EOSC 118 Lecture Notes - Lecture 25: Heavily Indebted Poor Countries, Troy Weight
4 Aug 2015
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Document Summary
As of 2012, canada is world"s 8th largest producer with 4% of total global production. China, south africa, australia, russia and us are top 5, with about 45% output of new gold combined together. Gold is virtually indestructible, all gold ever mined still exists today. Because of this, an upward spike in price if met by the resale of above-ground stock: this is why gold price is less volatile than the majority of other commodity prices. Gold that satisfies demand each year comes from mine production and recycling of metal. Over the last 5 years, recycled gold, largely from jewellery market has represented a quarter of gold supply. Annual demand for gold fall in 3 categories: jewellery, industrial, investment. Gold is produced on every continent except antarctica. Gold is increasingly produced in heavily indebted poor countries. Gold is mainly thought of in troy ounce. Many small artisanal miners operate as one-man bands in africa, latin america and.
