This follows from the data of the World Gold Council.
“The main advantage of gold is its high liquidity, but at the same time it retains its value in the long run. This explains the growth of gold demand from central banks, because gold meets their basic goals, which is security, liquidity and return, “said Lukáš Jankovský, Chairman of the Board of Directors of Zlaťáky. Central banks can also actively trade in gold to generate additional revenue. Banks lend or exchange gold reserves for dollars, he added.
“Many central banks around the world have bought gold in bulk in recent years. The Czech National Bank, on the other hand, was getting rid of gold. Only recently has it started to buy yellow metal again, unfortunately just at the time when its price began to rise significantly, “added Golden Gate CZ analyst Marek Brávník. According to him, over the last 25 years, the reserves of Czech reserve gold have decreased from 62 to eight tons. No other central bank in the EU has significantly reduced gold reserves in the same period, he noted.
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In 2019, almost half of the gold was used to make jewelry, 29 percent was investment gold, 15 percent was kept by central banks in their reserves, and the rest was used in technological processes. For comparison, in 2010 the amount of gold held by central banks represented only one-eighth of their gold reserves today.
In 2019, 73 percent of all gold produced was mined in gold mines, with the remaining 27 percent going to recycled gold. This number is expected to increase. It is stated that manufacturers, for example, invest more than twenty tons of gold in mobile phones every year. Up to a kilogram of stocks of this precious metal can be found in unused telephones, which lie in many households.
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Gold reserves are limited and active environmental policies are taking place in many countries, limiting the opening of new mines. Therefore, gold must be mined from ever greater depths, which brings higher demands on technology and mining costs are rising. The popularity of gold is still growing, because it thrives the most in times of instability, Jankovský pointed out.
Humans have been mining gold for 6,000 years, as evidenced by both written sources and archaeological finds. The total amount of gold mined is estimated at 75,000 to 117,000 tons, of which 65 percent is in the 20th century. Gold is now mined on all continents except Antarctica. The largest producers include China, whose production in 2019 accounted for 11 percent of total world production, followed by Russia, Australia, the United States and Canada.
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