More Evidence of Precious Metals Mining Collapse

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Published : May 04th, 2018
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Category : Gold and Silver

This is confirmation of what we recently reported regarding collapsing mining production and falling AGE sales. By 2021/2023 time frame we will begin seeing much, much higher gold and silver. As the metals reach for these new lofty heights it will be difficult, if not impossible, to revisit the current levels gold and silver are at today. Not saying the metals won’t come back to these current levels but it will be a challenge as mine supply will be drying up with new mines still being several years away from production.

Gold discovery rates continue to slide

Research has confirmed what most in the gold sector already know – the rate of gold discoveries is continuing to decline.

S&P Global Market Intelligence’s annual Gold Discoveries report found that gold exploration budgets peaked in 2012, but remain at historically high levels.

Explorers have allocated US$54.3 billion to gold exploration over the past decade, 60% higher than the $32.2 billion spent over the preceding 18 years.

Despite the effort, just 215.5 million ounces has been discovered in 41 discoveries over the past decade, compared with 1.72 billion ounces in 222 discoveries in the preceding 18-year period.

Over half of that amount is contained in just 10 discoveries, with Zhaojin Mining Industry Co’s 16.4Moz Haiyu deposit in China the largest.

Other deposits in the top 10 including Barrick Gold’s Goldrush, White Rivers Exploration/Harmony Gold’s JV, SolGold’s Cascabel and Cardinal Gold’s Namdini.

S&P says that even after adjusting for more recently identified deposits that might eventually surpass its threshold for a major discovery, and for major discoveries with potential to expand, it forecasts that the gold in major discoveries might only increase to about 363Moz over the next decade.

S&P Metals & Mining senior research analyst Kevin Murphy said previous research into gold lead times showed that it took about 20 years for an asset to advance from early exploration to production.

“This timeline implies that the reduced discovery rates of the last decade will limit the pool of projects that could come online in 15 to 20 years,” he said.

“Unless discovery rates begin an upswing in the near future, there could be a lack of quality assets available for development in the longer term.

“The declining discovery rate shows the importance of continuing exploration and funding companies responsible for exploration to maintain a healthy future pipeline of assets available for development.”

Majors Barrick and Newcrest Mining reported declines in reserves this year. Mining-Journal

Got physical? We have been saying for some time now could possibly be a great time to add to or start stacking precious metals. Gold is still money and the word “Silver” translates to money in languages all around the world. That might, maybe, perhaps mean something or be a clue as to their importance. As we continue reporting on mining production collapsing better to be early than even one day late.


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Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few.
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