According to some estimates, in the entire history of modern mankind, 187,200 tons of yellow precious metal were mined. This information was published by the Australian government. However, it must be remembered that the resources in the earth are not infinite.
In recent years, the supply of gold in the world markets has noticeably decreased: in the 3rd quarter of 2020, the decline was 3% compared to the previous year. Such data were published by the World Gold Council (WGC). In total, from June to September 2020, the supply of precious metals on the market amounted to 1.223.6 tons.
Where did gold come from in the global market in the third quarter? Approximately 883.8 tonnes, or 72%, were produced from fields around the world. This indicator decreased by 3% in the third quarter. According to the WGC, in the first three quarters (9 months), gold production at the fields decreased by 5% to 2,447.4 tons compared to the same period in 2019.
Another source of gold entering the market is recycling. This figure, on the contrary, increased in the third quarter by 6% to 376.1 tons - this is the largest increase since the fourth quarter of 2012. The fact is that against the background of the growth in the world price of gold, people began to get rid of old gold items that they no longer need. In some regions of the world, people were selling precious metals to improve their financial situation due to the coronavirus crisis.
The supply of gold in the world market decreased in the third quarter primarily due to quarantine restrictions that were introduced in many countries. The statistics for the second quarter were also corrected: as a result, the decrease was 10%. According to some experts, gold mining will continue to remain under pressure due to restrictive measures that are being introduced in the fields to prevent contamination among workers.