GOLD 0.51% $1,391.7 gold futures

supply of gold decreasing internationally

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    Meanwhile supply continues to decline and the situation and outlook in South Africa continues to deteriorate and is seriously affecting the supply of gold and particularly platinum. South Africa and indeed most of the major gold producing countries are experiencing a decline in gold production. Indeed China is the only major gold producer in the world to have increased production last year.


    Mali, sub-Saharan Africa's third largest gold producer, expects its gold output to fall 12 percent this year to 50.11 tonnes after a sharp decline last year. Gold output in the West African country fell 9 percent to 56.75 tonnes in 2007 as its established mines neared the end of their productive lives.

    Gold mines internationally are nearing the end of their productive lives and there have been no major exploration discoveries in many years. While the concept of 'peak oil' is now recognised as a reality by most, the concept of peak natural resources and peak gold, silver and platinum is less well known.

    Finite Natural Resources and Peak Gold, Silver and Platinum
    Scientists have acknowledged the reality and the respected New Scientist has reported on it, especially in its 'Earth Natural Wealth: An Audit' report. The Wall Street Journal has also reported ( 'A Metal Scare to Rival the Oil Scare' ) how man's voracious demand for the earth's natural resources may lead to us 'running out' of some of them: "Scientists who have tried to estimate how long the world's mineral supply can meet global demand have made some gloomy predictions."

    This is especially the case with the unprecedented movement of billions of people in BRIC and other emerging economies moving from 'peasant class' to middle class in one of the greatest social and economic transformations the world has ever seen.

    In the same way that peak oil has been recognised in recent years so too will the reality of peak precious metals be realised in the coming years when the price of the earth's precious finite resources soar to levels previously thought impossible.


 
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