The total supply of gold in the world. World gold reserves

Gold at all times was considered a universal value, in relation to which the cost of a wide variety of items necessary for existence was determined - food, clothing, fuel, shelter. However, in ancient times there was simply no such thing as a gold reserve of the countries of the world. But as our rather greedy civilization developed, the “yellow metal” became a source of undivided power. And this status has formed a new potential of "solar iron".

It was for gold that the bloodiest wars often began, it was gold coins that became the object of desire for many monarchs and warriors, it was this precious metal that eventually became the basis economic power developed countries. Today, the gold reserves of the countries of the world are an indicator of the economic and financial potential that can support national currencies.

Historical digression - the evolution of gold savings

1. For the first time, the understanding of the impressive power of gold stored in chests came to the Roman emperors and patricians. If in the days of Ancient Greece, armies fought in the hope of rich booty, then the Roman legions went into battle only for a certain salary. As soon as the next Caesar did not pay his soldiers, riots immediately began, threatening a change of power. Moreover, one commander could well entice the warriors of his rival by promising them a more generous reward. And the payment to the troops at that time, one way or another, was estimated in gold and silver sesterces. Therefore, starting with Julius Caesar, the Roman emperors began to accumulate a "golden treasury" in case civil war, hunger or rebellion.

2. Over time, this custom was adopted by the barbarians, who formed their own states during the time of Charlemagne. Already in the Middle Ages, not only kings, but also their vassals were estimated by the amount of gold and jewelry stored in reserved cellars. The gold reserves of that time made it possible to hire mercenaries in case of war, survive a crop failure, expand their possessions, buying up the castles of ruined neighbors at the root. Huge gold reserves of those times were stored in monasteries, which turned into small states with their own army and vast territories.

3. Kievan Rus, and later Muscovy with Veliky Novgorod also accumulated gold for internal economic needs and ransom from the Tatar-Mongol rulers. However, until the beginning of the 18th century, gold was not mined in Russia, but was imported from other countries or captured during wars. And only in 1732, in the area of ​​​​modern Arkhangelsk, the first gold deposit was discovered and mining began. precious metal.

4. The recent history of the gold reserves of Russia and other countries begins with the rapid development of capitalist relations at the beginning of the 19th century. It was at this time that the concept of the "gold standard" appeared - providing paper notes with real physical gold, the volume of which is calculated at a fixed price per gram or ounce.

5. The total gold reserve of the world in 2019 is estimated at 30,000 tons of gold, distributed in the vaults of different states. Established in 1987 international organization — World Council for gold, which today is the leading analyst and regulator of the precious metal market. This corporation includes the largest gold mining enterprises that monitor world prices and determine the main market trends.

In the entire history of our civilization, humanity has extracted more than 160 thousand tons of precious metal from the bowels of the earth, which still wander around the planet, taking one form or another. Gold rarely disappears from the sight of people - this immortal metal just changes shape, constantly traveling around the world. So the engagement ring that you wear on your finger may well include a piece of the crown of some European or South African ruler.

Why do countries accumulate physical gold

The gold reserve of the world a priori contains the following functions and capabilities:

★ a universal tool for mutual settlements between countries, including the possibility of using gold bars as collateral for large government loans;
★ support national currency, which is especially pronounced during global crises;
★ means for purchasing "paper" foreign exchange replenishing gold and foreign exchange reserves;
★ formation of the level of financial and economic authority of the country, on which depends, among other things, the political weight of a particular state

A striking example of the unconditional power of gold reserves is the United States, which, thanks to the rapid accumulation of the precious metal after the crisis of 1929-1933, quickly managed to bring its economy out of a steep peak. And after the Second World War, having doubled the reserves of gold, they completely turned their own currency into international facility payment.

Rating of the gold reserves of the countries of the world

The table of gold reserves of the countries of the world at the beginning of 2019 is as follows:

Russia overtook China in terms of the volume of accumulated gold only in 2018, becoming the world's main exporter of this precious metal. These two countries are currently actively buying gold around the world, preparing for a possible collapse of the US dollar with all the ensuing consequences. Because if the main means of international settlement collapses, the gold reserve will become the main measure of the survival of the economy of a particular country.

