Where does the U.S. rank among the world's gold producers?

Investors couldn't get enough of a certain precious metal in 2024. For most of the year, gold's price kept soaring, drawing interest from every corner of the market — individual buyers, financial institutions and major Wall Street players.

Mining this coveted resource takes massive effort and specialized operations across the globe, though. As prices surge and demand grows, understanding which countries lead global production is essential for investors and market observers.

Today's investors also have several paths to gold ownership. Below, we'll explore where the United States stands among the world's top producers and examine key investment options including physical gold, ETFs and specialized retirement accounts.

Learn how gold could benefit your investment portfolio today.

Where does the U.S. rank among the world's gold producers?

According to Luciano Duque, chief investment officer of C3 Bullion, China leads global gold output — followed by Australia, Russia and Canada before the U.S. rounds out the top five.

Here's how each country contributes to the world's gold supply and what shapes America's position in these rankings:

1. China

According to the most recent data from Investing News Network (INN), China ranks number one among the world's gold producers. It mined about 370 metric tons in 2023. Production has stayed strong for over 10 years, never dropping below 300 metric tons annually. Chinese mining companies have also expanded globally, developing new gold sites across Africa and Asia.

Find out more about your gold investing options here.

2. Australia

Australia trails behind China, INN data shows, and produced 310 metric tons of gold last year. It holds the biggest gold reserves in the world — estimated at 12,000 metric tons. Gold mining has been crucial to Australia's economy, contributing AU$24 billion between 2022 and 2023.

3. Russia

Russia matched Australia's gold production in 2023 at 310 metric tons. The nation's gold industry has seen steady growth over the past seven years. While Russia controls vast gold reserves, second only to Australia, international tensions have shifted its gold trade. Many Russian mining companies now focus on selling to Asian markets and BRICS partner nations instead of traditional buyers.

4. Canada

Canada mined 200 metric tons of gold last year. Ontario and Quebec drive most of this production, generating over 70% of the country's gold output. Gold remains Canada's most valuable mined resource, with new exploration projects in British Columbia's Golden Triangle region promising future growth.

5. United States

The United States takes fifth place, mining approximately 170 metric tons annually. "Nevada holds some of the world's richest gold deposits," explains Antwyne DeLonde, founder of Vision X. "But compared to other major producers, U.S. mining faces unique challenges."

These challenges stem largely from regulatory requirements. Duque points out that the U.S. permitting process for new mining operations can take up to five years, while other countries approve permits in just months. "The U.S. is one of the most litigious countries for mining," he notes. Multiple departments must sign off on the permits, which creates delays.

Smart ways to invest in gold today

Now that we're more familiar with gold production, let's look at different ways to invest in the precious metal:

Gold IRAs

Gold individual retirement accounts (IRAs) combine retirement planning with precious metal ownership. This lets you build your portfolio with physical gold instead of traditional stocks and bonds. These specialized accounts are promising if you want tax advantages and tangible assets in your retirement portfolio.

"There's a significant tax incentive for purchasing gold within an IRA for long-term tax savings," explains Henry Yoshida, co-founder of Rocket Dollar. While investors must work with an approved custodian and choose IRS-approved gold products, many find these extra steps worthwhile for the valuable tax benefits.

Gold bars and coins

Gold bars and coins from trusted dealers give the most direct way to own gold. You get complete control, with options ranging from small coins to large bars. There are security and insurance costs associated with physical gold ownership, but many investors don't mind because they prefer having their wealth in solid form.

Gold ETFs

Gold exchange-traded funds (ETFs) provide a simpler way to invest in the precious metal through the stock market. These funds track gold prices without requiring you to store physical gold. You can use your preferred brokerage account to buy and sell shares easily. Experts may recommend this avenue if you want convenience and flexibility.

The bottom line

Global gold production and diverse investment options make this precious metal accessible to many. If you're new to gold investing, DeLonde advises asking yourself: Why do you want to invest?

Your answer will guide you to choose a gold IRA, physical gold and/or gold ETFs. When in doubt, share your long-term goals with a financial advisor. They'll help you create a strategy that suits your investment priorities.