For centuries, gold has carried an aura of permanence. It does not rust. It does not decay. Across wars, financial crises, and the rise and fall of currencies, it has remained a trusted store of value.
Yet when the world’s entire supply is viewed through a visual lens, its most striking quality is not its shine. It is its scarcity.
Put simply, this precious metal is far rarer than most people imagine.
All the Gold Humanity Has Ever Mined
According to Visual Capitalist, humanity has mined around 216,000 tonnes of the yellow metal since civilisation began. Melted down and combined, every bar, ring, coin, and electronic component would form a cube just over 22 metres tall, roughly the height of a four-storey building.
For an asset that anchors central bank reserves, global jewellery markets, and trillions of dollars in investment value, this physical volume is surprisingly small.
What remains underground is even more limited. Known reserves that can still be extracted using today’s technology amount to about 64,000 tonnes. Visualised, this would form a cube around 15 metres on each side.
Even when imagined together, both cubes appear modest when set against ancient landmarks like the Great Pyramid of Giza. Scarcity, quite literally, defines its value.
Most of the World’s Supply Is Already Above Ground
Today, nearly three-quarters of all known supply has already been mined. New discoveries are becoming rarer, ore grades are declining, and extraction costs are rising across the globe.
Data from the World Gold Council and the U.S. Geological Survey indicate that future production will likely be slower and more expensive.
As a result, the global industry is increasingly focused on recycling existing material, improving recovery rates, and extending the lifespan of current mines, rather than relying on major new discoveries.
Unlike oil or gas, this metal is almost never destroyed. Once mined, it remains in circulation, quietly accumulating above ground year after year.
Although it has been valued for thousands of years, around two-thirds of all output was extracted after 1950, driven by post-war advances in geology, mechanisation, and large-scale open-pit mining.
Today, its usage broadly breaks down as follows:
- 45 percent exists as jewellery
- 22 percent is held as bars and coins
- 17 percent sits in central bank vaults
- The remainder is used in technology, electronics, and aerospace applications
Malaysia’s Deeply Rooted Mining Heritage
Malaysia’s relationship with this precious metal stretches back more than two centuries, long before modern markets and investment portfolios existed.
The first major rush in Malaya began in the early 19th century in Raub, Pahang, a town that would later be known as “the Malaysian capital of gold.”
So abundant was the resource that early prospectors believed it could be scooped by hand. The word raub or raup in Malay literally means to scoop with one’s hands or a handful, reflecting how easily it was thought to be found.
Raub’s reputation soon spread beyond Malaya. In 1889, the town gained international attention when the Raub Australian Gold Mine Company began large-scale underground mining using shaft methods. Commercial operations continued until 1961, reshaping Raub into a thriving mining settlement.
While early yields appeared modest due to limited technology, modern extraction later revealed the scale of underground wealth. In 1985 alone, nearly one million ounces were produced, accounting for about 85 percent of total output in the Malay Peninsula at the time.
Raub was not alone. Mining also took place in Kelantan, Terengganu, and parts of Borneo, including Bau in Sarawak, forming a mineral heritage that spans both Peninsular and East Malaysia.
Sabah and Kelantan Bring the Sector Back Into Focus
In recent years, the industry has re-emerged as a strategic economic pillar in East Malaysia.
Sabah’s Bukit Mantri mine in Tawau now produces around 60 to 70 kilograms of doré bars each month. Operated by AuMAS Resources Berhad, the operation employs hundreds of local workers and marks the return of large-scale production in Malaysia.
The project reflects Sabah’s broader push to diversify its economy, strengthen export earnings, and build industrial capabilities beyond traditional sectors.
Meanwhile, Kelantan drew national attention in November 2025 when the state government announced that residents would be allowed to pan for gold on state-owned land under strict licensing conditions. The initiative aims to let local communities benefit directly from natural resources, while ensuring environmental safeguards and proper oversight.
Together, these developments signal a renewed national conversation, not just about investment value, but about livelihoods, heritage, and responsible resource management.
Can the World Still Find More?
While undiscovered deposits may still exist underground, the era of easy discoveries is long over. Future finds are expected to be deeper, smaller, and far more expensive to extract, underscoring the finite nature of the resource.
It is not disappearing overnight. But its physical limits are clear, and scarcity remains its greatest strength, especially as financial systems become increasingly complex and intangible.For Malaysia, this moment is significant. Gold is not merely a hedge against global uncertainty. It is a tangible national asset, a source of employment, and a reminder that in a digital world flooded with virtual wealth, scarcity still holds real value.
Sources: 1| 2| 3| 4
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