Saad Ullah
● According to a recent update from StockSharks, new World Gold Council data confirms what many expected: China is still running the show when it comes to gold production. The country pulled 380 tonnes out of the ground in 2024, marking an 8% bump since 2010. But here's where it gets interesting—the competition behind China is heating up fast, with Russia and Canada posting impressive growth while the U.S. falls further behind.
● China's continued dominance isn't exactly surprising. The country has spent years building up its domestic mining infrastructure and capacity, keeping production steady even as environmental regulations tighten. But there's a catch. Industry analysts are raising red flags about aging mines and declining ore quality, which could slow future growth unless China discovers new deposits or invests heavily in exploration.
● The real story, though, might be what's happening in Russia. Gold production there jumped a massive 63% to 330 tonnes, fueled by a weaker ruble and the Kremlin's strategic push to stockpile gold as a hedge against geopolitical uncertainty. Canada's not far behind either—production nearly doubled to 202 tonnes, thanks to aggressive investment in exploration and strong government backing for mining projects.
● Then there's the U.S., and the news isn't great. American gold production dropped 32% to just 158 tonnes—the lowest level in over a decade. That decline hits hard: less mining revenue, shrinking tax income, and concerns that skilled workers are leaving the industry altogether.
● Australia rounds out the top tier with 284 tonnes, up 11% since 2010, though Russia and Canada are closing in fast. Together, these top five producers control the lion's share of global output, highlighting just how strategic gold remains—not just as a commodity, but as a financial safety net during times of inflation and economic uncertainty.
Saad Ullah
