Top Gold Producing Countries in 2011

2011 has been a momentous year for gold, with increases in the price of gold, investments, and gold production. Countries all around the world have been producing gold at a increasing rate throughout the year. China and India have been especially prominent figures in the gold market and have established new heights in record buying gold. Gold production remains one of the most important reasons behind all the important gold events of the year, and many of the top producers of gold have seen important changes over time.

China- China has become the world’s number one producer of gold with 345 tonnes of gold produced this year. Unlike many other countries that are declining in gold production as the price of gold rises to catch up with economic value, China is planning on producing even more gold and predicts up to 400 tonnes in gold production for next year.

South Africa- Known historically as a top producer of gold, South Africa’s gold production has actually declined as China has taken the spotlight in production. South Africa has seen an 80% drop in gold production within the last 40 years. Although South Africa’s production has been in decline, it is still historically considered one of the largest gold producers amongst the general population.

Russia- Russia has become slightly more interested in gold purchases as it tries to compete with India and China. Russia plans to purchase large amounts of gold in the upcoming years, although its current production of gold has remained generally unchanged at about 190 tonnes.

Canada- Canada produced over 166 tonnes of gold in 1964, well under Russia’s current average. However since the 60s, gold production in Canada has remained below the 166 tonnes mark. In 2010 they produced only 90 tonnes of gold.

The U.S- The production of gold in the U.S is currently well above the averages of many of the top gold producing countries and only slightly below Australia and China each the respective second and top producers of gold in the world. Although the U.S has not produced as much gold as it did in the past, the nation currently produces a healthy 230 tonnes of gold.

These are the top gold producing countries in the world; however many other smaller countries also produce gold such as Colombia, Kazakhstan, Mali, Mexico, Chile, and many more.

Sources: http://news.goldseek.com/Dani/1309290922.php

Gold Production

Gold, the world’s most precious mineral, doesn’t just grow on trees. The mining and producing of gold is done all over the world, and the refining process finalizes gold for modern day use. South Africa has been since the 1880s a remarkably large source for gold output in the world with more than 50% of all the gold ever produced having origin in South African mines. To this day a large source of gold production comes from South Africa, with China overtaking them for the very first time as the number one gold producers worldwide. Countries like the U.S, Russia, and Australia are also major producers. The following map shows an example of gold production and which countries are currently leading producers:

(map from: http://www.bgs.ac.uk/home.html)

Not only is Gold one of the most sought after metals, it is also one of the most durable and stable. The gold that is found in jewelry, works of arts, and manufactured goods can still be (and is usually) recovered for immediate or future use. Because of this strong durability of gold, gold consumption barely creates a wasteful or un-useful by-product like many other sources, and instead simply changes form or ownership when no longer being used.

Gold Production Should Increase Amount of Cash for Gold

Earlier this week, Bloomberg reported that Harmony Gold Mining Co., the third-largest miner of gold in Africa, has planned to raise production of gold.

It was announced at the company’s shareholders meeting in Johannesburg that due to increasing gold prices, Harmony is looking to take a bullish stance on mining. CEO Graham Briggs stated that, “We need to produce more gold to benefit from higher prices”.

October 15th resulted in gold prices of 9,017 rand after a six-year low against the U.S. dollar. Harmony rose 8 rand or 12% to 74.50 rand in Johannesburg. The company has increased 7.3% this year, resulting in Harmony becoming the strongest performer of the seven large mining companies.

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Soaring Gold Prices

The soaring prices of gold are being felt particularly in India, where gold is considered an auspicious metal. Gold jewelry, gold ornaments and other gold items have always been traditional gifts for religious holidays and family celebrations such as weddings and births. Because gold is seen as a portable asset, gold jewelry and bars are an important part of a woman’s dowry, stored away until the gold items are sold for their metal value. (74)

India is the world’s biggest consumer of gold. 200 metric tons of scrap gold are recycled there every year. India imports about 700 metric tons of gold, with only a miniscule gold production of its own. The high gold prices have hurt gold importers. India’s gold imports in January plunged by 72 percent to around 24 metric tons, an official from World Gold Council said. (139)

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