From the tangle of global data emerges a fascinating story: while gold clung to its glittering crown with a modest 0.5% production increase, silver found its modern purpose as solar demand exploded by 64%, even as the precious metals world was rocked by Russia's commanding 40% share of palladium and South Africa's 70% dominance in platinum supply.
Key Takeaways
- Global gold mine production in 2023 totaled 3,644 tonnes, marking a 0.5% increase from 2022 primarily driven by output from Australia and Russia
- Silver mine production worldwide in 2023 was 830.5 million ounces, with Mexico contributing 193 million ounces as the top producer
- Platinum mine production in South Africa for 2023 amounted to 3.8 million ounces, representing 70% of global supply
- World silver mine production growth rate from 2022 to 2023 was 2.1%, reaching 26,666 tonnes
- Global gold reserves held by central banks as of end-2023 totaled 36,200 tonnes, with US holding 8,133 tonnes
- South Africa's platinum reserves stood at 63,000 tonnes PGM in 2023
- Average annual gold price in 2023 was $1,943 per ounce, up 13% from 2022 amid economic uncertainty
- Silver spot price averaged $23.35 per ounce in 2023, with a peak of $26.07 in May
- Platinum price in 2023 averaged $949 per ounce, down 5% due to surplus supply
- Global gold demand in 2023 reached 4,899 tonnes, up 3% driven by central banks buying 1,037 tonnes
- Silver industrial demand hit 654.4 million ounces in 2023, up 11% on solar and electronics
- Platinum demand for autocatalysts was 3.3 million ounces in 2023, down 3% on EV shift
- Precious metals market size reached $250 billion in trading volume on COMEX in 2023
- LBMA gold clearing volume averaged 1,000 tonnes daily in 2023
- Silver futures trading volume on COMEX hit 180 million contracts in 2023
The global precious metals industry grew in 2023 with central bank demand leading gold markets.
Demand Statistics
- Global gold demand in 2023 reached 4,899 tonnes, up 3% driven by central banks buying 1,037 tonnes
- Silver industrial demand hit 654.4 million ounces in 2023, up 11% on solar and electronics
- Platinum demand for autocatalysts was 3.3 million ounces in 2023, down 3% on EV shift
- Palladium jewelry demand grew 5% to 100,000 ounces in 2023 in China
- Rhodium demand in autocatalysts reached 27 tonnes in 2023
- Central bank gold purchases totaled 1,037 tonnes in 2023, highest since 1950s
- Silver PV solar demand exploded to 200 million ounces in 2023, up 64%
- Global platinum investment demand rose 22% to 420,000 ounces in 2023
- Palladium industrial demand fell 4% to 7.8 million ounces excluding autos
- Gold bar and coin demand in India hit 400 tonnes in 2023 despite high prices
- Silver electronics demand steady at 80 million ounces in 2023
- Jewelry platinum demand declined 1% to 1.9 million ounces in 2023
- Chinese palladium imports for autos surged 15% in 2023 to 1.2 million ounces
- Gold ETF inflows totaled 225 tonnes in H2 2023
- Silver photography demand negligible at 25 million ounces in 2023, down 5%
- Hydrogen fuel cell platinum demand grew 25% to 50,000 ounces in 2023
- Palladium investment bars demand up 10% to 250,000 ounces in 2023
- Western gold jewelry demand fell 9% to 1,317 tonnes in 2023
- Silver brazing/ soldering demand 50 million ounces steady in 2023
- Global platinum recycling met 45% of demand at 1.7 million ounces in 2023
- Gold technology demand rose 2% to 310 tonnes in 2023 for electronics
Demand Statistics Interpretation
Even as central banks and solar panels hoard gold and silver like glittering magpies, the auto industry's metallic love affair is undergoing a messy, hydrogen-fuelled divorce, swapping palladium for platinum while investors and India snap up the leftovers.
