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RUSSIA & CHINA RAMPING UP GOLD PRODUCTION WHILE US SHARE DECLINES
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
silverdoctors.com / By SRSrocco / September 7, 2012
In 1998, Nevada was actually the 4th largest gold producer in the world generating 78% of all the gold mined in the United States. We can also see some interesting changes when we compare the two charts.
China moved from number six in 1998 (150 tonnes) to number one in 2011 (355 t). The biggest loser turns out to be South Africa which lost its number one position (465 t) in 1998 to become number 6 (190 t) in 2011. Furthermore, Russia moved up to the 4th largest producer in 2011 (200 t) from the 7th slot in 1998 (105 t).
Isn’t it interesting that China & Russia have increased their gold production the most compared to all the other countries in the past 13 years? Their combined total was 555 tonnes in 2011, up from only 255 tonnes in 1998.
Do you think they are motivated to mine and acquire as much gold as they can? I wonder why?
I have been farting around looking through the past Major Mines of Nevada Publications. What a wonderful publication. They list all the separate gold and silver production figures for all the individual mines in the state. Their last publication was for 2010. I spoke with David Davis the other day from the Nevada Bureau of Mines and Geology about some issues on gold mining in the state.
He told me, now that the price of gold has hit $1600+, some of the mines are actually drilling for assays underneath the huge waste rock piles. When they deposited the waste rock years ago, they never imagined they would utilize the lower grade ores in these areas. I spoke to him about falling gold ore grades and increased diesel consumption. He responded by telling me that he actually had never thought about it.
Regardless… I found it simply astonishing that Nevada was the 6th largest gold producer in the world in 2011:
Thanks to BrotherJohnF
2012-09-07 16:29:43
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