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Will the world run out of gold in the coming year?

Date posted: 27/ 07/ 2018 - The poster: admin

Gold mining experts warn that supplies of precious metals will soon be exhausted.
According to the Daily Mail, experts in the gold mining industry say the world is about to reach the “threshold of gold.” That is when the amount of gold is reduced and there is no new gold mine to exploit.
Gold mining output will peak in 2019 and decline from that point on.
Ian Telfer, president of Goldcorp, told The Financial Post last month: “If I had to give a statement about the gold mining industry … That is my life, gold production has been stable for 40 years. ”
“But it’s going to go down this year or next, or it’s going to go down. We have reached the threshold. ”
At Goldcorp, gold output fell from 3.4 million ounces of gold in 2015 to 2.8 million ounces of gold in 2016 and 2.5 million in 2017.
Telfer also warned that the current price of gold is reflecting market sentiment and that supplies of gold are about to run out.
“Why can not we find more gold? Or did we find out? I think we have found out, “he said. “I do not think there is any gold, no matter what.”
Telfer is not the only one mentioning that gold is about to run out. Last month, Rudy Fronk, president and CEO of Seabridge Gold, said: “The fact that gold reserves are being exploited faster than finding new gold mines is a reality.”
Nick Holland, CEO of Gold Fields, one of South Africa’s largest gold mining companies, said: “We have talked about increasing output each year. But I think that day is over. ”

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