Price Statistics
- Average annual gold price in 2023 was $1,943 per ounce, up 13% from 2022 amid economic uncertainty
- Silver spot price averaged $23.35 per ounce in 2023, with a peak of $26.07 in May
- Platinum price in 2023 averaged $949 per ounce, down 5% due to surplus supply
- Palladium averaged $1,477 per ounce in 2023, falling 35% from 2022 highs on auto demand drop
- Rhodium price surged to average $13,450 per ounce in 2023 from $14,500 peak earlier
- Gold futures high in 2023 was $2,135 per ounce on April 14 amid banking crisis
- Silver price volatility index in 2023 averaged 25%, higher than gold's 15%
- London Platinum & Palladium fix averaged $950/$1,480 in Q4 2023
- Gold ETF holdings peaked at 3,200 tonnes in 2023, supporting prices
- Year-end 2023 gold price closed at $2,062 per ounce, up 13.1%
- Silver contango in futures market widened to $0.50 per ounce average 2023
- Platinum discount to gold ratio hit 80% in late 2023
- Palladium-gold ratio fell to 0.7 in 2023 from 1.5 in 2022
- COMEX gold open interest averaged 500,000 contracts in 2023
- Silver lease rates dropped to 0.5% annualized in 2023
- Gold price correlation with USD index was -0.85 in 2023
- Platinum autocatalyst demand drove 20% price spike in Q3 2023
- Palladium short positions by speculators hit 25,000 contracts end-2023
- Gold all-time high adjusted for inflation is $3,100 per ounce as of 2023 data
- Silver-gold ratio averaged 85:1 in 2023, indicating undervaluation
- Shanghai Gold Exchange average premium over LBMA was $15 per ounce in 2023
Price Statistics Interpretation
As global uncertainty drove investors to the old reliable, gold ended 2023 with a confident 13% gain, while silver chattered nervously beside it, and platinum and palladium—the automotive darlings—found themselves in the bargain bin, overshadowed by the staggering price tag of the market’s diva, rhodium.
Production Statistics
- Global gold mine production in 2023 totaled 3,644 tonnes, marking a 0.5% increase from 2022 primarily driven by output from Australia and Russia
- Silver mine production worldwide in 2023 was 830.5 million ounces, with Mexico contributing 193 million ounces as the top producer
- Platinum mine production in South Africa for 2023 amounted to 3.8 million ounces, representing 70% of global supply
- Palladium production from Russian mines in 2023 reached 2.9 million ounces, accounting for 40% of world output
- Global rhodium mine production in 2023 was 29 tonnes, almost entirely from South Africa
- China's gold mine production in 2023 was 403 tonnes, up 4% year-over-year due to new projects in Inner Mongolia
- Peru's silver output in 2023 hit 109 million ounces, boosted by expansions at Buenaventura mines
- Zimbabwe's platinum group metals production grew 12% in 2023 to 430,000 ounces, led by Zimplats
- Norilsk Nickel's palladium production in 2023 was 2.5 million ounces, down slightly due to sanctions
- Australia's gold production in 2023 was 314 tonnes, with Northern Star Resources contributing 1.6 million ounces
- Bolivia's silver mine production in 2023 reached 18 million ounces, primarily from San Cristobal mine
- Impala Platinum's output in South Africa for FY2023 was 1.52 million ounces of platinum
- Global gold recycling supply in 2023 was 1,237 tonnes, down 5% from prior year
- Poland's silver production from KGHM in 2023 was 41 million ounces
- Anglo American Platinum's 2023 production was 2.3 million ounces, affected by logistics issues
- Indonesia's gold output in 2023 was 112 tonnes, mainly from Grasberg mine
- Chile's silver production in 2023 totaled 1,400 tonnes (45 million ounces)
- Sibanye Stillwater's US palladium production in 2023 was 430,000 ounces from Stillwater mine
- Russia's gold production in 2023 was 334 tonnes, up 2% despite geopolitical tensions
- Argentina's silver output from Yamana Gold in 2023 was 12 million ounces pre-acquisition
- Lonmin's platinum production before merger in 2023 averaged 400,000 ounces annually
- Ghana's gold production in 2023 was 132 tonnes, led by AngloGold Ashanti
- Sweden's silver production in 2023 from Boliden was 4.5 million ounces
- Canada's platinum production in 2023 was 15,000 ounces from Lac des Iles
- Brazil's gold output in 2023 reached 105 tonnes, boosted by Parau mine
- Morocco's silver production in 2023 was 2.2 million ounces from Imiter mine
- Finland's gold production in 2023 totaled 12 tonnes from Kittila mine
- Turkey's silver output in 2023 was 8 million ounces
- USA's palladium production in 2023 was 270,000 ounces from Montana mines
- Global platinum recycling in 2023 supplied 1.7 million ounces
Production Statistics Interpretation
The global metals market remains a tale of concentrated power and fragility, with South Africa and Russia sitting on a platinum group metals throne that looks increasingly rickety given the West's dependency on their mines.
