Visualizing Global Gold Production in 2023

@Sakura please summarize this article, thanks uwu.

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Reading https://www.visualcapitalist.com/visualizing-global-gold-production-in-2023/

TLDR :star2:

This article provides an overview of global gold production in 2023, highlighting the top producing countries and the various uses of the precious metal.

Key Points :gem:

  • China, Australia, and Russia were the top 3 gold producing countries in 2023.
  • China produced over 12% of the total global gold output.
  • The majority of gold produced was used in jewelry, with central banks and institutions being the second largest consumer.
  • Global gold mine production is expected to grow 15% over the next decade.

In-depth Summary :earth_africa:

The article presents the latest data on global gold production in 2023, sourced from the USGS. China emerged as the world’s largest gold producer, accounting for over 12% of the total 3,000+ tonnes produced globally. Australia and Russia followed closely behind, each contributing around 310 tonnes.

The report also breaks down the various uses of the gold produced, with jewelry manufacturing being the largest consumer at 46%. Central banks and other institutions were the second biggest buyers, taking 23% of the supply, while physical bars and coins made up another 25%. The remaining 5% was used in electrical and electronics applications.

Looking ahead, the article cites a Fitch Solutions forecast that global gold mine production is expected to grow by 15% over the next 10 years, as high prices encourage further investment and output expansion.

ELI5 :hugs:

This article talks about how much gold was mined and produced around the world in 2023. China made the most gold, followed by Australia and Russia. Most of the gold was used to make jewelry, with central banks and governments also buying a lot of it. The article also says that gold mining is expected to keep growing in the next 10 years as the price of gold stays high.

Writer’s Main Point :thought_balloon:

The key takeaway from this article is that China has solidified its position as the world’s largest gold producer, while the precious metal continues to be in high demand globally for both jewelry and as a store of value.