demand | Market Balance |
|---|---|---|---|
| 2015 | 1,055 | 1,061 | -5 |
| 2016 | 1,057 | 992 | 65 |
| 2017 | 1,025 | 972 | 54 |
| 2018 | 1,014 | 999 | 15 |
| 2019 | 1,016 | 1,005 | 11 |
| 2020 | 974 | 929 | 45 |
| 2021 | 1,023 | 1,112 | -89 |
| 2022 | 1,034 | 1,306 | -272 |
| 2023 | 998 | 1,208 | -210 |
| 2024 | 1,009 | 1,160 | -151 |
| 2025 E | 1,022 | 1,117 | -95 |
Green Energy Is Driving Demand
A major driver behind silver’s demand surge is its critical role in green technologies. Solar panels, electric vehicles, and power grid infrastructure all rely heavily on silver’s conductive properties.
In 2022, green-energy demand accelerated sharply, combining with a post-pandemic rebound in jewelry, bar, and coin purchases. Even as demand moderates slightly after 2023, it remains well above pre-2020 levels.
Prices Reflect Tight Market Conditions
Silver prices have tracked these supply-demand pressures closely. From an average of $15–$17 per ounce between 2015 and 2019, prices jumped to over $25 in 2021.
Despite some volatility, prices continued climbing as deficits persisted, reaching $28.30 in 2024. In 2025, silver surged rapidly, surpassing $80 per ounce as export controls, geopolitical risk, and investment demand collided with limited supply growth.
Learn More on the Voronoi App
If you enjoyed today’s post, check out this graphic about gold price evolution in 2025 on Voronoi, the new app from Visual Capitalist.
-
Technology Metals9 months agoVisualizing How Rare Earths Power U.S. Defense
-
Electrification11 months agoCharted: The Energy Demand of U.S. Data Centers
-
Energy Shift9 months agoVisualizing the World’s Biggest Oil Producers by Country
-
Technology Metals9 months agoCharted: America’s Reliance on Foreign Minerals
-
Electrification9 months agoVisualizing the U.S. Copper Gap
-
Energy Shift8 months agoVisualizing Africa’s Battery Storage Pipeline
-
Energy Shift12 months agoCharted: Coal Still Dominates Global Electricity Generation
-
Technology Metals12 months agoCharted: Where the U.S. Gets Its Rare Earths From
