Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Which Countries Produce the Most Gold?

  by    0   0

Global mine production fell slightly in 2017, the first drop in mine output since 2008. In fact, gold production has generally increased every year since the 1970s. The drop in 2008 was something of an anomaly, as it occurred at the onset of the 2008 financial crisis. The recent slowdown in mine production is more concerning. In fact, many people speculate we may be at or near “peak gold.”

Peak gold is the point where the amount of gold mined out of the earth will begin to shrink every year, rather than increase. During the Denver Gold Forum last September, World Gold Council chairman Randall Oliphant said he thinks the world may have already reached that point. Franco-Nevada chairman Pierre Lassonde also expects a significant dip in gold production in the coming years. During an interview with the German financial newspaper Finanz und Wirtschaft last fall, Lassonde said we’re seeing a significant slowdown in the number of large deposits being discovered. And in 2016, Mining.com analyzed the data and concluded there are no more easy gold discoveries.

Case in point – South Africa was once the world’s leading gold producer. It’s now dropped to number eight globally. Early this year, a study came out saying  South Africa could run out of gold within four decades. Analysts say that at current production levels, the world’s fifth largest gold producer has only 39 years of accessible gold reserves remaining.

So, what countries produce the most gold? Here are the most recent rankings according to GFMS Gold Survey 2018 and reported by Forbes.

1. China – 426 tons

China has ranked first for the last several years. Production fell about 6% in 2017 due to government regulations.

2. Australia – 295.1 tons

Production increased by five tons last year, but long-term projections don’t look good.  MinEx Consulting released a report detailing an expected drop in gold output between 2017 and 2057 unless the amount spent on exploration is doubled.

3. Russia – 270.7 tons

More than 80% of Europe’s gold comes from Russia. The Russian government is the biggest buyer of Russian gold.

4. United States – 230.0 tons

Production has increased for the last four years due to new projects in Nevada. The state accounts for 78% of US gold output.

5. Canada – 175.8 tons

The discovery of a significant gold field in northern British Columbia has bumped Canada higher up the list and could account for increased output in the coming years.

6. Peru – 162.3 tons

Output dropped for the second straight year in 2017.

7. Indonesia – 154.3 tons

Indonesia production is also on the decline. Mine output dropped 11.7% last year.

8. South Africa – 139.9 tons

We discussed South Africa’s woes above

9. Mexico – 130.5 tons

Mexican mine output fell slightly in 2017, but analysts say it should remain steady in the near future.

10. Ghana – 101.7 tons

Ghana ranks as Africa’s second largest gold producer. Output rose about 7 tons in 2017

WhyBuyGoldNowBanner.070815.590

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Fed Runs Repo Operations; Is It Baby-Stepping Toward QE?

In a move “Bond King” Jeffrey Gundlach said could be a prelude to the next round of quantitative easing, the New York Fed conducted a repurchase operation involving about $53 billion in debt instruments on Tuesday. The move to designed to unplug the financial system’s “plumbing” with an injection of cash was the first such […]

READ MORE →

Another Month, Another Record for Consumer Debt

Americans continue to drive the economy along spending money they don’t have. Consumer debt increased yet again in July, setting another record, according to the latest data released by the Federal Reserve. Total consumer debt surged $23.4 billion in July, driven by a huge jump in credit card balances. The big rise in consumer indebtedness […]

READ MORE →

Budget Deficit Shoots Past $1 Trillion for Fiscal 2019

The federal government continues to spend money at an insane rate and is running up budget deficits reminiscent of the Great Recession era. With one month left to go, the federal budget deficit for fiscal year 2019 eclipsed $1 trillion in August, according to Treasury Department data released last Thursday.

READ MORE →

Corporations Piling Up Debt at Record Pace

Corporations are piling on the debt. Last week, companies borrowed $74 billion in the US investment-grade bond market. It was the largest corporate debt increase for any comparable period since they started tracking such things in 1972.

READ MORE →

Russia’s Gold Bet Paying Off; Reserves Top $100 Billion

As Bloomberg put it, Russia’s bet on gold looks better every month. The Russian Central Bank’s gold reserves have topped $100 billion thanks to continued buying and surging prices.

READ MORE →

Comments are closed.

Call Now