Papers - Gold Supply Symposium - Sources and Trends in Gold Production (Summary)

This paper outlines the trends in gold production since the discovery of America, in the world as a whole, and in the principal producing regions as well. World production climbed at an average rate of about 20,000,000 oz. per 5-year period until the record all-time output of 111,307,000 oz. in the period ending with 1915. Production fell off during the war period, but has been mounting since 1925, and will probably be nearly 100,000,000 oz. for the 5-year period ending in 1930. Total world production of gold from 1492 to the end of 1930, as closely as can be determined, is more than 1,061,000,000 fine ounces. More than one-half of this total, or about 575,000,000 oz., has been mined since 1900. In percentage of world production, the United States jumped from 4.8 per cent for the decade 1831-1840 to 44.5 per cent for the five years ending with 1855. This is the highest figure ever reached by this country, although, with the exception of the 10-year period ending 1865, it ranked first among the nationa from 1849 until the end of 1905. During the 5-year period ending with that year, the United States produced 24.7 per cent of the world's gold. The tremendous increase from South Africa following 1890 resulted in that country's becoming the largest contributor for the five years 1906-1910, a position it has held with increasing dominance ever since. Relegated to second place in the period 1906 to 1910, the United States produced nearly 20 per cent of the world's new gold until 1920. From 1921 to 1925 it averaged 13.6 per cent and since then it has continued to decline in relative importance, accounting for only 10.9 per cent in 1927. Final figures for 1930 may place Canada second among the gold producers of the world.