{"id":35938,"date":"2018-07-13T06:09:24","date_gmt":"2018-07-13T11:09:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=35938"},"modified":"2018-07-13T06:09:24","modified_gmt":"2018-07-13T11:09:24","slug":"another-billionaire-warns-were-running-out-of-gold","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=35938","title":{"rendered":"Another Billionaire Warns &#8220;We&#8217;re Running Out Of Gold&#8221;"},"content":{"rendered":"<div id=\"block-zerohedge-page-title\" class=\"block block-core block-page-title-block\">\n<h3 class=\"page-title\"><a href=\"https:\/\/www.zerohedge.com\/news\/2018-07-12\/another-billionaire-warns-were-running-out-gold\"><span class=\"field field--name-title field--type-string field--label-hidden\">Another Billionaire Warns &#8220;We&#8217;re Running Out Of Gold&#8221;<\/span><\/a><\/h3>\n<\/div>\n<div id=\"block-zerohedge-content\" class=\"block block-system block-system-main-block\">\n<article class=\"node node--type-article node--view-mode-full\" role=\"article\" data-gtm-vis-recent-on-screen-2077925_22=\"1367\" data-gtm-vis-first-on-screen-2077925_22=\"1367\" data-gtm-vis-total-visible-time-2077925_22=\"100\" data-gtm-vis-has-fired-2077925_22=\"1\">\n<footer class=\"node__meta\">\n<div class=\"submission-wrapper\"><\/div>\n<div class=\"a2a_kit a2a_kit_size_32 a2a_default_style\" data-a2a-icon-color=\"#222\">\n<div><a href=\"https:\/\/www.sovereignman.com\/international-diversification-strategies\/the-coming-boom-in-gold-prices-23378\/\">A few months ago SovereignMan.com&#8217;s Simon Black<\/a> published a note explaining that <strong>major gold discoveries are shrinking.<\/strong><\/div>\n<\/div>\n<\/footer>\n<div class=\"node__content\">\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/5b471d94dda4c86e608b45fc_0.jpg?itok=Hj70tFIq\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/5b471d94dda4c86e608b45fc_0.jpg?itok=Hj70tFIq\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/5b471d94dda4c86e608b45fc_0.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/5b471d94dda4c86e608b45fc_0.jpg?itok=Hj70tFIq 1x\" alt=\"\" width=\"500\" height=\"281\" data-entity-type=\"file\" data-entity-uuid=\"1958f841-139f-4df3-a740-47f6706fc529\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p><strong>Simply put, mining companies are no longer finding vast, new deposits of gold to replace their aging mines.<\/strong><\/p>\n<p>I quoted Pierre Lassonde, the billionaire founder of gold royalty giant Franco-Nevada and former head of Newmont Mining:<\/p>\n<blockquote><p>If you look back to the\u00a0<strong>70s, 80s and 90s, in every one of those decades, the industry found at least one 50+ million-ounce gold deposit, at least ten 30+ million-ounce deposits<\/strong>, and countless 5 to 10 million ounce deposits.<\/p>\n<p>But\u00a0<strong>if you look at the last 15 years, we found no 50-million-ounce deposit, no 30-million-ounce deposit<\/strong>\u00a0and only very few 15 million ounce deposits.<\/p><\/blockquote>\n<p>Pierre Lassonde is one of the most well-respected and knowledgeable mining experts in the world. And he thinks we\u2019re reaching \u2018peak gold\u2019.<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/gold_1.jpg?itok=ijYaDMMn\" data-image-external-href=\"\" data-image-href=\"\/sites\/default\/files\/inline-images\/gold_1.jpg?itok=ijYaDMMn\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/inline-images\/gold_1.jpg\" srcset=\"https:\/\/www.zerohedge.com\/sites\/default\/files\/styles\/inline_image_desktop\/public\/inline-images\/gold_1.jpg?itok=ijYaDMMn 1x\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"f99bbe7d-074a-4342-bb98-8ea4e54c433c\" data-responsive-image-style=\"inline_images\" \/><\/a><\/p>\n<p><a href=\"https:\/\/www.sovereignman.com\/investing\/another-billionaire-says-were-running-out-of-gold-23958\/\"><u><strong>But, as Simon reports today, he\u2019s not alone.<\/strong><\/u><\/a><\/p>\n<p>Last month, Rudy Fronk, Chairman and CEO of Seabridge Gold noted:<\/p>\n<blockquote><p>\u201c<strong>Peak gold is the new reality<\/strong>\u00a0in the gold business with\u00a0<strong>reserves now being mined much faster than they are being replaced.<\/strong>\u201d<\/p><\/blockquote>\n<p>Nick Holland, CEO of South Africa\u2019s largest gold producer Gold Fields:<\/p>\n<blockquote><p>\u201cWe were all talking about how production was going to increase every year.\u00a0<strong>I think those days are probably gone.<\/strong>\u201d<\/p><\/blockquote>\n<p>Kevin Dushnisky, President of mining giant Barrick Gold:<\/p>\n<blockquote><p>\u201cFalling grades and production levels,\u00a0<strong>a lack of new discoveries<\/strong>, and extended project development timelines are\u00a0<strong>bullish for the medium and long-term gold price outlook.<\/strong>\u201d<\/p><\/blockquote>\n<p>But the biggest warning comes from resource legend Ian Telfer, chairman of Goldcorp.\u00a0<a href=\"https:\/\/business.financialpost.com\/commodities\/mining\/were-right-at-peak-gold-all-the-major-deposits-have-been-discovered-declares-goldcorp-chairman\">In an interview with\u00a0<em>Financial Post<\/em><\/a>, Telfer said:<\/p>\n<blockquote><p>\u201cIf I could give one sentence about the gold mining business&#8230; it\u2019s that <strong>in my life, gold produced from mines has gone up pretty steadily for 40 years.<\/strong><\/p>\n<p>Well, either this year it starts to go down, or next year it starts to go down, or it\u2019s already going down\u2026\u00a0<strong>We\u2019re right at peak gold here.<\/strong>\u201d<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Another Billionaire Warns &#8220;We&#8217;re Running Out Of Gold&#8221; A few months ago SovereignMan.com&#8217;s Simon Black published a note explaining that major gold discoveries are shrinking. Simply put, mining companies are no longer finding vast, new deposits of gold to replace their aging mines. I quoted Pierre Lassonde, the billionaire founder of gold royalty giant Franco-Nevada [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[374,20882,14605,20883,4318],"class_list":["post-35938","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gold","tag-gold-deposits","tag-peak-gold","tag-pierre-lassonde","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35938"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35938\/revisions"}],"predecessor-version":[{"id":35939,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/35938\/revisions\/35939"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}