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Historic Gold Production

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Posted April 1, 2006 in Gold Mining


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Source: United States Geological Survey

GOLD STATISTICS By Kenneth E. Porter and Earle B. Amey [All values in metric tons (t) unless otherwise noted] Last modification: November 4, 2003

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Year Primary production Secondary production Imports Exports Shipments Apparent consumption Unit value ($/t) Unit value (98$/t) World production
1900 120         33.2 609,000 11,900,000 386
1901 120         35.9 610,000 11,900,000 395
1902 122         41.7 609,000 11,400,000 451
1903 114         43.7 609,000 11,000,000 496
1904 122         43.1 608,000 11,000,000 526
1905 133         50.0 607,000 11,000,000 575
1906 146         58.9 608,000 11,000,000 608
1907 132         61.3 609,000 10,600,000 623
1908 138   54.2 63.0   47.4 609,000 11,000,000 668
1909 150   57.7 62.1   56.6 609,000 11,000,000 687
1910 143   73.9 4.67   62.9 608,000 10,600,000 689
1911 146   62.1 9.87   61.4 608,000 10,600,000 699
1912 140   74.9 40.0   66.2 609,000 10,300,000 705
1913 135   63.6 70.3   69.0 608,000 10,000,000 694
1914 139   41.7 79.4   54.4 610,000 9,900,000 663
1915 150   99.0 3.36   54.4 616,000 9,890,000 704
1916 140   794 42.1   75.3 623,000 9,300,000 685
1917 123   628 136   75.9 629,000 8,000,000 631
1918 102   83.0 12.4   79.8 635,000 6,870,000 578
1919 85.6   75.1 184   115 641,000 6,040,000 550
1920 74.1   517 58.9   120 660,000 5,370,000 507
1921 72.9   808 5.56   72.9 662,000 6,030,000 498
1922 71.3   310 8.46   85.2 667,000 6,490,000 481
1923 74.8   316 30.1   101 664,000 6,350,000 554
1924 76.0   329 0.410   97.5 665,000 6,340,000 592
1925 71.8   170 160   92.1 664,000 6,180,000 591
1926 69.4   140 14.7   94.8 663,000 6,110,000 602
1927 65.5   159 82.7   85.5 664,000 6,240,000 597
1928 66.8   176 628   85.1 665,000 6,330,000 603
1929 64.0   264 164   85.6 663,000 6,310,000 609
1930 66.5   111 114   64.2 662,000 6,470,000 648
1931 69.2   299 581   43.9 723,000 7,740,000 695
1932 72.5   408 1,080   30.3 665,000 7,940,000 754
1933 71.7   219 127   20.7 847,000 10,700,000 793
1934 86.4   1,050 46.9   12.7 1,120,000 13,600,000 841
1935 101   1,470 1.70   23.0 1,120,000 13,300,000 924
1936 118   1,010 24.5   29.3 1,120,000 13,200,000 1,030
1937 128   1,450 40.9   35.2 1,120,000 12,700,000 1,100
1938 161   1,740 5.23   26.8 1,120,000 13,000,000 1,170
1939 145   3,170 0.451   34.5 1,110,000 13,000,000 1,230
1940 151   3,760 0.995   36.6 1,090,000 12,700,000 1,310
1941 148   872 0.050   60.4 1,090,000 12,000,000 1,080
1942 108   280 0.091   67.3 1,090,000 10,900,000 1,120
1943 42.4   90.4 21.4   86.1 1,090,000 10,300,000 896
1944 31.1   89.3 853   109 1,090,000 10,100,000 813
1945 29.7   83.2 176   124 1,120,000 10,100,000 762
1946 49.0   340 197   177 1,120,000 9,320,000 860
1947 65.6   1,720 157   87.2 1,120,000 8,150,000 900
1948 62.7   1,720 166   80.1 1,120,000 7,560,000 932
1949 62.0   686 67.5   132 1,020,000 6,970,000 964
1950 74.5   145 455   120 1,120,000 7,560,000 879
1951 61.6   72.2 546   93.3 1,120,000 7,010,000 883
1952 58.9   658 24.4   113 1,110,000 6,830,000 868
                   
