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World Production Of Gold In 2014

April 6, 2015

As estimated by the USGS, world gold production increased again in 2014. It increased from 2800 to 2860 tons of gold, an increase of 2.1% (the increase was 1.6% on average since 1928). The world has never produced as much gold in a single year!  Below are 8 points why World Gold Production increased in 2014.

1 : China is still the largest producer of gold in the world in 2014! For the ninth consecutive year since 2006! That year, Chinese gold production rose in front of the historic leader, South Africa and the No. 2 US. But the revival of Chinese gold production took place between 1982 and 1993. Gold production in China has increased from 7 to 160 tonnes. It was multiplied by 23! You can see from the chart below compares China's GDP evolution and its gold production.

The increase in the production of Chinese gold weighed significantly in the growth of world gold production. Chinese gold production in 2014 represented 15.7% of the gold production (4.5% in 1990 and 0.5% in 1980). Without the production growth of Chinese gold, world gold production is still below its 2001 level.

2: Australia is the second largest producer of gold with 270 tonnes. The Australian gold production is experiencing a small growth since 2009, but remains below its 1997 production record (311 tonnes of gold).
3: Russia is the third largest gold producer in the world with a production of 245 tonnes. Despite continuous growth since 1998-99 Russian gold production remains below the level of production of the former Soviet Union (342 tonnes in 1961 and 304 tonnes in 1989).
4: The USA is the fourth gold producers in the world with 211 tonnes. US gold production has been steadily declining since 1998 (366 tonnes of gold).
5: Canada's gold production increased compared with that of South Africa, it has been increasing since 2010. Canada is the mining industry which Brazil is football. It seems logical that the generous geology of the country has some of the capital who flocked to gold in 2003-2011.
6: South African gold production continues its inexorable decline, it goes from 160 to 150 tons of gold produced. You have to get the gold in the Witwatersrand ever deeper, which automatically increases the costs (the production of gold and diamonds in South Africa will soon have the right to an article each). South African gold production has fallen by 6.7 since its peak in 1969-1970 to 1,000 tons per year.
7: Peru's gold production is now at the same level as that of South Africa with a production of 150 tonnes of gold. Despite the rise in the price of an ounce of gold, gold production Peruvian decreases since 2005.
8 : Gold production in Uzbekistan increased gradually from 75 tons in the early 90 to 102 tons in 2014.

All other gold-producing countries, a hundred, they account for 41% of world gold production. The share of small gold-producing countries at this level since 2011 (the peak of the gold price). Since 1928 there has been a single peak of this magnitude, it was during the Second World War around 37-38%. This peak was exogenous and temporary production of major producing countries collapsed because of the war effort (-63%). Then, this percentage dropped to 8% in 1969 (critical threshold of global gold production, broad topic, very interesting). Since 1969, the share of these "small gold producing countries" is steadily increasing.

We can summarize the situation of the world gold production in three points :

- There is a stagnation / decline in gold production of historical producers: USA, Canada, Australia, Russia and especially in South Africa.
- The share of small gold-producing countries was never as important.
- The growth of Chinese gold production upsets the balance of world gold production.

The gold rush of March 1968 and the end of the Gold Exchange Standard is generally attributed to the devaluation of the pound sterling (November 1967) and offensive Head (January 1968) . But these are probably the gold purchases of France of de Gaulle (* in February 1965, France announced the transfer of its dollars in gold for its central bank and she secretly out of the gold pool in 1967) and China Mao Zedong (exchange its sterling against gold because it fears a devaluation of the pound sterling), which were the first catalysts for buyers.

There are almost 40 years when Communist China was producing only 2 tonnes of gold per year, "officially" and has perfectly anticipated the uneducable, the end of the Gold Exchange Standard.
Today China is the largest gold producer in the world with 450 tonnes. I do not know the Sino nation’s  plans, but I do not believe in chance in general and especially here!

* "There can be no other criterion, on the other standard than gold. Yes gold which never changes, which can be converted into ingots, bars, coins, which has no nationality and is forever and universally accepted as unalterable fiduciary value par excellence " -- Charles De Gaulle February 1965.


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