I’ve been thinking again about how much gold there actually is in the world—and the answer is more interesting than you’d think. Most traders underestimate just how limited this resource really is, but also how stable it remains.

So, the facts: Historically, about 212,582 tons of gold have been mined, and most of it was mined only since 1950. The wild part is that gold is practically indestructible—that means that almost all the gold ever mined still exists somewhere. Currently, above-ground gold holdings are just over 190,000 tons. Roughly 2,500 to 3,000 tons of new gold are added each year, with more than 30 percent coming from recycling.

If you’re wondering how much gold is still left to mine in the world, you have to be realistic: at the current extraction rate, it would take over 63 years to run out of the known reserves. But honestly, the industry will probably switch entirely to recycling before that—especially because new mines are becoming harder and harder to find.

Historically, gold was used as a means of payment for a long time. The Romans set the standard, followed by the Goldstandard until 1971. Since Nixon took the dollar off the Goldstandard, gold is no longer an official means of payment, but that hasn’t held the price back—in fact, quite the opposite.

From 1971 to 1980, the price shot from 35 to 850 dollars per ounce. That was pure fear—Oilkrisen, inflation, political unrest. Then it stagnated for 20 years until 2000. After that? Only upward. 9/11, the Finanzkrise 2008, Corona 2020—every crisis pushed gold higher. In April 2024, an ounce was trading at around 2,260 dollars, so well above the 2,000-dollar mark.

Is this a bubble? Hard to say. Unlike stocks or real estate, gold has no fundamental value that would justify a realistic price. That makes it vulnerable to speculation. But the biggest gold bubble in recent years (2011-2015) was quite moderate compared with other assets. Gold typically fluctuates less than stocks, which is why it’s considered a low-risk investment.

Technically speaking, the breakout above 2,200 dollars was a signal for the bulls. The road to 2,300 dollars seems open, with pullbacks at 2,223 dollars potentially drawing in new buyers. However, a break below 2,200 dollars could trigger selling volume.

What fascinates me: how much gold is really left to discover in the world? Probably less than you think. But because gold is so valuable and isn’t consumed, demand stays stable—especially for jewelry, but also as a hedge against crises. The Fed is cutting interest rates, uncertainty remains, and as long as that’s the case, gold prices are likely to stay under upward pressure. For traders watching XAU/USD, this could become interesting if they keep an eye on the technical levels.