Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold Dips on the Week While Silver Rises Almost 3%
By: Chris Mullen, Gold Seeker Report

Taiga Launches Website, Sets Tentative CSE Trading Date
By: Eagle Plains Resources Ltd.

Economics 101: Who Sets Prices?
By: Alasdair Macleod

Silver Breakout Or Fakeout?
By: Mike Maloney and David Morgan

COT Gold, Silver and US Dollar Index Report - April 20, 2018
By: GoldSeek.com

Gold Nearing Bull Breakout
By: Adam Hamilton, CPA

Surmounting The Greatest Market Threat
By: Deepcaster

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

Turkey Takes Possession of 220 Tons of Gold Repatriated from Federal Reserve
By: Rory Hall

Black Monday II - Repricing of Risk Begins
By: Gordon T Long

 
Search

GoldSeek Web

 
U.S. Gold Production Finally Hit Hard Due To Low Price


 -- Published: Tuesday, 1 September 2015 | Print  | Disqus 

By Steve St. Angelo, SRSrocco Report

The lower price of gold has finally taken its toll on U.S. gold production.  Domestic gold mine supply fell considerably in May compared to the same period last year.  This is a significant amount as the United States is the fourth largest gold producer in the world.

According to the most recently released data by the USGS, U.S. gold production declined a whopping 14% in May.  Gold production for the month of May fell from 17.3 metric tons (mt) in 2014 to 14.9 mt this year:

U.S. Gold Production Jan-May 2015

For the first five months of the year, (Jan-May), U.S. gold production is down 10%, from 85.3 mt in 2014 to 76.9 mt currently.  The majority of declines came out of Nevada.  Gold production in Nevada fell from 61.8 mt Jan-May 2014, to 56.1 mt this year.

If current trends continue, U.S. gold production will fall below 200 mt in 2015.  Last year, the U.S. produced 210 mt of gold (according to the USGS), so a 10% decline would amount to 21 mt.  Thus, overall U.S. gold mine supply could fall to 190 mt in 2015.

The last time U.S. gold production was below 200 mt was 28 years ago in 1987:

U.S. Gold Production

I don’t have the figure for 1987 in the chart, but it was 154 mt.  Basically, U.S. gold production hasn’t been this low for nearly three decades.  That being said… does it really matter?  According to the clowns on CNBC, gold is just a barbarous relic.  Furthermore, the U.S. continues to export more gold than it produces and imports. 

With Americans consuming nearly double the amount of gold jewelry (47.5 mt) than physical bullion investment (24.2 mt) in the first half of 2015, who needs the barbarous relic anyhow??  Which is why the U.S. continues to show a trade deficit when it comes to gold.

Unfortunately, Americans will be the last to realize the powerful monetary and store of wealth properties of gold.  As the Chinese and Indians continue to consume nearly 100% of global mine supply… there is very little left over for Western investors who prefer highly leveraged debt based paper and digits.

Please check back for new articles and updates at the SRSrocco Report.  You can also follow us at Twitter below:

SRSroccoReport Twitter Button


| Digg This Article
 -- Published: Tuesday, 1 September 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.