SA production has been dropping since 1970. But in that time China, Australia, and others have picked up the slack. But when world gold supplies are >150,000 tonnes, the 1-1/2% of annual production is not really a major player. It's the existing pile and who owns it that is the driver. I'm more concerned about when we reach peak "paper gold." A much bigger factor than peak gold production would be whether the world's central banks truly have 31,000 tonnes in reserves, or haven't leased/sold 10,000-15,000 tonnes over the past 20 yrs. If that were to be true, the jig would be up, peak gold or not. 2011 was the first year that exceeded the 2001 production high. I've seen estimates that production will peak about 10-15% higher in the next 5 yrs or so. Of course if nations continue to make things tougher for miners (no permits, more taxes, nationalizing mines) then maybe we have seen peak production. The topic of peak production makes much more sense for silver since most of it is used up each year.
<< <i>I seem to remember hearing similar stories about oil.
Saudi is certainly over the hump in production. >>
And the point is? Some people think oil will go up forever because it will become scarce. I think it could go down forever because if it is so scarce other means of energy will be developed thus rendering oil for nothing more than fixing a squeeky hinge.
And the point is? Some people think oil will go up forever because it will become scarce. I think it could go down forever because if it is so scarce other means of energy will be developed thus rendering oil for nothing more than fixing a squeeky hinge.
The point is that Saudi Light is what has set the world benchmark for crude prices for over 60 years and that is because it was plentiful, easy to extract and easy to refine. After that is gone, everything else gets a little harder.
World demand for oil will continue to accelerate in spite of green energy and conservation efforts. Nat Gas might be able to stave off a major price hike in the US for a few decades, but that depends on the rest of the world as well.
Nobody seems to really know when those factors will cross the threshold into scarcity of supply vs. increased demand.
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NumbersUsacom
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Knowledge is the enemy of fear
Saudi is certainly over the hump in production.
I knew it would happen.
are >150,000 tonnes, the 1-1/2% of annual production is not really a major player. It's the existing pile and who owns it that is the driver. I'm more
concerned about when we reach peak "paper gold." A much bigger factor than peak gold production would be whether the world's central banks truly
have 31,000 tonnes in reserves, or haven't leased/sold 10,000-15,000 tonnes over the past 20 yrs. If that were to be true, the jig would be up, peak gold
or not. 2011 was the first year that exceeded the 2001 production high. I've seen estimates that production will peak about 10-15% higher in the next 5 yrs or so.
Of course if nations continue to make things tougher for miners (no permits, more taxes, nationalizing mines) then maybe we have seen peak production. The topic
of peak production makes much more sense for silver since most of it is used up each year.
<< <i> The topic of peak production makes much more sense for silver since most of it is used up each year. >>
Now that thear is some quotin I reckon is right goood for the hearin.
<< <i>I seem to remember hearing similar stories about oil.
Saudi is certainly over the hump in production. >>
And the point is? Some people think oil will go up forever because it will become scarce. I think it could go down forever because if it is so scarce other means of energy will be developed thus rendering oil for nothing more than fixing a squeeky hinge.
Knowledge is the enemy of fear
<< <i>They quit making new dirt a long time ago. >>
<< <i>I will quote a comment someone made on that article:
<< <i>They quit making new dirt a long time ago. >>
>>
I guess that person had never been to Hawaii, or Iceland, or Dutch Harbor, or ect.
Knowledge is the enemy of fear
<< <i>
<< <i>I will quote a comment someone made on that article:
<< <i>They quit making new dirt a long time ago. >>
>>
I guess that person had never been to Hawaii, or Iceland, or Dutch Harbor, or ect.
In addition, approx 40 tons of Meteor and Space dust hit the earth daily
The point is that Saudi Light is what has set the world benchmark for crude prices for over 60 years and that is because it was plentiful, easy to extract and easy to refine. After that is gone, everything else gets a little harder.
World demand for oil will continue to accelerate in spite of green energy and conservation efforts. Nat Gas might be able to stave off a major price hike in the US for a few decades, but that depends on the rest of the world as well.
Nobody seems to really know when those factors will cross the threshold into scarcity of supply vs. increased demand.
I knew it would happen.