There will NEVER be a shortage of gold
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“ Data source: World Gold Council
India tops the ranking in first place. With a population of over a billion, India has a substantial demand for gold, amounting to more than 747 tonnes in 2023 — made up of jewellery and gold bar demand. This works out at roughly 0.52 gram per person. However, there has been significantly lower mine production at 15.1 tonnes, meaning that demand was 50 times the supply in 2023.
Behind in second place is China. With a population of over 1.4 billion, the country has a yearly gold demand of 909.7 tonnes. Although the mine production figure is the highest seen in all 10 countries, it still falls short of the demand by two times.
Rounding out the top 3 is Turkey. Mine production in 2023 stood at 36.5 tonnes, which is six times lower than the demand of 201.6 tonnes. Gold demand has also been rising, going from 1.13 grams per person in 2021 to 1.43 grams in 2022 and 2.34 grams in 2023.
Also falling behind in its production is the United States. The world’s No.1 economy mined roughly 166.7 tonnes of gold in 2023 but still fell about 80 tonnes short of its demand….”
And…..Silver has entered its fourth year of structural deficits….PM mining is lagging severely. It will take a few more years just to catch up to preCovid levels, and with the population growth it may never.
There will NEVER be a shortage of gold. Price will adjust upward until supply satisfies demand. Econ 101.
Every ounce has its price.
Get it?