Gold reserves of the countries of the world for 2019

Currently, Russia, China, India and Turkey are considered the largest buyers of the yellow metal. The gold reserves of these countries are growing at an accelerated pace. The main reason for activity in this market is the difficult political and economic situation around the world, aggravated by rumors about the fictitiousness of the US gold reserve. The limited reserves of this mineral are another reason for the intensive purchase of the main metal currency of our planet. Geological surveys of the leading countries say that if the rate of production is maintained at the current level, then the gold-bearing veins of the Earth will be exhausted by 2035.

The gold reserve of the world today is 30 thousand tons of gold, which support the stability of the world economy. However, in the near future, big changes are expected in this segment that can completely turn the existing standards around. The biggest financial bubble right now is external debt United States, most of which was acquired by China. If this bubble bursts, then all world economy instantly "attached" to the golden station wagon.

And in this critical situation, the one who will have more physical precious metal at his disposal will win. So gold continues to rule our world, extending its power over human passions from ancient times.

Gold is a precious metal that has always been in demand, serving as a universal global currency. People always have valued and accumulated gold, - a guarantee of stability and personal well-being. When it comes to power and economic independence of the state, this precious metal holds a paramount importance.

What is the gold reserve?

The gold reserve was created to provide a monetary unit of a certain state with a value that is equivalent to a specific amount of gold. One can adjust the exchange rate of the domestic currency by buying or selling gold on the global market. International reserves form a "safety cushion", a stabilizer in the event of a crisis. A gold reserve increase means an increase in the economic stability of the state.

The gold reserve is the gold stock of the state, regulated under the jurisdiction of the Central Bank or the Ministry of Finance of the country.

In the photo: gold reserves of the gold-holding countries worldwide as of 2016.

According to the World Gold Council data, reserves of the yellow metal in all countries of the world as of April 2018 amount to 33,829 tons, 10,782 of which belong to the European Union.

The United States has the largest gold reserve among other countries. However, the total amount of precious metal stocks within the European Union is much greater than the total amount of the U.S. gold reserves.

Gold reserves of countries

In the table: The World Gold Council data (March 2018): gold reserves of countries (indicated in tons)

Let's talk about the five world powers with the largest amount of gold reserves:

1. The United States of America - 8133.46 tons

The U.S. holds the world's leading position in terms of gold reserves.

According to the executive order (issued in 1933) regarding the nationalization of gold, all legal entities as well as individuals were forced to surrender their gold to the state at a price of $20.66 per ounce. After the confiscation, the price of gold reached $35 per ounce.

The gold reserve of America reached its maximum during the Second World War - 20,205 tons of the precious metal.

Fixed gold prices and fixed exchange rates were established during the years of the Bretton Woods system (a period from 1944 to 1976). At that time, the U.S. actively used the yellow metal to stabilize the domestic currency, which reduced the country's precious stockpile by 2.5 times - to 8133.5 tons.

The main depositories of gold in the United States:

Fort Knox in the state of Kentucky (4,500 tons)

West Point in New York (1,700 tons)

The American Mint in Denver (1,400 tons)

The Federal Reserve Bank of Manhattan (400 tons)

In addition to its own deposits of gold, the gold reserves of 50 other countries are held in the U.S. depositories.

2. Germany - 3373.6 tons

In terms of gold reserves, Germany is the leader among European countries.

In 1951, during the wave of global economic growth, Germany began to form its own gold reserve. The peak was reached in 1968 - 4000 tons.

Germany actively bought gold on the stock exchanges of London, Paris and New York, and stored it there too. In 2013, the country's gold reserve amounted to 3391 tons, of which only 31% was stored in its own system. Germany began the process of withdrawing its gold reserves from foreign storage facilities starting from that same year onwards. 111 tons of gold were returned from the United States, 105 tons - from France. According to the data for the end of 2016, the storage in Frankfurt am Main contained 47.9% of Germany"s gold. The rest of the gold reserve is still stored in other countries.

5 tons of gold used for coinage and further sale in Germany annually. Other operations with the precious metal are not conducted.

many of the many other states of the other countries in 2019.

3. Italy - 2451.8 tons

Italy is on the third place in the world in terms of the amount of national gold reserves.

The Central Bank of the country reported the storage of 50% of the gold reserve (1199.4 tons) in the depository of the Bank of Italy in Rome. 1200 tons from this amount are gold bars, the rest of it is golden coins.

