The Phaserl


U.S. 10-Month Gold Mine Output Falls 7% Y/Y

by Lawrence Williams,

An increasingly important gold trade route (Image production Kip Keen; sources wikipedia and pixabay)

Latest USGS figures show that production of gold by U.S. mines was 540,000 ounces (16.8 tonnes) in October, a 6% decrease compared with September output and an 11% decrease compared with that of October 2013 (See table below). Year on year U.S. gold output is down by 7.4%, continuing the decline seen a year earlier. The U.S. is the world’s fourth largest gold producer, after China, Australia and Russia, but is not in danger of losing its place as South Africa, the world’s fifth largest producer in 2013, is some way behind, and production there will also probably be down on a year earlier. However the gap is widening between the U.S. and the three countries above it which are all likely to show increases in gold output in 2014 compared with 2013 when the final 2014 figures are all collated. On the basis of the USGS figures to date, U.S. total gold production for the year is likely to be in the order of 211 tonnes as compared with 230 tonnes a year earlier.

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