By ZeroHedge – May 03, 2024, 11:00 AM CDT Over 3,000 tonnes of gold were produced worldwide in 2023. In this graphic, Visual Capitalist’s Marcus Lu notes the world’s prominent nations in regards to gold production. These figures originate from the current USGS publication on gold stats (released January 2024). China, Australia, and Russia Produced one of the most Gold in 2023 China was the leading manufacturer in 2023, accountable for over 12% of overall worldwide production, followed by Australia and Russia. Cash cow in China are mostly focused in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. Since January 2024, China’s cash cow reserves stand at an approximated 3,000 tonnes, representing around 5% of the worldwide overall of 59,000 tonnes. In addition to being the leading manufacturer, China became the biggest purchaser of the yellow metal for the year. The nation’s main bank alone purchased 225 tonnes of gold in 2023, according the World Gold Council. Approximated Global Gold Consumption Most of the gold produced in 2023 was utilized in precious jewelry production, while another considerable part was offered as a shop of worth, such as in gold bars or coins. Precious jewelry: 46% Central Banks and Institutions: 23% Physical Bars: 16% Official Coins, Medals, and Imitation Coins: 9% Electrical and Electronics: 5% Other: 1% According to Fitch Solutions, over the medium term (2023-2032), worldwide cash cow production is anticipated to grow 15%, as high rates motivate financial investment and output. By Zerohedge.com More Top Reads From Oilprice.com: WTI Finds Support After Sell Off Suddenly Halts ExxonMobil Underwhelms With Q1 Earnings Aramco Leads Oil Industry Investment in AI Download The Free Oilprice App Today Back to homepage
China, Australia, and Russia Dominate Global Gold Production – OilPrice.com
