Gold supply stagnates mines dry up central banks hold little real money…

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Global gold production is essentially flat from seven years ago.

Then add:

▪️Mining capex remains historically depressed.
▪️Very few significant gold discoveries in recent years.
▪️Almost no major projects expected to come online over the next 5-7 years.

Keep in mind that central banks still hold less than 20% of their balance sheets in gold — a sharp decline from around 75% in the past.

J.P. Morgan put it best:

“Gold is money. Everything else is credit.”