12/08/09 Stockholm, Sweden – Jean Laherrére at The Oil Drum sees a permanent decline forming in world gold production. From his analysis The Business Insider has selected several charts that best explain the compelling case he’s made for peak gold.
Here are a few highlights:
* Throughout history cumulative gold production has risen alongside growth in human population, but it looks like gold production will peak and begin to peter out sometime in roughly 2050.
* Growth in world gold production was fairly steady up until the 1800s when it exploded along with population.
* The world’s annualized gold production peaked in 2000. Since then the average grade is going down and refining the lower quality grades of gold is more expensive.
* Gold exploration budgets have increased more than 600 percent since 2002, but since the 1980s there have still been far fewer large discoveries.
To see the full 14-chart slideshow visit The Business Insider for its coverage of the coming collapse of the global gold mining industry.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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