How much gold is there left to mine in the world?

19 November 2020
61 Views

Last month the price of gold hit a record high, pushing above $2.000 (£1.575) an ounce.

While this price rise was driven by gold traders, it begs the question about the supply of the precious metal, and when it will eventually run out.

Gold is in hot demand as an investment, a status symbol, and a key component in many electronic products.

But it’s also a finite resource, and there will eventually come a stage when there is none left to be mined.

Peak gold

Experts talk about the concept of peak gold – when we have mined the most we ever can in any one year. Some believe we may have already reached that point.

Gold mine production totaled 3.531 tonnes in 2019, 1% lower than in 2018, according to the World Gold Council. This is the first annual decline in production since 2008.

“While the growth in mine supply may slow or decline slightly in the coming years, as existing reserves are exhausted, and new major discoveries become increasingly rare, suggesting that production has peaked may still be a little premature”, says Hannah Brandstaetter, a spokesman for the World Gold Council.

Even when peak gold happens, experts say the years immediately after it are not likely to see a dramatic decrease in production. Instead, we could see a gradual depletion of output over a few decades.

“Mine production has flat-lined, and is likely on a downward trajectory, but not dramatically so,” adds Ross Norman of MetalsDaily.com.

source: BBC

You may be interested

No Tram and Metro services in Athens on Thursday due to strike
GREECE
shares6 views
GREECE
shares6 views

No Tram and Metro services in Athens on Thursday due to strike

Panos - Nov 25, 2020

Commuters in Athens will have no tram and metro services this Thursday, November 26, after staff in STASY, the fixed-rail…

Suspected ISIS member arrested in Athens sent to prison
GREECE
shares14 views
GREECE
shares14 views

Suspected ISIS member arrested in Athens sent to prison

Panos - Nov 25, 2020

A 27-year-old Syrian arrested last week on charges of being a member of the ISIS terrorist group was led to prison…

European Commission reaches deal with Moderna for Covid-19 vaccine, EU official tells Reuters
GREECE
shares34 views
GREECE
shares34 views

European Commission reaches deal with Moderna for Covid-19 vaccine, EU official tells Reuters

Panos - Nov 25, 2020

The European Commission has reached an agreement with Moderna to supply its Covid-19 vaccine, a European official told Reuters. Moderna announced…

Leave a Comment

Your email address will not be published.