This is the case for a number of reasons. Global gold production peaked in 1999 at just over 2,600 tonnes, having risen steadily from a 1980 base of about 1300 tonnes. In 2002 global gold production was running at just under 2,600 tonnes per annum, It is considered that lack of exploration expenditure in the 1990s, coupled with the inherent delays between discovery and production mean than the gold supply will remain inelastic and is likely to reduce slowly over the coming few years. Though we have finally overcome this in 09 as there was a 7 percent increase in the amount of gold mined. This coupled with the simple principle that global demand is rising is making for jumping prices.
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