At the current price of gold, the total value of all the mined gold in the world is still less than the US national debt. China produces more gold than any other country and India consumes the most gold. According to Brook Larmer of National Geographic, more than half the world's gold has been mined over the past 50 years and the richest gold deposits are being quickly depleted. That means there may never be enough mined gold in the whole world to cover the US national debt, even if the US owned all of it.