Demand For Gold During Pandemic Drives Strong Growth In Gold Mining Industry

Demand For Gold During Pandemic Drives Strong Growth In Gold Mining Industry

PALM BEACH, Fla., Nov. 9, 2020 /PRNewswire/ — During periods of crisis, gold has proven to be a time-honored safe-haven asset. Scarcity and built-in utility have made the yellow metal a sought after commodity throughout recorded human history. Whether in physical or paper form, gold bullion is the world’s go to financial hedge against uncertainty. The global gold market is likely to be affected by the fluctuating supply of mined gold as the global gold production is a mix of scrap recovery, central bank supply, and mined gold. More than half of the global gold supply comes from mined gold. In 2019 the U.S. produced 200 tons (6.4 million troy ounces) of gold (down from 210 tons in 2018), worth about US$8.9 billion, and 6.1% of world production, making the U.S. the fourth-largest gold-producing nation, behind China, Australia and Russia. Most gold produced today in the US comes from […]

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