Liquid gold: Gold is poured from the induction kiln Photo: JULIAN SIMMONDS Barrick Shuts Hedge Book As World Gold Supply Runs Out -- The Telegraph
Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world's top producer Barrick Gold.
Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run.
"There is a strong case to be made that we are already at 'peak gold'," he told The Daily Telegraph at the RBC's annual gold conference in London.
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My Comment: I am sure that other precious metals will come into vogue .... silver, platinum are just two that come to mind. But this is still a disturbing development.
Throughout history gold has always been the ultimate haven for security during times of crisis .... the limitation of this valuable resource will only escalate concerns and worries in a time where there is a lot of insecurity and worry floating around.
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