Yesterday we mentioned our opinion that peak gold might not be here yet. There are many factors that result in increases to the gold supply going up or down in any given year, from physical (actual mining) to political (allowing miners to mine) to accounting (counting what was mined).
Metals Focus from London released their report of 2017 gold production yesterday, which is interesting as they try to account for some of these discrepancies. They reported that total gold actually mined worldwide probably rose 0.5% in 2017, which goes against claims that we’re at peak gold now. Or at least, it suggests we’re not on the downhill side of peak gold.
The report notes that China reported a drop of almost 8% in gold production. That’s huge because China is the biggest gold mining country in the world right now. So the rest of the world made all that up, plus some. And, since production was down in South Africa, that had to be made up as well. The idea that the rest of the world could more than make up these significant drops tells us that gold mining may yet have some legs. The report also notes that total gold supply fell 141 tonnes, due to a drop in recycled gold.
You can read more about the report in today’s featured article here. The report is not free; if you’re interested in buying a copy, visit Metals Focus’ website. Disclaimer: The Gold Enthusiast is not affiliated with Metals Focus, and receives no compensation for pointing you at their website.