( CNN ) -- London property and gold -- the two safest places to put your money , or so the saying goes in recent years . For the past several years , owners of London property have watched with delight as the values of their homes have spiked annually well into double digits . With gold , as has been the case for thousands of years , it has provided a tradable commodity which investors have turned to in uncertain times . It 's a safe haven , the asset of last resort . But with quality gold ore becoming increasingly hard to find , a Canadian company has ventured 125 kilometers ( 78 miles ) into the Arctic circle to build Europe 's largest gold mine . Otherwise known as a place for tourism and skiing , the town of Kittila , in the Lapland region of Northern Finland , is an unforgiving environment to run a mining operation . Average temperatures in winter usually only reach -23 degrees Fahrenheit . But that has n't stopped the mining or the growth of the area . Global demand . That growth is possible because global demand for gold is high , said Sean Boyd , president and CEO of Toronto-based Agnico Eagle Mines , which runs Kittila 's gold mine . `` Demand is continuing to grow in a part of the world that 's growing population-wise and is growing from a wealth perspective , '' said Boyd . Recent reports from the gold industry development group World Gold Council ( WGC ) show that consumer demand in China has skyrocketed , and India and the United States have a big appetite for gold , too . While it may be culturally important to own gold in parts of the world , Boyd also said central banks still feel the need to own it . `` That 's not going to go away . Central banks are still buying it . It trades like a currency on most days , '' added Boyd . Or as a recent WGC report put it : `` With many economic and geopolitical wounds still open , central banks once again sought the protection and diversification of gold . '' Shanghai has built a gold exchange over the last dozen or so years , and having just opened it up to international players its goal is to make that the largest physical bullion market in the world ; Boyd says `` that 's a sign that the market continues to move to the East . '' Digging deep . Logistically , however , Boyd says it 's necessary to go further afield to find quality ore deposits . `` The easy stuff 's been found now . You look at the industry average , gold grade is a little over one gram per ton , and so the gold reports in minute particles and as a result of that you 're having to move much more rock than you used to , to get the same amount of gold , '' said Boyd . It 's a laborious process that uses chemicals to extract tiny particles of gold . The Kittila mine is expected to remain open until at least 2036 , as Agnico Eagle has already discovered the gold reserve is in excess of 7-8 million ounces , much higher than its original estimate of 1.5 million ounces . In order to achieve this , the company will have to take the mine down at least 900 meters ( over half a mile ) below the surface . But one thing is for certain : gold 's popularity has not waned . `` I do n't think gold 's going to go away , I think it still has an important role to play , '' said Boyd .
Gold has been a commodity that investors have relied on in uncertain times . Northern Finland is the site of Europe 's largest gold mine . Central banks and consumers have kept the demand for gold strong .