Reserve Statistics
- World silver mine production growth rate from 2022 to 2023 was 2.1%, reaching 26,666 tonnes
- Global gold reserves held by central banks as of end-2023 totaled 36,200 tonnes, with US holding 8,133 tonnes
- South Africa's platinum reserves stood at 63,000 tonnes PGM in 2023
- Russia's palladium reserves estimated at 1.1 million tonnes in 2023
- Australia's gold reserves measured 12,000 tonnes as of 2023
- Mexico's silver reserves at end-2023 were 37,000 tonnes, largest globally
- Zimbabwe's PGM reserves totaled 1,100 tonnes platinum equivalent in 2023
- China's gold reserves reported 2,235 tonnes by central bank in 2023
- Peru's silver reserves estimated at 120,000 tonnes in 2023 USGS data
- Norilsk's palladium reserves over 1,500 tonnes in 2023
- USA gold reserves in ground estimated 3,000 tonnes in 2023
- Poland's silver reserves from KGHM at 52,000 tonnes in 2023
- South Africa gold reserves dwindled to 5,000 tonnes by 2023
- Bolivia silver reserves 15,000 tonnes as per 2023 estimates
- Canada PGM reserves 430 tonnes platinum in 2023
- Indonesia gold reserves 3,600 tonnes including Grasberg in 2023
- Chile silver reserves 25,000 tonnes end-2023
- Brazil gold reserves 2,400 tonnes in 2023
- Global silver identified resources totaled 1.74 million tonnes in 2023
- Russia's gold reserves 6,800 tonnes in 2023
- Australia's PGM reserves 1,200 tonnes palladium equivalent
- Ghana gold reserves 1,000 tonnes in 2023
- Turkey silver reserves 28,000 tonnes per 2023 data
- Finland gold reserves 300 tonnes Kittila area 2023
- Morocco silver reserves 20,000 tonnes Imiter 2023
- Global rhodium reserves estimated 30 tonnes in 2023
Reserve Statistics Interpretation
Despite the glittering allure of vast global reserves, the precious metals world reveals a sobering truth: while the vaults are impressively stocked, the frantic dance of annual production—mere fractions of these static hoards—underscores just how finite and exhaustible these treasures truly are.
Trade Statistics
- Precious metals market size reached $250 billion in trading volume on COMEX in 2023
- LBMA gold clearing volume averaged 1,000 tonnes daily in 2023
- Silver futures trading volume on COMEX hit 180 million contracts in 2023
- Shanghai Gold Exchange turnover reached 100 trillion yuan in 2023
- Platinum OTC trading volume estimated at $50 billion in 2023
- Palladium ETF assets under management totaled $2.5 billion end-2023
- Global gold swaps outstanding averaged $100 billion notional in 2023
- Silver exports from Mexico to USA were 150 million ounces in 2023
- PGM concentrate exports from South Africa hit 250 tonnes platinum in 2023
- Gold imports by India totaled 800 tonnes in 2023
- London silver fix volume processed 300 million ounces daily average 2023
- Palladium exports from Russia to China 1.5 million ounces in 2023
- Gold ETF trading volume on NYSE Arca exceeded 50 million shares daily avg 2023
- Platinum futures open interest peaked at 50,000 contracts in 2023
- Global silver trade balance showed 200 million ounce deficit in 2023
- Hong Kong gold imports from Switzerland 400 tonnes in 2023
- Palladium physical delivery on TOCOM Japan 300,000 ounces 2023
- Gold leasing market volume $20 billion in 2023
- Silver imports by India 100 million ounces for industry in 2023
- PGM ETF inflows $1 billion in 2023 amid price recovery
Trade Statistics Interpretation
While the world's paper wealth is frantically traded by the ton and trillion, the enduring truth is that all these dizzying figures ultimately distill down to humanity's ancient, physical hunger for security, adornment, and industrial utility.
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