Total global supply decreased by 4% to 4,398.4 tonnes in 2017 compared to 4,590.9 in 2016. Decline in recycling drove total supply decline, as mine production crept to new high in 2017.
Mine production finished 2017 by falling 2% y-o-y to 833.1 tonnes in Q4. This resulted in overall annual mine production of 3,268.7 tonnes – fractionally higher compared to 2016 – and the highest annual total in our records. New mine starts in recent years have mostly served to fill the gap left by production losses elsewhere, which has led to a relative plateauing in global output.
Total net de-hedging in 2017 reached 30.4t, bringing an end to three consecutive years of modest net hedging.
Gold supply, tonnes
|2017||2016||YoY Change, %|
|Net producer hedging||-30.4||32.8||-10|