Gold production in the USA collapses

In the USA less and less gold is mined. Most recently, the U.S. Geological Survey reported the weakest August yield in many years.

Less gold from the USA

Only 16.6 tonnes of gold were mined in the USA last August. This was reported by the U.S. Geological Survey (USGS) in its latest monthly report. Compared to the previous month, this represents a decline of 3 percent. Compared to the same month last year, American gold production fell by 12 percent. At the same time, it was the lowest yield since February. At the time, 15.4 tonnes of gold had been produced.

 

Weakest August for many years

However, US gold production is usually booming in the summer months, while mines often get less gold out of the ground in winter. In August 2018, 18.9 tonnes of gold were still being produced in the USA. At the same time, August production was the weakest for at least ten years. The USGS monthly data available do not go any further back. However, the following chart shows gold and silver production (indexed) since 1972. It shows: The peak of production was reached in February 1998. Since then, the production figures have fallen, sometimes with significant fluctuations.

 

Basic problem

At 136 tonnes, the eight-month figures are now 7.7 per cent down on the previous year. As in other mining regions of the world, the US gold industry is suffering from declining gold content in ore, few to no discoveries of new deposits, rising costs of gold mining and exploration, and problems with project financing.