Global Gold Mine Output Surged Slightly in 2021

SEATTLE (Scrap Monster): The annual gold mine production rose marginally during the previous year. However, the total supply registered decline, mainly on account of sharp decline in recycled gold supply, noted the latest Gold Demand Trends Report released by the World Gold Council (WGC).

The gold supply totalled 4,666.1t in 2021, slightly lower by 1% from 4,721.1t in 2020. This is the second consecutive year that the supply has dropped and the first consecutive dip in more than a decade.

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The mine production has increased by 2% from 3,474.7t in 2020 to 3,560.7t during the previous year. Although, the production recovered partially during the year, it remained below peak. The Q4 2021 mine output, at 915t, fell to the lowest Q4 mine output since 2015. The strong production in H1 2021 gave way to weak production during the second half of the year, WGC noted.

The global hedge book recorded decline by 44.5t during the full year 2021. The recycled gold supply fell sharply by 11% year-on-year to 1,149.9t, to levels not seen for three years. This is primarily in reaction to the modestly lower prices of the yellow metal during the whole year. This compares with 1,292.3t in 2020. Meantime, the Q4 witnessed 9% dip in recycled gold supply.