Global gold mining output reaches record high in Q2 2024
In the second quarter of 2024, global gold mining output achieved a record high, totaling 929 tonnes produced. This boost in production reflects the continuing desirability and worth of the precious metal. The Gold Demand Trends Q2 2024 report from the World Gold Council indicates that total gold supply rose by 4% compared to the previous year, culminating in a total of 1,258 tonnes.
To learn more, please visit the Small Caps website, where you can read an article titled “JP Morgan predicts gold to reach US,500 by year-end due to escalating demand.”
Gold recycling supply reaches peak levels since 2012
Significantly, the supply of recycled gold has hit its highest mark for a second quarter since 2012. This increase in recycled gold underscores a meaningful change in market dynamics, driven by higher gold prices and greater consumer awareness. The World Gold Council’s report notes that recycled gold played a crucial role in the total supply, showcasing a 4% year-on-year growth.
Several elements have driven this surge in recycled gold. Elevated gold prices have encouraged both individuals and businesses to divest their gold assets, while advancements in recycling technologies have enhanced the overall efficiency of the process. Moreover, economic uncertainties and inflationary trends have led investors to leverage their gold holdings, further amplifying the recycling supply.
This trend offers both prospects and hurdles for investors. On the one hand, the boost in recycled gold supply may satisfy rising demand without intensifying strain on mining activities. Conversely, it could also impact gold prices and market perceptions, as the influx of recycled gold may moderate price escalations.
The World Gold Council has addressed these insights, though their statement is not included in the article.
