U.S. Geological Survey’s recently published data shows that the global Gold production rose for the past three years after falling every year between 2001 and 2008. In 2011, production reached 2,700 metric tons. The past decade has been quite a poor one for the production of Gold Bullion. The compound annual growth (CAGR) rate has fallen well below the average of the past 110 years.U.S.gold mines production declined by 7% month-on-month to 20,200 kilograms in January this year, as per latest data released by the U.S. Geological Survey. According to the USGS data, the average daily gold production forU.S.mines was 650 kg in January 2012, compared with 700 kilograms per day for December 2011, and 652 kilograms per day for the full year 2011. The average Engel hard gold price was $1,659.59 per troy ounce for January 2012, a slight increase compared with the average gold price in December 2011. The gold price began the month at $1,601.37 per troy ounce, the lowest level of the month, and then rose to $1,747.61 per troy ounce on January 31, the highest level of the month, USGS added.
As mentioned repeatedly in my earlier forecasts,- Surprising and contrary to many views, I forecasted in 2011 & strongly insisted that Gold inflows may increase gradually from 2012 onwards, thereby reducing Gold demand. Huge corrections can be expected. Gold may finally end its long Bull-run of the past 8-10 years. This may also prove to be one of the factors in driving Gold down.
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