Gold prices expected to rise - FORECAST

In the next 20 years, the reserves of gold and diamonds can dry out

Baku. 1 April. REPORT.AZ/ At the current rate of extraction of gold and diamond deposits in the world of their reserves could run out in 20 years and the reserves of platinum, copper and nickel run out in 40 years. Report informs, these calculations were made by the analysts of Goldman Sachs.

Increased demand for precious metals is due mainly to the lack of new deposits. In fact, the production cost of these metals is low. According to forecasts of Goldman Sachs, in 2015, gold production in the world could reach its peak and will decline in the coming years. For this reason, the rate is expected to remain gold production in the coming years.

Earlier, a similar statement was made by one of the largest gold mining company Goldcorp, which stated that gold mining, opened in record numbers in 1995, reached a peak in 2015. In the event that will not open new fields, production will fall to its lowest level in 2022.

Gold mining for many years remained stable, but the new fields will not open, and the number of available fields is reduced. Note that if in 2011 the value of one ounce of gold was up to 1 889.7 dollars, now the figure is 1,187 dollars per ounce. Last year, an ounce of gold cost an average of 1266 dollars.

Russia increased its gold production by 7% in 2014, producing 272 tons, and thus took second place ranking gold producer, ahead of Australia. First place is China, which in 2014 produced 465.7 tons of gold.

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