600 tons of Italian gold are stored in the Federal Reserve Bank of the United States. 12 tons of the precious metal are stored in the Bank of England. 120 tons of Italian gold are stored in the National Bank of Switzerland.

4. France - 2436 tons

This country ranks fourth in Europe in terms of state gold reserves.

France, like many other states, signed the Bretton Woods agreement in 1944. The exchange rate has been stabilized in the country. Over time, the dollar began to dominate international payment systems and its reserves grew rapidly in European countries.

This led to the destabilization of the national currencies of European countries, including the French franc.

An economist and adviser to the French President Charles de Gaulle Jacques Rueff advocated for strengthening the role of gold in international trade. In 1960, he proposed to exchange a significant amount of dollar reserves for the precious metal. The country's gold reserves increased from 73% to 86% within a two-year period. France exchanged 874 million dollars for gold in 1965, and the amount of gold reserves reached 4,400 tons.

Unlike other European head of states, the French government insisted that gold bars would be exported from the United States.

5. Russia - 1880.5 tons

The country is the leader in terms of the amount of national gold among the CIS countries and ranks fifth in the world in terms of gold reserves.

Russia annually increases its international reserves, actively mining gold. The country occupies the second place (after China) among the miners of gold.

An increase in the gold reserves of Russia amounted to 223.6 tons in 2017.

According to the data for the beginning of 2018, the gold reserves of the Russian Federation amounted to 17.7% of its foreign exchange reserves. Two-thirds of the state's gold reserves are stored in the Central Depository of the Bank of Russia in Moscow.

Gold reserves growth dynamics

In the graph: the percentage of precious metal in the total national reserves of the above-mentioned countries for the period from 2000 to 2017, according to the World Gold Council.

Gold is the best tool for preserving and accumulating capital. Experts and analysts consider it a reliable asset and advise to include 25% of the precious metal into the investment portfolio. Gold holds a stable position in the global economy and its liquidity does not depend on state guarantees. Investors buy the yellow metal with confidence, trying to protect their money from inflation.

Having personal gold savings is a guarantee of your financial security, the basis of prosperity and independence.

Over the past few years, the rating of central banks with the largest gold reserves has not changed much. The first place is occupied by the United States. The United States holds more than 8,000 tons of gold—almost the same amount held in the vaults of the next three countries combined. According to the consulting company GFMS (Gold Fields Mineral Services), over the past six years, the Central Bank of the Russian Federation has been the largest buyer of gold; in 2017, Russia increased its reserves by 224 tons and, overtaking China, took fifth place.

Not all central banks are net buyers. For the second year in a row, Venezuela remains the leader in the sale of gold; Caracas sold 25 tons of the precious metal last year to pay off debts.

However, the sector's gross sales declined by 55% last year and reached its lowest level since 2014, indicating that central banks are keen to maintain their gold holdings.

2018 could be a year of increased demand for gold among central banks. According to the World Gold Council, demand in the first quarter was up 42% year-over-year, with purchases of 116.5 tonnes, the last time such a high first quarter was seen in 2014. . As global debt continues to rise, central banks and individual investors will look to conserve their gold holdings as periods economic downturn and geopolitical uncertainty, gold is well realized.

India

560.3 tons

Foreign reserves: 5.5%

One of the largest vaults of gold in the world is expected to be held by the Reserve Bank of India. The South Asian state, which is home to 1.25 billion people, is the second largest consumer of the precious metal and remains one of the most reliable guarantors of global demand.

The wedding and festival season in India, which runs from October to December, is historically of great importance for the gold trade.

Netherlands

612.5 tons

INTERNATIONAL reserves: 68.2%

The Dutch central bank intends to move its gold reserves from the capital to the suburbs of Amsterdam, citing the current location of the vaults as too costly in terms of security. Such a move seems strange in light of the fact that the bank recently repatriated most of its gold from the US.

Japan

765.2 tons

International reserves: 2.5%

Japan is the third largest economy in the world and also the eighth largest holder of the yellow metal. The Central Bank of Japan has been steadfast in its quantitative easing program: in January 2016, it lowered interest rates to levels below zero, causing demand for gold to rise worldwide.

Switzerland

1040 tons

INTERNATIONAL reserves: 5.3%

On a per capita basis, Switzerland has the largest gold reserves in the world.

