Global gold mining has been stable in recent years. Despite short-term impacts stemming from the pandemic, safety stoppages and industrial action, mined gold production averaged a near zero annual y/y change between 2018 and 2024. And in 2024 mined gold production reached 3,645t, 4t higher y/y and the second highest annual total after the 2018 high of 3,658t (Chart 1). During the first three quarters of 2025 gold production totalled 2,717t, a 16t y/y rise. Against the background of a surging gold price, we have seen only mild upticks in output, raising critical questions about whether the industry is nearing its ... (full story)