Have you ever considered gold? It’s a one-of-a-kind asset. Gold is both liquid and rare and a luxury item and an investment. When compared to other financial investments, gold provides competitive returns. It may serve as a hedge against inflation as well as a means of increasing your wealth. Fiat currencies tend to lose value versus gold over time.
Did you know that Canada has the ninth highest gold reserves in the world? Canada is also the world’s fifth-largest producer of gold, with new mining and development taking place around the country. New mines are being built in British Columbia, Nunavut, and Newfoundland.
If you’re interested in learning more, we’ll go through the basics of gold in Canada today.
Where Can You Find Gold in Canada?
Gold is mined throughout Canada, although most of it is found in Ontario and British Columbia. Over 85 percent of Canada’s gold mines are in Ontario, including the world’s largest gold mine, the KSM Project, which is owned by Barrick Gold. The Red Chris and Mount Milligan mines in British Columbia both produce gold.
Additional modest gold resources are scattered around the nation, although they are generally insignificant and have yet to be exploited. The Yukon boasts Canada’s greatest gold resource, although most of it lies beneath the waters of the Klondike and Peel Rivers and has not been exploited.
What is the Purpose of Gold?
The main uses of gold are jewelry, dentistry, and electronics. Gold is also used in architecture and art. Gold is also used in some medical applications, as it has antibacterial properties. Gold is currently worth approximately $81,000 per kilogram, and a small amount of gold can be used in electronics for components or in dentistry for fillings and implants.
Investors use gold for investment and as part of their portfolio. Because gold is scarce and has limited uses in industry, a rise in the price of gold shows that an economy is strengthening.
Canada’s Sustainable Gold Mining
The Mining Association of Canada (MAC) is always trying to improve extraction and production technologies to reduce the industry’s environmental imprint. The Towards Sustainable Mining (TSM) standard, launched by MAC in 2004, illustrates the industry’s social and environmental consciousness.
The standard improves the industry’s management of mineral sites and tailings, indigenous relations, and water protection. The TSM standard also asks miners to reduce their energy consumption to reduce greenhouse gas emissions and secure their carbon footprint.
Gold is a precious metal that is a liquid asset. Investors use gold as a way to diversify their portfolios. Over time, gold has increased in value compared to other assets and has only been increasing as more of the world becomes aware of it.
The demand for gold is expected to increase over the years, and the supply of gold will be limited. This makes gold an ideal asset. The gold industry has established a new standard of sustainable mining, which will help cut down on the industry’s negative impact on the environment.
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