Mining Industry Update: Peak Gold to Be Reached

News just out of Toronto is the reporting that peak Gold will be reached either at the end of this year or in 2015. The CEO of the world’s largest gold mining company, Goldcorp; Chuck Jeannes has said that production will start to decline given that the easiest to access of global gold deposits dry up and no new technological break-through have been reached to allow miners to tap into supplies.gold 2

So what does this mean for the industry, traders and the general public? Well first and foremost the price of gold is going to remain strong as supply decreases and traders opt to buy more gold given the positive predictions on price. For the general public who already hold gold either in Jewelry, commodity or in bar form their net worth will be on the rise. As has already been seen in many developed economies, the proliferation of gold buyers, pawnshops and the like has markedly increased to reflect these rising prices. This trend is shown on the graph below.

gold 3

As for those who don’t currently have any gold of their own it would appear that it will become more and more difficult to enter this market as prices continue to rise. We may begin to see an increase in prospecting, especially at less viable locations given that it will now become more economic for companies to try to tap into previously disregarded reserves.

Shanghai Metal Corporation (SMC) is deeply involved in the metal processing industry, being a major global supplier and manufacturer of metal products, building systems, containers and machinery. If you have any requirements in these areas feel free to contact us through our website, here.

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Dominick F.//SMC Editor

Sources; SNL Mines & Metal; Els, F; King of Gold buyers; firstpeoples.org

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