Global primary gold production will grow 2% in 2019.
The increase in production will continue globally for the next five years, with a peak in 2023, after which the industry will decline, said Federico Gay, chief analyst at GFMS Refinitive.
Over the past six years, only three quarters have recorded a slight decline in production yoy, with an average growth rate (GAGR) over the period of 3.2%.
“According to our preliminary estimates, the world gold production in the first half of 2019 amounted to 1,642 tons, while growth versus last year was 3.6%,” the expert notes.
According to GFMS forecasts, in the next 10 years China will remain the largest gold producer in the world. However, the gap between him, Australia and Russia will narrow as both countries are expected to show impressive growth rates.