During the Second World War, the neutral country became the center of the gold trade in Europe, making deals on both sides of the front: both with the Nazis and with members of the anti-Hitler coalition. Today, the Swiss mainly trade gold with Hong Kong and China.

China

1842.6 tons

INTERNATIONAL reserves: 2.4%

Summer 2015 National Bank China for the first time since 2009 released information on monthly gold purchases. Although China ranks sixth, gold makes up only a tiny fraction of its total reserves, at just 2.4% (up slightly from 2.2% in 2016).

Russia

1909.8 tons

INTERNATIONAL reserves: 17.6%

The Central Bank of Russia has been the largest buyer of gold over the past six years, and at the beginning current year Russia has overtaken China as the fifth largest in terms of reserves.

In 2017, in an attempt to dampen the influence of the US dollar, Russia purchased 224 tons of bullion as relations with the West cooled after annexing the Crimean peninsula in mid-2014. To raise funds for these purchases, Russia was forced to sell most of the US Treasuries.

France

2436 tons

INTERNATIONAL reserves: 63.9%

Over the past few years, the Central Bank of France has sold almost no gold. French National Assembly member and far-right National Front leader Marine Le Pen is demanding not only a freeze on gold sales, but also the repatriation of all stocks from foreign vaults.

Italy

2,451.8 tons

INTERNATIONAL reserves: 67.9%

Per last years Italy also managed to maintain the size of its reserves; the country has the support of the President of the European central bank Mario Draghi. In 2013, when asked by a reporter about the weight of gold in the central bank's portfolio, the former head of the Bank of Italy replied that the yellow metal is a "bulwark of safety" and also "protects quite well against dollar fluctuations."

Germany

3371 tons

INTERNATIONAL reserves: 70.6%

Last year, Germany completed a four-year process to repatriate its gold reserves, returning 674 tons of gold from the Bank of France and the Federal Reserve Bank of New York.

After reaching a historical high, the demand for gold fell last year, however, since the onset of the global financial crisis investment in gold in a European country is growing steadily.

USA

8,133.5 tons

INTERNATIONAL reserves: 75.2%

The US has the largest official gold reserves in the world; there is as much gold in America as in the previous three countries from the list. The state also has the largest foreign reserves (more than 75%).

It is known that most of the US gold is stored at Fort Knox in Kentucky, and the rest of the reserves are distributed between the Philadelphia and Denver mints, as well as the San Francisco Assay Office and the West Point silver vault.

Global gold production hit an all-time high in 2015, up 1.8% to 3,211t. Most of this increase came from Mexico, where gold production increased by 18% from 112t in 2014 to 133t last year. Production in Indonesia increased by 20%, and in Kazakhstan - by 29%.

This year, global production will plateau as project development budgets were drastically reduced during a 3-year gold bear market. But given the start of gold price growth, gold miners can confidently expect margins to pick up.

Discover the 10 largest gold mines in the world:

10. Boddington

The Boddington gold and copper mine is located 120 km southeast of Perth, Western Australia and is the largest in the country. Gold mining began in 2009, and in 2011 Newmont received its first million ounces from Boddington. The gold miner has posted reserves of 19.5 mn ounces and plans to spend $500 mn to expand production.

9. Lihir

Gold was first discovered on Aniolam Island in Papua New Guinea in 1982, and production began in 1997 at the Lihir deposit, then operated by Rio Tinto. The Australian company Newcrest bought the gold mine in 2010 and has been trying to contain rising operating costs ever since. The company recently said the expansion would be cheaper than previously thought, largely due to the use of new equipment that can process sulfur more easily.

8. Peñasquinto

The Peñascinto deposit is wholly owned by the Canadian mining company Goldcorp and is located in the Mexican state of Zacatecas. It is the largest quarry in Mexico and the fifth largest silver mine in the world. The project has been operating since 2010 and produces zinc and lead in addition to gold and silver. In 2007, Silver Wheaton signed an agreement with Goldcorp to buy 25% of the total silver production during the life of the mine.

7. Carlin

We are talking about the brilliant Las Vegas or gold mining, gold and Nevada are almost synonymous. The state accounts for 75% of the total US gold production and, by some estimates, 3% of all the yellow metal mined in history. Most of it is produced in the Carlin Trend, the most abundant gold mine in the Western Hemisphere. The area is home to Newmont's historic Carlin Project, which consists of three open pits and four underground mines. In May 2015, the company celebrated the 50th anniversary of successful gold mining at this deposit, which was the first time in North America that more than 1 million ounces were mined in one year.

