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Essential Stats to Guide Your Investment in Precious Metals

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Platinum, gold, and silver are among the most valuable precious metals across the world. Their rarity and scarcity define their value. In 2018, China, which is the world’s biggest gold producer, produced 400 tons of gold.

Let’s put it into perspective. In the same year, the production of steel reached a whopping 1.8 billion. That defines gold’s scarcity. Silver is the most readily available and affordable of all precious metals.

This year, silver prices are projected to be around $25 per ounce. At an expected $1568 per ounce, platinum becomes the most expensive metal among all precious metals.

Therefore, if you’re looking to invest in precious metal, this blog is for you. But before you invest, you should evaluate these 3 statistics. To make things simple, this blog focuses on gold.

Global Production of Gold Mines

This graph shows the global production of gold from 2005 till 2019. In 2005, around 2470 tons of gold were produced. Since then, the production of gold has steadily gone up to approximately 3,300 tones in 2019.

Gold is considered a transition metal and is famous for its shiny gold appearance. Its malleability and resistance to corrosion make it an ideal element in infrared shielding and gold leafing for industrial use. The global production slowly increased after the economic crisis of 2008.

The production of gold was around 2,280 tones and in 2008 and grew to more than 3,000 tons every year after that. China is leading the gold mine production currently with an estimated 420 tons last year. Since gold’s value is based on its scarcity, this statistic is essential.

Global Demand for Gold Per Sector

This pie chart shows a segmented global demand for gold in 2019. This year, the global demand for jewelry accounted for most of the demand, followed by collections of gold bars and coins. In 2019, the global demand for gold jewelry was around 2,119 tons, followed by 870 tons for gold coins and bars.

Among this demand, the gold consumption in the U.S. reached 150 tons, while China reached 1,003 tons. Gold’s price has increased over the last ten years – from $360 in 1984 to $1392 in 2019. Demand regulates gold prices. Therefore, when investing in gold, it’s essential to know the ins and out of its global demand.

Price of Gold

This statistic shows the yearly average gold rates from 2011 to 2020. The rate of one ounce of gold was $1,392 in 2019, and since then, the price has seen a steep increase because of the uncertain economic conditions due to the global pandemic. From 2012 to 2018, the price decreased from $1,668 per ounce to $1,268.

This year, the gold has reached an ultimate high of almost $2,100 per ounce. Gold’s price is finalized through regular fixings where investors buy and sell gold based on demand and supply if you plan on investing in gold, the best time to do it when the dollar rate is low.

If you’re looking to invest in precious metals, choose Orion Metal Exchange. We offer you the ability to invest in precious metals through accredited accounts for retirement, third-party storage, gold and silver IRA accounts, secure private vault storage rentals, and home delivery service.

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