“This will be the most gold we’ve ever mined in a single year, ever,” Blagden said.
The decline marks a turning point for an industry facing dwindling reserves, geopolitical risks, and few new projects. Despite high profitability from strong gold prices, experts warn that without fresh investments, production could drop sharply, tightening supply and reshaping markets.
But, even if all planned projects come online, production could drop by as much as 17% by 2030, he noted.
Blagden highlighted the challenges of maintaining output levels, particularly in regions like China and Russia. China is the world’s largest gold producer, according to CRU. It contributes 11% of global output but faces modest reserves relative to its production rate, indicating a potential supply bottleneck. Similarly, geopolitical pressures and diminishing ore quality tempered Russia’s production expansion.