6. Yanacocha

The Yanacocha project sits on top of the Andean Continental Gap in northern Peru at an altitude of over 4.5 km above sea level. This is the largest field in Latin America with an area of ​​more than 1,386 sq. km. It consists of five open pits and has been producing gold since August 1993. Ownership of the mine is divided between Newmont, Peruvian Minas Buenaventura, and International financial corporation controlled by the World Bank.

5. Pueblo Viejo

Pueblo Viejo - joint venture between the world's largest gold miner Barrick Gold and Goldcorp, located in the green hills of the Dominican Republic, more than 100 km north of the country's capital, Santo Domingo. Two Canadian companies gained control of the project in 2012 after the government of the Dominican Republic unsuccessfully tried to organize production. Production reached full capacity in 2014. In August 2015, Barrick signed a streaming agreement with Royal Gold, under which Royal provided $610 million, while Barrick pledged to provide it with 7.5% of all gold produced at the field.

4. Cortez

Barrick in Nevada has 4,000 employees, or about a third of the state's mining industry. Many of them work in the Cortez field, located in central Nevada. Cortez, one of Barrick's most promising mines, will receive $153 million from Barrick through 2020. The funds will help expand underground mining capacity to produce an additional 300,000 ounces per year.

3. Goldstrike

Barrick has operated the Goldstrike field, also located in northern Nevada, since 1987. Goldstrike is the world's largest gold mine and employs 1,700 people. Over the past 20 years, the company's employees have developed a new method of processing ore at the deposit, known as "total carbonaceous matter leach" (total carbonaceous matter leach), allowing additional processing of low-grade ores. The process will move from testing to production this year.

2. Grasberg

High in the humid mountains of the Indonesian province of Papua, where earthquakes often occur, are the world's largest gold reserves and the second largest copper reserves. About 18,000 people work at the mine, for whom an entire village called Tembagapura has been built with roads, houses, schools, a hospital and an airport. The deposit is 1.5 km wide and consists of an open pit and underground mines. AT this moment the company is in talks with the Indonesian government to extend the contract, which will end in 2021.

1. Muruntau

The Muruntau deposit was discovered in the Kyzyl-Kum desert in 1958, and the gold mine began operating in 1967. Today it is the largest open pit in the world and the fifth deepest deposit (580 m). The project, which also holds huge reserves of turquoise and arsenic, sits on top of what many geologists consider to be probably the largest gold reserve in the world, ranging from 2,500 tons to a staggering 5,300 tons of the metal, according to various estimates.

Scientists believe that people have been mining the "solar" metal for about 6 thousand years. The first gold coins appeared in 550 BC in Lydia (Mediterranean), where the legendary Croesus ruled. Since then, they have spread quite quickly and entered the circulation of business settlements. You fight - pay mercenaries with gold, trade with overseas countries - again pay with precious metal. But is it enough for everyone - that's the question.

They say that if all the gold mined in the history of mankind is collected in one place and melted down, then a rather modest figure will turn out - a cube with a face height of about 20 meters. And how much this metal is in the world now and where exactly it is concentrated - there are different opinions on this matter. Let's try to figure it out: the leading countries in terms of gold reserves - who they are, and what place Russia occupies in the ranking.

How are the world's gold reserves estimated?

These calculations are handled by Thomson Reuters GFMS. This organization publishes annual reviews of the world gold market. According to her, the reserves of the "solar" metal amount to 171,300 tons. But there are other considerations as well. According to various sources, there are from 155 thousand to 2.5 million tons of gold on our planet. Why such a spread? Scrupulous accounting for centuries for the entire period of extraction of the precious metal, of course, was not conducted. And in general, such information was often classified as state or personal secrets.

For example, some researchers suggest that before the famous trip of Columbus to the shores of America (that is, until 1492), people washed about 13 thousand tons, while others claim that only about 300 tons. Thus, researcher James Turk explains this figure by the fact that mining until the Middle Ages was very primitive. Precious metal search, develop and mine was not an easy task, slow and dangerous. Therefore, such a large volume is simply impossible to obtain. Another researcher, Jen Scoyls of The Real Asset Company, has calculated that Tutankhamun's coffin alone was made of one and a half tons of gold. But we know from school textbooks how they robbed the burial places of kings and leaders, the tombs of the pharaohs. So it's easy to imagine how much gold disappeared before archaeologists got to them.

