by James Hickman
Schiff Sovereign
This is an anomaly we haven’t seen before.
Gold just hit yet another all-time high. But what’s strange is that, if you look at gold’s supply and demand fundamentals, the price should almost be falling. Not rising.
I’ll explain—
On the supply side, gold production is actually increasing slightly. The largest miner in the world, Newmont Mining, produced nearly 30% more gold in the first half of 2024 compared to 2023. And across the entire industry (according to the World Gold Council), global gold mining output is up slightly over 2023.
So much for shrinking supply.
But what about demand? Well, this is usually broken down into four main segments.