Mineral Facts and Problems: 1960 Edition Page: 352

                                
MINERAL FACTS AND PROBLEMS, ANNIVERSARY EDITION

ernors of the Federal Reserve System. Monthly
bulletins of the U.S. Treasury Department
publish detailed data on U.S. monetary gold
stocks and banking transactions related to
gold.
The Bureau of Mines also compiles data on
gold production in foreign countries. De-
tailed data on gold production are published
by some foreign countries, especially those of
the British Commonwealth but corresponding
data for other countries are not complete. No
data on gold production or reserves are pub-
lished by the Soviet Union or its satellite
countries.
PRODUCTION, CONSUMPTION, AND
FOREIGN TRADE
The total world gold production from 1493
to 1958 is estimated at 1,979 million troy
ounces. Peak annual production was 42.2 mil-
lion ounces in 1940. Since World War II,
world gold production has steadily increased
reaching a total of 40.4 million ounces valued
at $1,410 million in 1958. The gain in world
output was due principally to the remarkable
growth in gold mining in the Union of South
Africa. In recent years the United States has
ranked fourth in gold production, exceeded by
Canada and the soviet Union. In 1958 U.S.
production (fig. 2) was 1,739,200 ounces; total
output to the end of 1958 was 296,205,500
ounces, or 15 percent of the world total since
1493.

MILLION FINE OUNCES

Of the cumulative quantity of gold produced
from the earth, it is estimated that 60 percent
is held by governments and central banks, 25
percent is held by corporations and individu-
als, and 15 percent has been dissipated or lost.
During 1949-58 net consumption of gold by
industry and the arts in the United States
slightly exceeded domestic production. Esti-
mated consumption of gold in the industrial
arts of the principal free-world countries in
1957 was about 6.4 million ounces; that used
in coinage totaled 0.53 million ounces (6).
During 1958, the United States imported
gold ore, base bullion, refined bullion, and gold
coins from 30 countries and at the same time
exported these items to 13 other countries. Re-
fined bullion comprised the bulk of the imports
and exports. In 1958 Canada supplied nearly
two-thirds of the gold imports; Argentina and
the Philippines supplied most of the remain-
der. Of the total gold exported in 1958, about
60 percent went to the United Kingdom and
30 percent to Canada. In the period 1949-58
the value of U.S. gold imports greatly ex-
ceeded exports.
STRATEGIC CONSIDERATIONS
Although there are not many industrial uses
of gold that are indispensable to the military
services, the U.S. gold reserve nevertheless is
strategic and important in maintaining fiscal
solvency-the monetary base for currency and
the settlement of international trade balances.

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J1960
1960

FIGURE 2.-Gold Production in the World, 1905-58.

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