But even with modern reserves, not everything is in order in terms of valuation. The difference in calculations is striking both in tons and in cost. Many analysts argue that the figures for world gold reserves are significantly underestimated. Who knows, perhaps the reason for this is conspiracy theories and secret conspiracies, or maybe it really is so ... It is likely that the whole thing is again in accounting. For example, it is not known exactly how much gold China produces. And in some countries, in particular, Colombia - a huge black market for precious metals. Of course, unaccounted for.

No one can give an exact figure, how much metal is the color of the sun in the world.

But analysts and researchers say (and this good news) that we all have enough for a long time. According to US geological monitoring, about 52,000 tons of "solar metal" are stored in the bowels of the Earth. In general, the amount of gold in the countries of the world is a mysterious thing. And not much is known for certain about this, although there is a huge amount of various information.

All the gold that has ever been extracted from the bowels is still in circulation. This is an amazing fact. After all, just imagine that the wedding ring you are wearing is made of gold mined a thousand years ago...

Recently, there has been a trend of abandoning the reuse of "solar" metal. This is due to the fact that modern industry uses gold for such small parts that the extraction and processing of milligrams of the precious metal in the future seems either impossible or economically unprofitable. According to the geological monitoring of the British Kingdom, about 12% is "thrown out" in this way.

Which countries have the largest deposits of the precious metal

So, who is the "champion" in gold in the world. Summing up various information, it can be argued that there are five leading countries in its production.

1. China - biggest player on the market since 2007. Mines are being actively developed in the country and abroad. Production volume: about 360 tons annually.
2. South Africa - an annual increase of 250 tons. According to experts, 15% of the world's production of the yellow metal belongs to this country.
3. USA - 18 large and 32 small mines, most of which are located in the state of Nevada. It is there that the main amount of gold in the USA is mined (about 75%), and Alaska produces about 30 tons. The largest American mine (and the oldest) is Homestake, South Dakota. For 100 years, 1000 tons of solar metal were extracted from its bowels. In the last decade, geological exploration has intensified, a number of new deposits have been discovered. Numerous experts consider the United States the undisputed leader in gold reserves.
4. Australia - 225 tons of precious metal are mined here per year. It is concentrated in the ledges of the "Precambrian basement". Significant deposits are discovered in Western Australia, and small ones are scattered throughout the continent. Major Australian mines: Boddington (21 t), Super Pit (21.5 t), St. Ives (14.5 t), Telfer (20 t).
5. Peru - 175 tons are mined here annually.

There are many such tables created by different authors. And the data in them does not always match. In addition, the list itself changes quite often, as the production of the precious metal jumps in different countries. But here's what experts agree on - that the global production of the yellow metal reached a historic high in 2015. It increased by 1.8% - up to 3.211 tons, i.e., gold reserves in the world are growing. Interestingly, a significant part of this increase came from countries that were never even in the top ten. So, the volume of production has been increased:

• 18% by Mexico;
• 20% by Indonesia;
• by 29% Kazakhstan.

A lot of interesting things have been going on in this area lately. For example, gold production in South Africa is falling, and China has completely closed data on its production. At the same time, new mines began to operate in Africa. In 2007, for the first time in 100 (!) years, South Africa lost ground, losing the “prize” place in gold mining to China. It became a kind of sensation, because Republic of South Africa has been a leader in this regard since 1896. The reasons for this fall are various: from political instability and the growth of protest movements in the mines to the desire to save the precious metal until better times and higher prices. Although it is believed that it is South Africa that has the largest gold reserves in the world (and not the United States at all) and is ready to increase its production. The largest deposits in South Africa: Vaal River (23.5 tons), West Wits (22.5 tons). But, according to other sources, the explored reserves of the yellow metal on the planet are distributed in this way: most of them are in the United States, then South Africa and Russia, then China and Australia.

Experts and geologists believe that the Muruntau deposit (Uzbekistan, Kyzyl-Kum) is not only the largest open pit in the world (with a depth of about 580 m), but also the richest, with a high gold content in the ore. According to some estimates, these reserves range from two and a half thousand to 5300 tons of metal.