🥇 Where The World’s Gold Really Comes From
Top producing mines (Moz):
• 🇺🇸 Nevada Gold Mines 2.7
• 🇺🇿 Muruntau 2.7
• 🇮🇩 Grasberg 1.9
• 🇷🇺 Olimpiada 1.4
• 🇺🇿 Almalyk Complex 1.1
• 🇮🇩 Batu Hijau 1.0
• 🇰🇿 Kazzinc Consolidated 1.0
Then Africa:
• 🇲🇱 Loulo-Gounkoto 0.7
• 🇨🇩 Kibali 0.7
• 🇬🇭 Ahafo 0.8
#GOLD supply is geographically diversified.
But production growth is limited.
Grade decline, permitting friction, and capital discipline constrain new supply.
If gold is leading the macro cycle again.
Mine output won’t respond quickly.
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