The World Gold Council (WGC) in a new report dubbed ‘Gold 2048: The next 30 years for Gold’, has said that gold will “continue to be recognised, appreciated and valued in the years ahead.”
The WGC report released today May 17, 2018, looks at the next 30 years and considers ways in which the world and the gold market may develop.
Aram Shishmanian, WGC CEO, commenting on the report, said the key findings shows that the rapidly expanding middle class would “undoubtedly” increase demand for gold, and that technology was an increasingly important sector for gold.
He also explained that the industry might struggle to reach and/or maintain current production levels in the next 30 years.
The report also stressed that production methods and stakeholder relations would have to evolve if the industry were to make a meaningful contribution to society over the next three decades.
Currently, South Africa, the US, Australia and Canada account for less than 30% of yearly gold production today, despite dominating production historically, while the increased output from Latin America countries, the rest of Africa and South-East Asia have doubled the amount of gold mined since the mid-1970s to about 190 000 t today.