Australia’s gold output is now at a two-decade low, having fallen to 219 tonnes in 2008, and down 27 percent from 2007 output, as mining companies dug up more lower grade gold bearing ores in response to rising bullion prices.

South Africa’s 2008 gold output was the lowest since 1922 due to power shortages, dwindling grades, and the closure of several mines. South Africa’s Chamber of Mines reports a 13.6 percent decline in annual gold output in 2008, helping to push the price of the precious metal higher.

The world’s largest gold refinery increased coin output to the highest level in 23 years as the demand for South African Krugerrands rose. The refinery has doubled weekly production to 20,000 ounces of blank coins for minting as of January 2009. In addition, the U.S. Mint has sold 93,500 ounces of its popular American Eagle gold coin in the first seven weeks of this year, the same amount it shipped during the whole of 2007.