World Gold Council: Annual Total Gold Supply Surged in 2022

SEATTLE (Scrap Monster): The Gold Demand Trends Full Year 2022 published by the World Gold Council (WGC) noted that total gold supply recorded marginal increase by 2% in 2022, following two straight years of decline. The annual mine production and recycling both posted modest growth during the year.

The annual gold supply totalled 4,754.5t, when compared with 4,682.4t in 2021. The full year mine production of 3,611.9t in 2022, was nominally higher by 1% upon comparison with 3,568.9t in the year before. The production hit the highest level since 2018, noted WGC report.

The recycled gold supply, at 1,141.1t, was essentially flat, up by less than 1% from 1,136.2t. However, the supply was almost 30% below the all-time highs.

The gold mine production in China surged higher by 42t to 374t, as mining returned to normal levels in Shandong province after Covid-19 lockdowns. The increased Chinese output offset production declines in South Africa and Russia. The production in these two countries witnessed year-on-year declines by 10% and 6% respectively. Region-wise, Asian output witnessed largest increase, whereas production by CIS region as well as Central and South America.

The mine production dropped 1% in Q4 last year to 930t. The production had declined during the first three quarters of the previous year.