The world’s gold is melting away, mining experts have warned, and soon all our supplies could be depleted. Many have forecast that within a year we could hit “peak gold,” the maximum rate of global gold extraction, with discoveries in gold declining thereafter, The Daily Mail noted.
This has been a longstanding concern that has surfaced in the past, however it seems as if D-day is fast approaching.
Chuck Jeannes, chief executive of one of the world’s largest gold mining companies, Goldcorp, previously told The Wall Street Journal that a falloff in gold supply could support the gold price, however, it would make mining harder. This, he said, would ultimately lead to further consolidation in the industry.
Compounding the issue is the emergence of new mining projects, which are doing nothing but replacing older assets running out of ore, said David Harquail, chief executive officer of Franco-Nevada Corp., according to Bloomberg.
“We’re not going to fall off a cliff in the near term, but in the same time it’s really hard to see how we’re going to produce enough gold to meet all this demand,” he explained.
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