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

19 November 2020
292 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

The first Aegean Hawk S-70 helicopter was delivered to the Hellenic Navy by Aeroservices
GREECE
shares35 views
GREECE
shares35 views

The first Aegean Hawk S-70 helicopter was delivered to the Hellenic Navy by Aeroservices

Panos - May 07, 2021

The first upgraded Aegean Hawk S-70 helicopter was delivered to the Hellenic Navy today, Thursday 6 May. The work on…

Foreigners looking to buy Greek property amid Covid-19 pandemic
FINANCE
shares46 views
FINANCE
shares46 views

Foreigners looking to buy Greek property amid Covid-19 pandemic

Panos - May 07, 2021

Despite the pandemic, the demand for a permanent holiday home in selected destinations in Greece by foreigners is on the…

Greek Taxisnet services not available for citizens over weekend
FINANCE
shares41 views
FINANCE
shares41 views

Greek Taxisnet services not available for citizens over weekend

Panos - May 07, 2021

Online services on the Taxisnet platform system will not be available to taxpayers over the weekend due to scheduled upgrading.…

Leave a Comment

Your email address will not be published.