Year Primary production Secondary production Imports Exports Shipments Apparent consumption Unit value ($/t) Unit value (98$/t) World production
1953 60.9   41.8 26.6   100 1,120,000 6,830,000 864
1954 57.1   33.7 15.4   69.6 1,130,000 6,830,000 965
1955 58.5   91.1 5.05   61.1 1,130,000 6,860,000 947
1956 56.8   116 22.8   68.0 1,130,000 6,750,000 978
1957 55.8   240 149   69.7 1,120,000 6,510,000 1,020
1958 54.1   253 27.6   80.9 1,130,000 6,360,000 1,050
1959 49.9   264 1.54   98.8 1,130,000 6,310,000 1,130
1960 51.8   290 1.46   115 1,130,000 6,240,000 1,190
1961 48.2   50.2 689   122 1,130,000 6,160,000 1,230
1962 48.0   134 339   140 1,130,000 6,090,000 1,290
1963 45.2   39.8 181   132 1,130,000 6,010,000 1,340
1964 45.3 16.1 36.4 376 -114 183 1,130,000 5,930,000 1,390
1965 53.0 18.0 90.4 1,140 -146 204 1,130,000 5,840,000 1,440
1966 56.1 21.2 37.3 406 -174 242 1,130,000 5,680,000 1,450
1967 49.3 25.3 28.9 893 -195 291 1,130,000 5,530,000 1,420
1968 46.0 28.0 185 745 -57.8 296 1,290,000 6,040,000 1,440
1969 53.9 28.0 182 10.5 0 312 1,340,000 5,940,000 1,450
1970 54.2 26.4 134 3.30 0 272 1,170,000 4,920,000 1,480
1971 46.5 28.9 196 39.7 0 284 1,330,000 5,340,000 1,450
1972 45.1 27.7 191 23.8 0 292 1,880,000 7,340,000 1,390
1973 36.6 23.4 120 18.7 53.0 265 3,150,000 11,500,000 1,350
1974 35.1 25.3 82.5 17.7 66.7 205 5,140,000 17,000,000 1,250
1975 32.7 34.9 82.8 83.6 17.9 208 5,190,000 15,700,000 1,200
1976 32.6 33.2 82.6 89.5 66.1 222 4,030,000 11,500,000 1,210
1977 34.2 32.3 139 218 199 228 4,770,000 12,800,000 1,210
1978 31.1 43.0 146 171 48.8 243 6,220,000 15,600,000 1,210
1979 30.0 52.1 144 513 1.20 239 9,890,000 22,200,000 1,210
1980 30.2 67.9 141 190 55.5 170 19,700,000 39,000,000 1,220
1981 42.9 50.1 145 200 36.7 151 14,800,000 26,500,000 1,280
1982 45.6 55.5 153 92.4 41.4 177 12,100,000 20,400,000 1,340
1983 62.3 55.5 143 97.6 -6.80 194 13,600,000 22,300,000 1,400
1984 64.9 55.0 245 155 11.9 186 11,600,000 18,200,000 1,460
1985 75.5 49.8 256 123 15.1 180 10,200,000 15,500,000 1,530
1986 116 47.3 490 155 146 188 11,800,000 17,600,000 1,610
1987 154 63.8 120 120 95.1 193 15,400,000 22,000,000 1,660
1988 201 61.4 92.5 328 208 204 14,100,000 19,400,000 1,870
1989 266 51.9 153 211 132 212 12,300,000 16,200,000 2,010
1990 294 44.0 97.5 241 51.5 198 12,400,000 15,400,000 2,180
1991 294 48.1 179 310 61.6 190 11,700,000 14,000,000 2,160
1992 330 53.4 174 389 136 203 11,100,000 12,900,000 2,260
1993 331 66.0 169 786 582 214 11,600,000 13,100,000 2,280
1994 327 75.0 136 469 217 224 12,400,000 13,600,000 2,260
1995 317 43.0 140 399 244 231 12,400,000 13,300,000 2,230
1996 326 44.0 159 471 373 235 12,500,000 13,000,000 2,290
1997 362 49.0 209 477 143 265 10,700,000 10,900,000 2,450
1998 366 86.3 278 522 310 667 9,490,000 9,490,000 2,500
1999 341 77.2 221 523 303 399 9,000,000 8,810,000 2,570
2000 353 40.0 223 547 356 337 9,010,000 8,530,000 2,590
2001 335 40.5 193 489 259 257 8,750,000 8,060,000 2,600
2002 298 38.3 217 257 40.0 264 10,000,000 9,070,000 2,550

