The global gold market is facing a paradox. Despite prices of metal surging to unprecedented levels and driving record cash flows for producers, the exploration activity is stagnating.
The latest research from S&P Global Commodity Insights noted that in 2024, the industry added just three major deposits to its global database. This addition raised the reserves from 2.9 billion ounces over 350 deposits to 3 billion ounces over 353 deposits. Still, these new entries are not fresh finds in the traditional sense; most were discovered decades ago and have only recently met the two-million-ounce threshold to qualify for the list.
