By Adam Hamilton & Scott Wright
The Bull (Australia)
In 2012 more gold was extracted from the Earth than ever before in history. And even with 2013’s anomalous gold panic devastating the mining industry, production is expected to rise for the fifth year in a row. The latest exploration cycle is no doubt bearing its fruit. And it’s fascinating to see the geographical trends of this harvest.
Gold’s 2000s bull market has prompted the miners to scour the world over in search the Ancient Metal of Kings. And over the course of this bull, they’ve indeed reached far and wide to find their glory. Now rather than only a small handful of countries responsible for the lion’s share of production, mine supply is truly a global affair.
Major producers from a decade ago are just not as significant anymore. Their pieces of the pie are getting smaller not only due to declines in their own production, but big increases from other countries. Former mid-range producers are now flexing their muscles as major players. And countries that had nary a commercial-scale mine not too long ago are now part of the field.