Survivalists beware. The Raw Story reports that we have now hit Peak Gold:
Since starting its slide in 2000, the world-wide production of gold has finally hit “terminal decline,” according to reports citing Barrick Gold, the largest gold miner in the world.
In an interview with The Daily Telegraph during a London gold conference, Barrick President Aaron Regent said that one could argue that Earth has reached “peak gold,” as new supplies of the ore are increasingly difficult to find.
“The supply crunch has helped push gold to an all-time high, reaching $1,118 an ounce at one stage yesterday,” the paper noted. “The key driver over recent days has been the move by India’s central bank to soak up half of the gold being sold by the International Monetary Fund. It is the latest sign that the rising powers of Asia and the commodity bloc are growing wary of Western paper money and debt.”
The report continued: “China has quietly doubled holdings to 1,054 tonnes and is thought to be adding gradually on price dips, creating a market floor. Gold remains a tiny fraction of its $2.3 trillion in foreign reserves.”