World Gold Production And Price Relationships

This paper presents an analysis of gold production and prices over an extended period. Production patterns are provided for the world as a whole and for the five major producing countries. Gold prices as a function of interest rates, as measured by municipal bond rates, are given for the period 1947 to the present. World gold production has had a phenomenal increase since 1980, with the exception of South Africa, all major producing nations participated in this increase, even though the price of gold generally has been decreasing since the high level attained in 1980.