Miners To Reduce Gold Production

September 1998

Precious Metals:Data & Statistics

Miners To Reduce Gold Production

First diamonds, now gold. After diamond miners and dealers complained long and hard about low profits, De Beers responded by limiting supplies. As long as the demand holds steady, lower supplies should mean steady or higher prices.

Now comes word the world's gold miners – particularly the biggest three producers – will cut annual production growth rates – from an average 5% since 1981 to 1% through 2001.

The reason: "The sustained low gold price over the past year has caused miners to recalculate their projections," says The Gold Institute, Washington, DC, which represents gold producers, refiners, bullion suppliers and manufacturers.

What does it mean for jewelry retailers? Don't get used to low gold prices just yet.




Copyright © 1998 by Bond Communications.


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