Gold Made Simple

Gold Made Simple

February 15, 2010 03:00 ET

South Africa Drops to Third Biggest Gold Producer

MANCHESTER, UNITED KINGDOM--(Marketwire - Feb. 15, 2010) - The 2009 gold production statistics indicate that South Africa has dropped to third place in the table of the world's leading gold producers.

Once the world's biggest producer, by quite some way, South Africa saw its gold production fall a further 5% during the course of 2009. The nation produced a total of 222 tonnes during the year. South Africa remains the biggest producing nation on the African continent, however, by a massive margin. Ghana, the second biggest gold producer from the continent, produced just 80 tonnes.

However, South Africa now lags behind both China and Australia on the global gold production scale. While Australia produced just marginally more of the precious metal, China produced a huge 330 tonnes during 2009, positioning them comfortably at the top of the table.

While demand for gold remains high, with both new and experienced investors alike rushing to buy gold in the face of an inconsistent dollar, the mining industry faces tough competition from scrap recycling.

Gold does remain an attractive investment, however, with a more diverse demographic taking advantage of online gold trading websites such as Gold Made Simple, to purchase the precious metal. The increasing popularity of online gold trading means the process is now less elitist and with the commodity receiving more press attention than ever before, its popularity with investors looks set to continue to rise.

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