Mining
Gold’s Biggest Winning and Losing Streaks
Gold’s Biggest Winning and Losing Streaks
Gold has started 2016 in “hot” territory. Up 5% in just under a month, the yellow metal is one of the only bright spot shining in a sea of market volatility.
However, a 5% rise over the course of a month is nothing for gold. Since it began trading freely in 1971, the metal has had dozens of glittering hot streaks that make the start of 2016 look boring in comparison. On the flipside, gold has also had many cold streaks that saw it lose hundreds of dollars of value in just a matter of days.
Today’s infographic covers gold’s longest winning and losing streaks. The streaks listed include all runs, positive or negative, over 10%.
There have been 31 positive runs over 10%, and 18 losing streaks over the same threshold.
Interestingly, all of these streaks have occurred in previous decades. Since 2010, we have not seen one winning or losing streak of a similar magnitude.
The most volatile decade for gold was the early 1980s, when record-high interest rates, the Iranian Revolution, high oil prices and recessionary forces reigned supreme. Nearly half of all of gold’s biggest wins and losses (between 1971 and today) were during this wild decade.
Mining
Visualizing Global Gold Production in 2023
Gold production in 2023 was led by China, Australia, and Russia, with each outputting over 300 tonnes.
Visualizing Global Gold Production in 2023
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Over 3,000 tonnes of gold were produced globally in 2023.
In this graphic, we list the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).
China, Australia, and Russia Produced the Most Gold in 2023
China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.
Country | Region | 2023E Production (tonnes) |
---|---|---|
🇨🇳 China | Asia | 370 |
🇦🇺 Australia | Oceania | 310 |
🇷🇺 Russia | Europe | 310 |
🇨🇦 Canada | North America | 200 |
🇺🇸 United States | North America | 170 |
🇰🇿 Kazakhstan | Asia | 130 |
🇲🇽 Mexico | North America | 120 |
🇮🇩 Indonesia | Asia | 110 |
🇿🇦 South Africa | Africa | 100 |
🇺🇿 Uzbekistan | Asia | 100 |
🇬🇭 Ghana | Africa | 90 |
🇵🇪 Peru | South America | 90 |
🇧🇷 Brazil | South America | 60 |
🇧🇫 Burkina Faso | Africa | 60 |
🇲🇱 Mali | Africa | 60 |
🇹🇿 Tanzania | Africa | 60 |
🌍 Rest of World | - | 700 |
Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.
In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.
Estimated Global Gold Consumption
Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.
- Jewelry: 46%
- Central Banks and Institutions: 23%
- Physical Bars: 16%
- Official Coins, Medals, and Imitation Coins: 9%
- Electrical and Electronics: 5%
- Other: 1%
According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.
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