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The number of major gold discoveries has declined sharply over recent decades. In 1995, 28 major deposits were discovered; by 2022, there was just one. As it often takes many years for a discovery to progress to actual production, fewer new discoveries also mean less potential future gold supply.

Much of the attention in the gold market is focused on demand – from central bank purchases to investor decisions. But the other side of the market is equally important: where will future gold supply come from?

The data show that major new gold discoveries have become significantly rarer in recent decades. At the same time, demand from central banks and investors remains high.

From 28 major discoveries to just one

In 1995, 28 major gold deposits were discovered. In 2022, there was just one. This represents a significant long-term decline in the number of major discoveries.

The trend is also tracked by S&P Global Market Intelligence, whose analysis shows that major new gold discoveries remain scarce.

The number of new deposits is not the only factor that matters. It often takes many years for a gold discovery to progress to actual production, meaning that fewer discoveries also translate into less potential future supply.

Meanwhile, demand remains high

The supply picture is complemented by continued demand for gold. Central banks remain one of the key sources of this demand.

According to Goldman Sachs estimates, central banks purchased approximately 44 tonnes of gold in July, around 158% above the pre-2022 average of approximately 17 tonnes per month.

The three-month average of estimated purchases rose to approximately 91 tonnes, while officially reported purchases in July amounted to around 23 tonnes. The difference suggests that actual central bank demand could be considerably higher than indicated by currently reported official statistics.

How Much Gold Does Slovenia Hold?

Slovenia’s international monetary reserves also provide an interesting perspective on the role of gold.

At the end of July 2026, Banka Slovenije held 4.22 tonnes of physical gold, equivalent to approximately 350 standard Good Delivery gold bars. Their value was estimated at around €480 million.

The gold is not stored in Slovenia but with specialised financial institutions abroad. For security reasons, Banka Slovenije does not disclose the exact locations. The amount of gold held remained unchanged through the end of July 2026, while Banka Slovenije sold part of its gold reserves in 2025.

What Can the Price of a Big Mac Tell Us?

Gold’s role in preserving purchasing power over the long term can also be illustrated with a much more everyday example.

In 2000, the value of one ounce of gold was equivalent to approximately 125 Big Macs. Today, it is equivalent to around 700. In this comparison, gold has therefore not only preserved its purchasing power over the period in question, but increased it relative to the price of this particular consumer product.

This is, of course, an illustration based on a single product, rather than a comprehensive measure of purchasing power. Nevertheless, it offers a simple way of illustrating the difference between the price of gold and the price of an everyday consumer product over a longer period.

Major new gold discoveries are significantly rarer today than they were decades ago, bringing new production online takes time, and demand from central banks and investors remains high. Against this backdrop, gold remains an asset whose role is also worth considering from the perspective of preserving purchasing power over the long term.

Sources: S&P Global Market Intelligence; Financial Times; Goldman Sachs; Banka Slovenije; Žurnal24; The Economist – Big Mac Index; LBMA.

For those looking to include gold in their savings, the Valores Metal Account provides a simple way to buy gold and gradually build their holdings over time.