After declining in 2019, global gold production was further negatively impacted on by the Covid-19 pandemic in 2020, with overall output estimated to have fallen by 5.20% to 108-million ounces. However, persisting high bullion prices are expected to push up output going forward. Market research company Fitch Solutions forecasts that global gold production will increase from 109-million ounces in 2021 to 141-million ounces by 2030, averaging a growth rate of 3.20% a year, compared with a 0.80% average growth rate in production from 2016 to 2020. The market research company contends in its 'Outlook for Global Gold Mining' report, published in June 2021, that, over the medium term, global mine production growth will remain strong, as high prices by historical standards encourage investment and output growth. Meanwhile, the lifting of lockdown restrictions and the release of pent-up demand for gold is likely to herald a period of robust demand in 2022, particularly on account of gold’s safe-haven status. Creamer Media’s ‘Gold 2021/22: A safe haven in a time of crisis’ report reviews the global and South African gold markets in this context. Globally, the focus of the report is on supply and demand, while in South Africa, the report shifts to a look at the performance of major and smaller companies in the industry, including the impact of labour relations, gold companies’ responses to the Covid-19 pandemic, and criminal activity in the sector.
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