Major Gold Consumers Struggling to Meet Production Demands

A recent study by The Gold Bullion Company highlights significant gaps between gold demand and mined production among the world's largest gold consumers, using data from the World Gold Council.

Key Findings:

1. India: With a demand of over 747 tonnes in 2023 and production of just 15.1 tonnes, India's demand is 50 times its production. This translates to approximately 0.52 grams per person.

2. China: Despite having the highest mine production among the top countries, China still needs to catch up. Its demand stands at 909.7 tonnes, while production is just half that.

3. Turkey: In 2023, Turkey produced 36.5 tonnes of gold, against a demand of 201.6 tonnes, six times higher. Per capita demand has risen significantly from 1.13 grams in 2021 to 2.34 grams in 2023.

4. United States: The U.S. produced 166.7 tonnes in 2023 but still had a shortfall of 80 tonnes compared to its demand.

Rick Kanda, Managing Director at The Gold Bullion Company, emphasized the importance of sustainable metal production for environmental, economic, and social reasons, highlighting its role in resource conservation, reducing energy consumption, minimizing pollution, and mitigating climate change.