Saturday, February 26, 2005

Gold Mining Output Lowest in 60 years

The World Gold Council annual report said, gold mining supply fell 13% in 2004 compared to 2003 recording the sharpest fall in gold supply since the 1940s.
World gold mining production was 2,478 tonnes in 2004.

“De-hedging was high throughout 2004, 59% higher than in 2003,” the WGC said. Scrap supply was 14% lower in the fourth quarter“, continuing the trend evident in the first three quarters of the year,” the WGC said.

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