“2,600 tons of gold were produced and sold into the market in 2012. At current run-rates, we believe that only 2,200 tons of gold will be sold into the market. The production numbers have gone down rapidly because of depressed prices. Those numbers will continue to fall if gold prices don’t rise dramatically from where they are today.
At existing prices, as I said, roughly 25% of production or what is equivalent to the entire junior mining industry today would cease to exist by this time next year. So, to be clear, this would be an additional 25% reduction from the already reduced 2,200 ton number. This is potentially a very, very serious situation for the Western price manipulators because supply would continue to disappear at a rapid pace.”
Read the complete article at King World News here.
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