In 2018 world gold miners spent 3 times the amount of CAPEX to find new gold deposits compared to what was spent in 1995, yet in 2018 there was a mere 5% of oz gold discovered when compared to 1995 . To top it off the grade found was only 50% of 1995's grade.
Either prices rise or consumption drops. Clearly supply is not going to increase in the near future.
Ann: Half Year Financial Report, page-21
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