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Global gold production went down because of the pandemic. What’s worse, the world’s top gold producers haven’t totally recovered from the pandemic that the smaller producers are overtaking them.
More specifically, Australia’s gold production is set to surpass China.
According to analysts at Surbiton Associates, a Melbourne-based gold mining consultancy firm, Australia production was down 4% from the first quarter of 2020.
That poor performance is still better than China, the world’s top gold producer.
As expected, people are trying to downplay the situation. They said While gold output for the quarter was down considerably, this is no cause for concern because the first quarter is historically always the slowest.
Australia is anticipating the production to pick up.
The problem doesn’t lie in Australia’s gold production. The problem lies in the fact that Australia is emerging on top of gold production just because the rest of the world is producing worse.
China claimed that their gold production in the March 2021 quarter totaled 74.44 tonnes. If that is true, that would be 5,000 more ounces compared to Australia but still down 9% compared to last year.
Australia, however, doesn’t believe the figure. They said it must be taken with caution. That is synonymous with ‘don’t believe what they are saying’.
I don’t know why China continues to tank in gold production. It could be because of Covid19. It could be because of tightening environmental regulations. It could be because of depleting resources.
It doesn’t matter for investors.
What matters is that the whole world acknowledges gold demand is up and it keeps on increasing yearly.
2020 saw an unprecedented growth of gold demand and it’s not just because of investors and central wanting gold to hedge their investments, it’s also because of gold’s industrial demand maturing.
Yes, we have only scratched the surface of gold’s industrial demand and we are already short on supply.
If you aren’t investing in gold yet, huge mistake. This asset is going to more than double in value in the years to come while the dollar weakens.
Get in to it now while there are still huge gains you could possibly make.
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