Peak gold

Peak gold is the point in time back the best amount of all-around gold abstraction is reached, afterwards which the amount of assembly enters terminal decline. The appellation 'peak' refers to the Hubbert aiguille of a resource. Unlike assets such as petroleum, which are destroyed in use, gold can be reused and recycled. Thus aiguille gold and aiguille oil cannot be compared directly.

Supply and demand

World gold appeal (defined in agreement of absolute burning excluding axial banks) in 2007 was 3,519 tonnes.[1] Gold appeal is subdivided into axial coffer reserves, jewellery, automated burning (including dental), and advance (bars, coins, ETFs, etc.).

The accumulation of gold is provided by mining, official sales (typically gold by axial banks), de-hedging and old gold debris and absolute apple accumulation in 2007 was 3,497 tonnes.[2] Gold assembly (mining) does not charge to accomplish up for gold appeal because gold is a reusable resource. Currently, annual gold mining produces 2% of the absolute above-ground gold which is 158,000 tonnes (as of 2006).[3] In 2008 gold mining produced 2,400 tonnes of gold, official gold sales abutting to 300 tonnes, and dehedging abutting to 500 tonnes.[4]

Timing of peak production

In 2009, Barrick CEO Aaron Regent claimed that all-around assembly had ailing in 2000.[5] Barrick's assembly costs accept been "trending down" admitting this peak, extensive $465 per ounce.

In 2006, with gold at $650 per ounce, Roland Watson claimed that gold assembly had ailing in 2001 due to falling analysis in the 1990s, back gold prices were low. He predicted that college prices and fresh technologies would addition gold assembly to college levels in the future.[6]