Movements of gold price
Gold price will change frequently and are not constant. It began to soar gradually around 2003, and in 2015 the gold price soared to about 3.3 times.
Total output of gold
According to estimates, 170,000 tons of founded gold have been produced throughout human history, the majority of which are still in existence. However, only 3.5 cups worth of Olympic swimming pools have been discovered in the entire world, which has taken a very long time. The amount produced at a rate of roughly 2,500 tons per year and 1,500 tons collected from recycling combined to make up the current supply, which is around 4,000 tons.
Although the earth still contains about 70,000 tons of space, most of them are difficult to mine, so we shouldn’t anticipate an increase in output in the near future. As a result, it is anticipated that recycling will be required to eventually cover the current production. About four times as much money is now spent on mining gold than there was 20 to 30 years ago. Since gold ore typically contains 5 grams of the metal per ton, it is simple to conclude that mining yields a meager return on investment. Contrarily, products like PCs and cell phones have up to 200 grams of gold per ton of product. This percentage is about 40 times the average content of gold ore.
Jewelry applications account for 60% to 70% of all applications for gold, with industrial and investment applications each accounting for 15% to 20%.
Gold precious metal asset property
Additionally, consumers are becoming more knowledgeable about the high cost of gold and precious metals. It is likely that there will be a need to consider how to take over and cash in the gold and precious metals on hand as the number of elderly people 65 and over is expected to rise steadily in the future. It is advised that you get an appraisal while the gold market is strong because Jewel Cafe offers free appraisals of gold and other precious metals.