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Production costs all over the world vary considerably, depending
whether it is a case of mines or open-cast, how
deep down the gold deposits are, the type and characteristics
of ore bodies and the gold content. According to GFMS,
the average stated cash production costs for commercial
information-producing larger western mining companies
amounted to 492 USD/oz in 2009, which was an increase
of 6% compared to 2008.
5 largest gold producers
4
Source: GFMS
3
5
2
1
The global trade in gold
The global trade in gold consists primarily of a large proportion
which is traded OTC (over the counter), i e directly
between various market actors. This part of the market is
further divided into spot transactions and various types of
derivatives, such as forward contracts and options. The OTC
market is open around the clock, and the main centres for
such trading are London, New York and Zurich, where the
large transactions generally take place (central banks and
mining companies). The minimum trade size in this market
is 1,000 troy ounces (oz). In Dubai and other Far East cities,
OTC transactions are also concluded, but on a smaller scale.
OTC trading is organised manually by telephone as well as
via an electronic trading system.
1 Barrick Gold
2 Newmont Mining
3 AngloGold Ashanti
4 Gold Fields
5 Goldcorp