Lucrative Profit to Drive Global Gold Out to All-time High in 2023

On According to Mining.com, although the mining of gold has been dated to thousands of years ago, about 86% of all above-ground gold has been mined in the past 200 years.

Modern mining techniques have enabled large-scale production, and global gold production has grown substantially since the 1800s.

Countries producing the most gold in 2022

In 2022, 31% of the world's gold production came from three countries: China, Russia and Australia, each producing more than 300 mt.

Canada, the United States and Mexico ranked among the top six, with a combined production of 16% of the world.

Nevada alone accounts for 72% of U.S. production, and the state is home to the world's largest gold mining complex (including six mines), owned by Nevada Gold Mines.

South Africa produced 110 mt of gold in 2022, a drop of 74% from 430 mt in 2000.

The World Gold Council believes that this long-term decline is the result of a combination of mine closures, aging assets and industry conflicts.

Uzbekistan and Indonesia, which have the world's second and third largest gold mining facilities respectively, are also included in the list of top gold producing countries.

Outlook for global gold production

As of April 25, the international gold price fluctuated around $2,000 per ounce, close to historical highs.

For mining companies, rising gold prices mean more profits if costs remain the same.

The World Gold Council predicts that driven by the expansion of existing mines in North America, the world's mine gold production will increase in 2023 and may exceed the record of 3,300 mt set in 2018.

If gold prices continue to rise, mine gold production may continue to grow.

More popular news:

'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices

US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters

Russia is Accelerating Technology to Become Top Liquefied Natural Gas Supplier by Tripling Exports By 2030

Rio Tinto Warns of Risks for Paying High Premiums for Lithium Mines after Plunging Lithium Prices Triggered Acquisition Rush

SMM Daily Comments (May 5): LME Base Metals Rose across the Board, SHFE Nickel Plunged

IMF Slashes Saudi Arabia GDP Growth 2023-2024, Saying the Country Can’t Achieve Budget Balance This Year unless International Oil Prices Surge to $81 per Barrel

JPMorgan Asset Management: US Treasury Bonds will Strengthen

JPMorgan: How to Invest Amid a Likely Recession? Investors are Turning to Gold and Tech Stocks

A Bull Gold Market Has Just Begun