Pressure for Gold TakeoversBank of America's analyst team believe the pressure to replace reserves that have been mined will be one of the big drivers for mergers and acquisitions in 2022, noting that gold reserves have been falling, while gold output has remained stable. The need to replace gold reserves means the M & A market will be a sellers market, according to Bank of America's analyst, and they see junior and intermediate producers as potential acquisitions targets for larger producers struggling to make up their reserves.