Gold production declined for the first time since 2008

Moscow, January 31 – “News.Economy.” After several years of relatively the same level in 2019, the volume of gold production decreased by 1%. This is another evidence that the world is going to an irreversible decline in production of the main precious metal.

According to the world gold Council, total gold production in 2019 amounted to 3,463 thousand tonnes.

while weak data for the fourth quarter had the greatest influence on annual figures, the production of last year in annual terms fell in every quarter.

By the way, the decline in production last year was recorded for the first time since 2008

Historically, mining in General has increased every year since the 1970s, In 2008 there was a drop in production, but it was something abnormal and is associated rather with the beginning of the financial crisis. The recent slowdown in production causes far more anxiety.

Many experts believe that peak production of the precious metal either pass or somewhere nearby.

perhaps in the future gold production will decline every year. Over the last couple of years, several executives of gold mining companies have warned that most of the available for the extraction of gold has already been found.

Clear proof of South Africa, which was once the world’s leading producer of gold, and now have fallen on this indicator in the 9-th line. In 2018, the research came out, which stated that at current levels of mining gold in South Africa could end in the next 40 years.

Now the world’s largest producer of gold is China, but here in the past year, recorded a production decline of 6% and the decline lasts for the third year in a row.

supply Reduction may become a major catalyst for further growth in the value of “yellow metal”. In the past year we’ve seen a real rally in the market.

Text: News.Economy