Tags: gold | mining | economic value | price

Gold Mining's Economic Value Dropped 16 Percent in 2013 on Price Slide

Wednesday, 03 Jun 2015 06:56 AM

Gold mining’s economic value worldwide sank 16 percent in 2013 as prices tumbled by the most on record, according to an industry lobby for the precious metal.

Gross value added, a gauge of the industry’s activity, was $83.1 billion in 2013, or $171.6 billion including the value of goods and services from outside businesses such as suppliers, the World Gold Council said in a report published Wednesday.

Gold mining’s economic contribution is up almost seven-fold since 2000 as output and the value of the metal climbed. Prices increased to a peak of $1,900 an ounce in 2011 from $272 an ounce at the end of 2000. Gold was $1,193 an ounce at 3:55 p.m. in Johannesburg on Tuesday. It dropped 28 percent in 2013.

Almost 60 percent of payments by gold mining companies to governments come in the form of income and corporation taxes, while a further 15 percent are royalties, the report said.


© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Markets
Gold mining's economic value worldwide sank 16 percent in 2013 as prices tumbled by the most on record, according to an industry lobby for the precious metal.
gold, mining, economic value, price
154
2015-56-03
Wednesday, 03 Jun 2015 06:56 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved