Consumption of Gold in United States of America reached 6,607.55 Thousand Ounces in 2020
Consumption grew by a CAGR of 5.62% between 2017 to 2020, and is expected to grow by ...
GlobalData projects the Consumption to decline at a CAGR of ...
Global gold mine production is expected to have dropped in 2020, affected by several factors such as the COVID-19 pandemic, the transition of the Grasberg open pit mine to underground mining in Indonesia, stringent environmental policies in China and the placement of Peru’s Lagunas Norte mine in care and maintenance. On a country basis, the largest declines are estimated in China, followed by Indonesia, Peru, Papua New Guinea and the US.
In contrast, despite the challenges posed by the COVID-19 pandemic, production in Australia and Russia – the second and third largest gold producers in the world – is expected to increase by in 2020. The increase in production will be supported by the uninterrupted operations in Australia, coupled with the ongoing ramp-up at Polyus's Natalka project and strong performance at Nordgold's Gross project in Russia.
Global gold reserves by country
According to the US Geological Survey (USGS), global gold reserves had a significant share as of January 2020. The majority of these are located in Australia, Russia, South Africa, the US and Indonesia. The remaining is spread across other countries such as Brazil, Peru and China.
The US had the world’s fourth largest gold reserves, of the global total as of January 2020. Gold reserves in the country are primarily located in the states of Nevada, California and Alaska.
The country’s largest gold mines in terms of metal reserves include South Deep Gold, Mponeng, West Rand Tailings Retreatment, Ergo and Kloof Gold mines.
Impact of COVID-19 pandemic on gold demand
According to the GlobalData estimates, global gold demand fell down in 2019 mainly due to higher gold prices, which resulted in lower jewelry and physical bar demand. Global gold demand declined during the first nine months of 2020.Increasing gold prices, coupled with lockdowns across various countries, had a significant impact on consumer demand. As a result, jewelry demand declined in the same period. Similar factors were behind the fall in gold used in technology. However, support from central banks and governments in the form of tax rate cuts led to strong inflows into gold-backed exchange-traded funds (ETF) inflows in the first nine months of 2020, offsetting weakness in other sectors.
Newmont Corp.
Newmont Corp. is a mining company engaged in the exploration, production, processing and refining of several minerals, including gold, silver and copper.
The company has mining assets in Canada, the US, Australia, Peru, Suriname, Mexico, the Dominican Republic, Argentina and Ghana. Its portfolio of mining assets includes Carlin, Phoenix, Twin Creeks, Long Canyon, Tanami, Boddington, Ahafo and Yanacocha, among others.
Meanwhile, the company continued to progress its development projects, including the expansion at the Tanami mine in Australia, developing the sub-level shrinkage mining method at Subika Underground in Ghana, and advancing laybacks at Boddington and Ahafo mines in Australia and Ghana, respectively.
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