Australian Gold Bullion

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In 2008 a total of 22 countries accounted for more than 90% of gold production.

Among those were numerous unstable nations such as Uzbekistan, Venezuela, Colombia and Congo. This means that production has been shifting from the traditional to emerging markets. Over the past decade the share of these countries in terms of total production has increased from 18% to 31%.

In 2007 China overtook South Africa as no.1 producer – in 1970, South Africa had still accounted for 70% of total global production. In 1997 the Big 5 (Australia, Canada, Russia, South Africa, USA) made up more than 90% of total production, whereas today this share has fallen to 41%. This means that the security of supply has obviously diminished given that resource nationalism is clearly on the rise.

Global Gold Production Chart