Historical Gold Production & AU/XAU indicator (Bob Johnson web site)
From: Bob Johnson Friday, Oct 8 1999
StockTalk: Dutch Central Bank Sale Announcement Imminent?
Primary mine production for 1998 was a record 82.1 million ounces,
and we should be very close in 1999. Production increases from Barrick,
Freeport, and Rio Tinto will cover most if not all the cuts from the
much smaller firms.
As for miners that have cash cost under $200 per ounce that covers most
of the major firms. A quick sorting and addition on the gold firms my
spreadsheets comes up with over 30 million ounces. Copper miners
contribute another 10 million ounces which they dump on the market at
any price as a by-product credit.
As for companies that have "gone under", it is more perception than
reality. I can only think of Dakota, Pegasus, and Royal Oak as companies
of any sizeable production that are gone. Their mines are getting picked
up by other firms, not going completely out of production.
I put some historical production data together at:
goldsheet.simplenet.com
From: Bob Johnson Thursday, Oct 7 1999
StockTalk: Dutch Central Bank Sale Announcement Imminent?
I mentioned earlier that a similar divergence was seen in certain SAf stocks
eg Anglogold, as well.
... I have been told the XAU doesn't accurately represent the gold stocks
and the AU/XAU indicator isn't reliable. Both may be true on occassion,
but overall both are "close enough". The ratio did not stay at 114% long,
gold stocks have been weak, and the ratio now sits at 94%
A picture is worth a thousand words:
goldsheet.simplenet.com |
