A Wall Street Journal report that major mining firm Goldcorp has scaled back its production forecasts on some of its mines comes just as the Metals Economics Group issued its own study suggesting "peak gold": that is, that new discoveries of gold are not keeping pace with demand for the metal:
The world's major miners are not discovering enough gold deposits to make up for all the extraction they have engaged in over the past decade and a half, a fact that suggests the scarcity of the precious yellow metal could grow in coming decades.
The world's major miners are not discovering enough gold deposits to make up for all the extraction they have engaged in over the past decade and a half, a fact that suggests the scarcity of the precious yellow metal could grow in coming decades.
That's according to a new report by Canada-based Metals Economics Group, which found that the estimated 289.8 million ounces added to the on-the-ground reserves of the world's 26 largest miners through new discoveries and acquisitions from 1997 to 2011 would not have been enough to keep up with their extraction volume for the same period, which averaged somewhat under 2 million ounces per producer per year. ....
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