WORLD’S GOLD OUTPUT

Poverty Bay Herald, Volume LIX, Issue 17917, 22 October 1932, Page 12

WORLD’S GOLD OUTPUT

PRODUCTION IN CURRENT YEAR NEW YORK, Aug. 19. It lias been no secret that the fall of commodity prices has stimulated gold production, but it is now becoming possible to see the full elfe.ct of the price on gold output: Estimated figures on go d output for the first half of tins year published liy the American Bureau of Metal Statistics indicate that 1932 will be. a record yedr for the world. It is estimated that the frantic rush >o stimulated gold production brought to light 11,070,000 ounces of gold lu the first half of this year. This compares with 2.1,335,000 ounces for all ot 1931, 20,300,000 ounces for all of 1930, 19,580.000 ounces for all of 1929, and 15,445,000 ounces for all of 1938. This estimate encompasses ortly newly-mined gold. The fall of prices has also brought gold out of hoarding in -various parts of the world, and tlio deterioration of the Biitisli pound lias brought back to the world credit system a good portion of India’s hoarded gold. It may seem like something of an anomaly to tlui layman that more nations are now off the gold standard when more metal is being brought into the credit sykt.om, but the abandonment of the gold standards has had nothing to do with the world’s supply of metal, and is. traceable more to trade and industrial factors than to flic supply of gold.