Gold loses some luster after Trump’s decisive win
Gold’s slide is a marked turnaround for a commodity that had surged by more than 30% in the year leading up to the US vote.
Production of gold Down Under was at its highest levels since 2003 as miners cashed in on record prices, the Daily Telegraph was reporting on Sunday:
Gold output from domestic mines in 2010 lifted by about 17 per cent or 38 tonnes to 266 tonnes or 8.5 million ounces (oz), Melbourne-based industry consultants Surbiton Associates Pty Ltd said in its latest survey of the Australian gold mining industry.
“Gold produced from Australian mines in 2010 was worth some AUS$12 billion at the current spot price,” Surbiton director Sandra Close said.
“Gold remains one of Australia’s top export earners.”
Australia retained its position as the world’s second largest gold producing country in 2010, Dr Close said.
“China was number one with reported production of 341 tonnes and it looks as though the United States will come in as number three with an output of around 240 tonnes,” she said.
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