Gold Worksheet Notes

Data Sources
The sources of data for the gold worksheet are the mineral statistics publications of the U.S. Bureau of Mines (USBM) and the U.S. Geological Survey (USGS)—Minerals Yearbook (MYB) and its predecessor, Mineral Resources of the United States (MR); and Mineral Commodity Summaries (MCS) and its predecessor, Commodity Data Summaries (CDS). The source for recent consumption data is Gold Fields Mineral Services Ltd. (GFMS) Gold annual reports. Metal price data were from Metal Prices in the United States through 1998 (MP98). The years of publication and corresponding years of data coverage are listed in the references section below. Blank cells in the worksheet indicate that data were not available.

Primary Production
Primary gold production data for the United States as reported in the MR and the MYB series are for domestic mine production included in the “Salient gold statistics” table. Primary gold production excludes imported gold in the form of concentrates, doré, ores, and scrap.

Secondary Production
Net industrial consumption data were first reported in the 1941 MYB with data series back to 1901. Net industrial consumption is defined as the difference between gold issued for industrial use and gold returned from industrial use. Gold returned from industrial use is assumed to be equivalent to secondary production and consists of both old and new scrap. This data series continued until 1968 when the MYB started reporting gold consumption in industry and the arts by industry group.

The CDS and the MCS series supplied the total secondary production data for new and old gold scrap for the years 1955–70. The MYB started reporting total secondary (recycled) gold production in 1971. Production data for old scrap was not separated from new scrap until 1975. The proportion of old vs. new scrap for the years 1971–74 was estimated from the average old and new scrap production data reported in the MYB for the years 1975–78.

Total refinery production from secondary sources, both new and old scrap, was first reported in the “Salient gold statistics” table starting with the 1976 MYB. Refinery production from secondary scrap (old scrap) was reported in the “Salient gold statistics” table starting with the 1978–79 MYB. Data for secondary gold recovered from both old and new scrap were from “U.S. refinery production of gold” table. Reporting of separate data for old and new scrap ceased following the 1993 MYB when only the total old and new scrap are reported. Secondary production from old scrap for the years 1994–2002 are estimated to be 49% of the total old and new scrap reported in the “Salient gold statistics” table.

Imports
Gold imports include bullion, concentrates, doré, ore, and scrap, but exclude all monetary gold. Import data were reported in the MR for the years 1908–31 from statistics furnished by the Bureau of Foreign and Domestic Commerce. Gold import data, reported in dollar amounts, were divided by the official gold price to arrive at the amount of troy ounces imported. Reporting continued in the MYB in the same format for the years 1932–48. The official troy ounce gold prices used for the conversion were set by the U.S. Congress at $20.67 for the years 1900–32, $25.56 for 1933, $34.95 for 1934, and $35.00 for the years 1935–70. Starting with the 1949 MYB, data were reported in troy ounces and value.

Exports
Gold exports include bullion, concentrates, doré, ore, and scrap, but exclude all monetary gold. Export data were reported in the MR for the years 1908–31 from statistics furnished by the Bureau of Foreign and Domestic Commerce. Export data reported in dollar amounts were divided by the official gold price to arrive at the amount of troy ounces exported. Reporting continued in the MYB in the same format for the years 1932–48. The official troy ounce gold prices used for the conversion were set by the U.S. Congress at $20.67 for the years 1900–32, $25.56 for 1933, $34.95 for 1934, $35.00 for the years 1935–70. Starting with the 1949 MYB, data were reported in troy ounces and value.

