Where gold came from in 2014

GFMS have released their annual review of gold mine supply and consistent with what we’ve previously reported there was a slight increase in 2014 but they are seeing this as probably the peak, with declines from hereon in.  The tables below are largely self explanatory but there are some interesting moves to discuss.  Firstly China has consolidated its position as distant number one and remember not an ounce of that leaves their borders.  Russia has overtaken Australia for the number 2 position and they keep most of what they mine.  Arguably both of those countries have increased production despite lower prices because they aren’t doing so commercially, rather conveniently building their sovereign reserves, whilst most other countries dropped.  The sad story of former #1 South Africa continues as it slips to 6^th and only just above the fastest growing producer, Canada.