200 Years of Global Gold Production

Where Does the U.S. Rank Among Other Nations?

Most of the gold that has been produced throughout history remains in human hands.  As much as 86 percent of it has been produced in the last 200 years.  Our thanks to Visual Capitalist for the below chart illustrating the history of gold production.

The World Gold Council believes that 2023 gold production could surpass the production record set in 2018.   We note, however, that inflation has not just struck consumers.  It has substantially increased the costs of mine production.  Gold production is energy-intensive, which means higher costs, while higher interest rates mean higher costs of equipment leasing and so on.  These cost increases with eventually translate into higher gold prices.

China surpassed South Africa in gold production in 2007.  It remains the world’s largest producer today, followed by Russia and Australia.  The U.S. comes in at #5, lagging behind its northern neighbor Canada.