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Bureau of Mines / Minerals yearbook: Metals and minerals 1978-79
Year 1978-79, Volume 1 (1978-1979)

Butterman, W. C.
Gold,   pp. 377-399 ff. PDF (2.1 MB)


Page 377

  377Gold 
By W. C. Butterman1 
 The world price of gold more than tripled and the development of new mines.
Rein 1978-79. After increasing steadily in 1978 treatment of old tailings
dumps, and the and part of 1979, the price began to rise heap leaching of
low-grade ores, became more steeply and at yearend 1979, impelled economically
feasible. 
by political and economic unrest, was climb- The International Monetary Fund
(IMF) ing very rapidly towards a peak in January continued its monthly bullion
auctions, be1980. gun in 1976, and the U.S. Department of the 
 Total world mine production remained Treasury auctioned bullion monthly
beessentially unchanged, but production in tween May 1978 and November 1979.
The the United States and a few other countries Treasury bullion, and much
of the IMF actually decreased somewhat, as mines bullion, was delivered in
the United States, were enabled to use leaner ores as the price but then
most of it was promptly exported. of gold climbed. However, the increasingly
Fed by auctioned bullion, U.S. exports tnstrong gold price provided the incentive
for pled in 1979. 
extensive exploration for gold deposits 
Table 1.—Salient gold statistics 
1975 
1976 
1977 
1978 
1979 
United 
States: 
Mine production — — thousand troy ounce& 
 Value thousand& — 
Ore (dry and siliceous) produced: 
 Gold ore thousand short tons — Gold-silver ore do_ ——
— 
1,052 
$169,928 
5,722 
137 
1,048 
$131,340 
3,063 
1,027 
1,100 
$163,192 
5,806 
481 
999 
$193,324 
4,292 
738 
920 
$282,833 
6,091 
756 
Silverore do___... 
672 
651 
800 
992 
962 
Percentage derived from: 
Dryandsiliceousores              Base-metalores                   
62 
36 
61 
36 
60 
38 
58 
40 
56 
43 
Placers                         
2 
3 
2 
2 
1 
Refinery production: 
Domestic ores — thousand troy ounce& — 
 Secondary(oldscrap) do____ 
Exports: 
 Commercial do__. 
1,093 
1,122 
2,689 
954 
1,068 
2,879 
956 
1,040 
7,011 
962 
1,384 
5,509 
795 
1,681 
16,499 
 Monetary do__~ 
Imports do____ 
Gold contained in imported coins — — do ——
- 
Net sales from foreign stocks in Federal 
 Reserve Bank do_ —— — 
Stocks, Dec. 31: 
   Monetary do__U   Industrial1 do___.Consumption in industry and the arts
do____Price:2 Average per troy ounce           
807 
2,662 
1,673 
577 
274.7 
788 
3,993 
$161.49 
652 
2,656 
1,333 
2,125 
274.7 
928 
4,648 
$125.32 
1,660 
4,454 
1,614 
6,406 
277.6 
1,976 
r4,863 $148.31 
NA 
4,690 
3,736 
1,569 
276.4 
1,672 
4,738 
$193.55 
NA 
4,630 
2,790 
40 
264.6 
947 
4,708 
$307.50 
World: 
Production thousand troy ounces_ —Official reserves3 do_ —-
—
38,476 
1,174.1 
r39,234 
1,163.9 
r39,121 
1,154.8 
39,304 
1,146.6 
39,238 
1,126.5 
NA Not available. 
' Unfabricated refined gold held by refmers, fabricators, and dealers. 2Engelhard
Industries quotations. 
3Held by market-economy-country central banks and Governments. Source: International
Monetary Fund. 


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