Post by
calvin98 on Jul 09, 2020 10:57am
Why sell your gold today ?
Many, many people believe the price of gold will rise even more. Some of the worlds top producers are now mining as fast as possible. They, will run out of gold... Faster "As the yellow metal hits peak production, experts feel we may have discovered all of the world's major gold deposits. So what does it mean for the precious metal aficionados and investors? The murmurs that the world is running out of gold deposits have grown louder in the past two years. Several experts and industry magnates, including Canadian miner Goldcorp's chairman, Ian Telfer, have forecast a perpetual decline in gold production from its current peak. Gold production reaching its peak levels is nothing new. The production of the yellow metal has reached its highest levels on at least four occasions in the past before witnessing sharp declines. But many say there is something that makes the current gold peak stand out: There is simply no new major gold deposit left to be discovered. "The largest and most prolific reserves have already been found," Matthew Miller, an analyst at CFRA Research, told DW. "Gold miners are struggling to grow reserves in line with their production." Read more: Gold, garbage and guns in the highest town on earth Decadeslong decline The rate of gold mine discoveries has declined over the past three decades, despite miners pumping more money into exploration, World Gold Council figures show. Among the new discoveries, there have been hardly any that experts call "world class" deposits. These are typically large high-grade deposits with over 5 million ounces of gold reserves that can be turned into profitable mines capable of producing over 250,000 ounces of gold. The prospective impact of a lack of "world class" discoveries on future gold production can be gauged from the fact that such mines account for nearly half of the global gold production today. The average grade of the new gold deposits the amount of gold that can be extracted per ton has also been declining. The average mine grade has fallen from over 10 gram per ton in the early 1970s to around 1.4 grams per ton today, according to Metals Focus, a precious metals consultancy. "