Earnings reports started coming in last week. It was a mixed bag, with some companies showing the negative impacts of the coronavirus-induced government shutdowns, but other companies coming in more upbeat. Peter Schiff appeared on RT Boom Bust to talk about it. He said the only thing the stock markets have going for them right now is the Federal Reserve. But one sector will truly benefit – gold.
After flat-lining over the last several years, gold mine output fell by 1% in 2019. This is further evidence that we could be heading into a long-term and perhaps irreversible decline in gold mine production.
According to the World Gold Council, total gold mine output in 2019 came in at 3,463.7 tons.
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Officials in Western Australia have announced a plan to raise the gold royalty payments the state levies on gold miners by 1.25%, a move that could depress gold output in the world’s second-largest gold producing country.
