Last month, the price of an ounce of gold on the world market hit a record high of 2,000 dollars.
Although gold traders were largely behind the price hike, it raised questions about the supply of gold and when the most precious metal could disappear from the world.
Demand for this specialty has grown significantly as a result of recent corporate scandals.
Is gold production declining?
It is a natural metal that can run out and at some point, the world will run out of gold reserves. Many experts believe that the world’s gold production has reached its peak.
According to the World Gold Council, 3,531 tons of gold were retrieved worldwide in 2019, which was about one percent less than in 2018. It was the first time since 2008 that the world’s gold mining has declined.
A spokesman for the World Gold Council said gold mining could slow or slow over the next few years as existing gold reserves dwindled and the discovery of new reserves was almost unheard of. Reserves have reached their peak.
Experts believe that even if gold production has reached its peak, it is unlikely to decline dramatically in the coming years. On the contrary, over the next few decades, we will see a clear decline.
Ross Norman of MetalsDaily.com says gold production is currently parallel but is likely to decline.
How much gold is left in the world?
It is possible to accurately estimate the world’s gold reserves, but it is not an easy task at all. According to the US Geological Survey, about 190,000 tons of gold have been mined in the world so far, while the remaining reserves are about 50,000 tons.
Based on this information, it can be said that only 20% of the world’s gold reserves remain. But new technologies, including artificial intelligence, are also raising hopes that we will be able to access resources that were not accessible or economically viable at the time.