As we celebrate the Gold Survey’s 50th anniversary, here’s a high-level look at what’s been happening in the gold market for the past half century. While the size of the market and the distribution of regional supply and demand patterns have evolved over the past 50 years, there are a few elements that remain the same.

One of the obvious changes in the market is its overall size. In 1971, mine production was just 1,518 tonnes; in 2016 it had reached 3,169 tonnes, a growth rate of 1.5 percent per annum (pa) – although it peaked in 2015 at 3,217 tonnes and we are expecting further erosion in the sector.