Gold News

Aussie gold production drops

Gold mining production in Australia saw a four per cent fall during the last three months of 2007, according to a new report.

Statistics compiled by research firm Surbiton Associates have shown that the country produced some 63 tons of the yellow metal during the quarter, significantly lower than in the same quarter of 2006.

Annual output fell by a ton to 248 tons in 2007, with Surbiton director Sandra Close highlighting an increase in the average gold price from A$585 ($547) an ounce to A$830 ($776) last year, the Age reports.

It is not just a slowdown in gold supply that is responsible for the surge in gold prices in recent times - a combination of factors including the weakening US dollar, the international political climate and rising demand in emerging countries such as China have all had their part to play, it has been claimed by a number of experts.

And those with gold investments could be set to benefit from even higher prices in the future - Dr Close said that gold production levels in South Africa will continue to suffer as a result of ongoing power problems.

"Some reports suggest that South African gold production will fall 15 per cent to 20 per cent even if power levels can be maintained at 90 per cent," she commented.

Looking to Buy Gold today? For direct access to live Gold Market prices - and to save up to 80% compared with coin dealers' fees - click through to BullionVault now...

BullionVault-cube-18492015-ADNFCR

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals