A perfect storm for gold as mines left empty

From The Telegraph:

“The era of ‘peak gold’ has arrived.

Try as they might, miners cannot find enough ore at viable costs to replace their fast-depleting reserves, even if they dig miles into the centre of the earth.

‘There’s not much gold out there,’ said Gregory Wilkins, chief executive of top producer Barrick Gold.

‘Global mine supply is going to decrease at a much faster rate than people generally believe. Many of the new mines that people are anticipating will never come into production,’ he told the RBC Capital Markets gold conference in London.

…We know from the US Academy of Sciences that some 26pc of all the copper and 19pc of all the zinc that ever existed in the earth’s crust has already been lost to mankind, mostly wasted in milling or smelting or buried in landfills.

Data has never been collected for gold, and the 5bn ounces of mined over history is still around. Roughly 1bn are in central bank vaults. But the same patterns of exhaustion are emerging.”

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