Infographic: London Gold Market

[Serpo]

https://www.bullionstar.com/blogs/bullionstar/wp-content/uploads/2016/05/Infographic-London-Gold-Market.jpg




http://news.goldseek.com/GoldSeek/1462550067.php (https://www.bullionstar.com/blogs/bullionstar/infographic-london-gold-market/)

[Joshua01]

The only gold I own is the gold I hold.

[madfranks]

According to the top of that infographic, 9 tons of gold is mined every day, but 187,000 tons is all that's ever been mined in the history of the world, so about 57 years worth? I stopped reading after that.

[monty]

According to the top of that infographic, 9 tons of gold is mined every day, but 187,000 tons is all that's ever been mined in the history of the world, so about 57 years worth? I stopped reading after that.


How long have they had the ability to mine 9 tons per day? How many gold mines have began production since Nixon removed the $35.00/ounce on gold in the mid 1970's?

[Serpo]

2500 divided by 365 equals 6.8

How much gold is mined in a year?

Each year, approximately 2500 tons of gold were mined throughout the world. South Africa leads the world in gold mining, and the U.S., Russia, Canada, and Australia are also major producers. Gold is distributed widely over the earth, and gold mining is pursued in most countries with some success.

http://onlygold.com/FAQ/Gold-Facts-And-Statistics.asp



(http://onlygold.com/FAQ/Gold-Facts-And-Statistics.asp)

[mamboni]

According to the top of that infographic, 9 tons of gold is mined every day, but 187,000 tons is all that's ever been mined in the history of the world, so about 57 years worth? I stopped reading after that.

Why? You have piqued my curiosity.

[steyr_m]

According to the top of that infographic, 9 tons of gold is mined every day, but 187,000 tons is all that's ever been mined in the history of the world, so about 57 years worth? I stopped reading after that.

Yeah, the 9 tonnes didn't make sense to me either.

[madfranks]

Why? You have piqued my curiosity.
I assume there's a mistake on the chart. If 9 tons of gold is mined every day, the total known supply of gold for the history of mankind is about 50 years worth. Maybe I'm wrong though and we really do mine that much due to technological improvements?

[mamboni]

I assume there's a mistake on the chart. If 9 tons of gold is mined every day, the total known supply of gold for the history of mankind is about 50 years worth. Maybe I'm wrong though and we really do mine that much due to technological improvements?

Annual gold mine production is about 70,000,000 ounces per annum, or about 6 tons per day. That the rate of production represents 50 years worth of inventory extant is one reason is why gold is the perfect money. It's basis is enormous, highly stable and well known. The basis increases at only 1.5% per year. No other commodity/hard asset compares vis-a-vis a stable basis.

[Neuro]

Annual gold mine production is about 70,000,000 ounces per annum, or about 6 tons per day. That the rate of production represents 50 years worth of inventory extant is one reason is why gold is the perfect money. It's basis is enormous, highly stable and well known. The basis increases at only 1.5% per year. No other commodity/hard asset compares vis-a-vis a stable basis.

According to this chart around 5 million oz's
Were mined annually in the 1800's...

http://goldnews.bullionvault.com/files/gold_mining_production.png

Eyeballing the chart I would say about 35 million oz's a year was the average production during the 20th Century. And since 2000 about 70 million ounces a year.

Since 1800 about 5 Billion ounces mined. Prior to this maybe 1-2 Billion ounces of gold was mined, but equal amounts have probably been lost in history (Shipwrecks, stashes hidden owner dead). So remaining above ground 5B tr.oz's of gold= 156.000 tons of gold...

[Serpo]

http://www.tfmetalsreport.com/blog/7615/guest-post-death-gold-market-paul-mylchreest