Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
A new report by SNL Metals and Mining shows Africa at the top of tables when it comes to the value of gold still in the ground.
Using the combined value of reserves and resources reported by explorers and mining companies active on the continent, the research company, calculated a figure of $1.48 trillion for primary gold projects.
Canada and the US came in second with gold in situ values as at September 8 of $1.26 trillion.
For gold in non-gold primary projects, Asia-Pacific was the key contributor in terms of resource value, accounting for $692 billion of the total according to SNL.
When it comes to the value of gold resources where it is mined as a secondary product alongside other metals, Africa falls down the rankings with less than $100 billion on the books.
As for revenue, calculated by multiplying 2015 total gold production from primary gold mines with the 2015 average gold spot price, Asia-Pacific and Africa are once again the most as most valuable gold regions, with gold revenues of $20.2 billion and $16.1 billion, respectively.
Comments
NewYorkNewYork Ny
Just asking: Some of the gold in Africa is so deep, the cost of retrieving gold becomes a concern.
Does this report count the deep gold? Or, just the gold affordable at todays prices?