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Title: Visualizing Global Gold Production In 2023
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URL Source: https://www.zerohedge.com/commoditi ... ng-global-gold-production-2023
Published: May 3, 2024
Author: Tyler Durden
Post Date: 2024-05-03 09:47:51 by Horse
Keywords: None
Views: 49
Over 3,000 tonnes of gold were produced globally in 2023. In this graphic, Visual Capitalist's Marcus Lu lists the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024). Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes. In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council. Estimated Global Gold Consumption Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins. Jewelry: 46% Central Banks and Institutions: 23% Physical Bars: 16% Official Coins, Medals, and Imitation Coins: 9% Electrical and Electronics: 5% Other: 1% According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output. Poster Comment: ZAF is South Africa. UZB is Uzbekistan. Tonnes means metric tons or 2,200 pounds.
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