Preliminary data from the United States Geological Survey.
World gold mining
The volume of global gold production in 2021 amounted to approximately 3 thousand tons, which is 1% lower than in 2020 (3.03 thousand tons). A slight reduction in the indicator occurred in Papua New Guinea, Russia and the United States, and production increased in China, Ghana, Indonesia, South Africa and Tanzania.
China was the largest gold mining country. In 2021, the Celestial Empire produced about 370 tons of precious metal, which is 5 tons more than in 2020 (365 tons). Australia was the second largest gold producing country (330 tons), Russia was in third place (300 tons), and the United States was in fourth (180 tons). Canada is fifth with 170 tons of gold.
World silver mining
In 2021, the volume of world silver production amounted to 24 thousand tons, which is 2% higher compared to 2020 (23.5 thousand tons).
The increase in global gray metal production in 2021 was primarily due to the resumption of mines in Argentina, India, Mexico and Peru. Recall that in 2020 these mines were closed due to the global coronavirus pandemic.
Last year, Mexico was the largest producer of silver (5.6 thousand tons), and it was followed by China (3.4 thousand tons), Peru (3 thousand tons), Chile (1.6 thousand tons), Russia (1.32 thousand tons).
In 2021, the volume of demand for gray metal coins and ingots increased on an annualized basis. The indicator increased the most in the United States, reaching about 7.9 thousand tons (250 million troy ounces) compared to 6.24 thousand tons (201 million troy ounces) in 2020. At the same time, in India, the indicator decreased by 85%.
In the first 6 months of 2021, the volume of global silver consumption in industry increased due to an improvement in the economic situation.
Silver purchases in jewelry increased by 24% and 32%, respectively. Despite the decline in investment in India, the volume of global above-ground reserves of gray metal reached 36.6 thousand tons (1.18 billion troy ounces), compared with 33.2 tons (1.07 billion troy ounces) in 2020.