Shipments
Shipments are defined as the Federal Reserve deliveries, which is the net bullion flow to market from foreign stocks at the New York Federal Reserve Bank. Stocks are not used in estimating apparent consumption of gold in the United States.

Apparent Consumption
Salient gold statistics table, starting with the 1994 MYB, includes data for two headings, “Consumption in industry and the arts” and “Apparent demand, refined.” Apparent demand is comparable to apparent consumption and is defined using the following equation:

APPARENT CONSUMPTION = REFINERY PRODUCTION FROM PRIMARY MATERIALS + REFINERY PRODUCTION FROM OLD SCRAP + NET BULLION FLOW TO MARKET FROM FOREIGN STOCKS AT THE NEW YORK FEDERAL RESERVE BANK + NET IMPORTS OF BULLION.

A problem arises in the use of this formula prior to 1970 due to the lack of reporting of monetary use of imported and exported refined bullion. The following method was used in order to estimate apparent consumption prior to 1970. Net industrial consumption data were first reported in the 1941 MYB, with data series back to 1901 (An estimate was made for the year 1900 using linear extrapolation). Net industrial consumption is defined as the difference between gold issued for industrial use and gold returned from industrial use. Reported consumption, as used in this analysis, is equivalent to the “gold issued for industrial use” portion of the net industrial consumption reported in the “U.S. gold consumption in industry and the arts” table in the MR and the MYB for the years 1901–67. The 1968 MYB changed the reporting of U.S. gold consumption in industry and the arts to include only the net consumption portion of the previous series. The totals in “U.S. gold consumption in industry and the arts” table for the years 1968– 79, and the total secondary gold production (old and new scrap) were summed to continue the reported consumption series. A switch was made to using the GFMS reported consumption series for the years 1980–99, with total secondary gold production (old and new scrap) added. The GFMS reported consumption series is considered to be equivalent to the net consumption series compiled by the USGS, and is believed by the USGS commodity specialist to be more complete since 1980 than the USGS series, because of poor reporting of data by the gold manufacturing and consuming industries on survey forms of the USGS and former USBM.

Unit Value ($/t)
Unit value is the value in actual U.S. dollars of 1 metric ton (t) of gold apparent consumption. Unit values are estimated from the Englehard market prices for refined gold as reported in the MP98 and the 2002 MYB.

Unit Value (98$/t)
The Consumer Price Index conversion factor, with 1998 as the base year, is used to adjust unit value in current U.S. dollars to the unit value in constant 1998 U.S. dollars.

World Production
World gold production data for the years 1900–26 are from reported estimates by Ridgeway (1929). World gold production data for the years 1927–2002 are from the MYB in the “Salient gold statistics” and “Gold: World production by country” tables. Updated values for world gold production for the years 1929–50 reflect revised estimates by the USGS gold commodity specialist for some countries.


References

Gold Fields Mineral Services Ltd., 1990–2000, Gold 1990–2000: Gold Fields Mineral Services Ltd. (London).

Ridgeway, R.H., 1929, Summarized data of gold production: U.S. Department of Commerce, Bureau of Mines, Economic Paper No. 6, 63 p.

U.S. Bureau of Mines, 1927–34, Mineral Resources of the United States, 1924–31.

U.S. Bureau of Mines, 1933–96, Minerals Yearbook, 1932–94.

U.S. Bureau of Mines, 1962–77, Commodity Data Summaries, 1962–77.

U.S. Bureau of Mines, 1978–95, Mineral Commodity Summaries, 1978–95.

U.S. Geological Survey, 1901–27, Mineral Resources of the United States, 1900–23.

U.S. Geological Survey, 1997–2003, Mineral Commodity Summaries, 1997–2003.

U.S. Geological Survey, 1997–2004, Minerals Yearbook, v. I, 1995–2002.

U.S. Geological Survey, 1999, Metal Prices in the United States through 1998.

U.S. Geological Survey and U.S. Bureau of Mines, 1996, Mineral Commodity Summaries, 1996.


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