During World War

During World War I and for some years thereafter,
the annual production declined to about 2 million
ounces. When the price of gold was raised from
$20.67 to $35 an ounce in 1934, production increased
rapidly and again exceeded the 4-million-ounce level
in 1937. Shortly after the start of World War II, gold
mines were closed by the War Production Board and
not permitted to reopen until 1945.
From the end of World War II through 1983,
domestic mine production of gold did not exceed 2
million ounces annually. Since 1985, annual production
has risen by 1 million to 1.5 million ounces every

Mining rich gold-silver at Goldfield, Nevada, circa 1905.

year. By the end of 1989, the cumulative output from
deposits in the United States since 1792 reached 363
million ounces.
Consumption of gold in the United States ranged
from about 6 million to more than 7 million troy
ounces per year from 1969 to 1973, and from about 4
million to 5 million troy ounces per year from 1974 to
1979, whereas during the 1970’s annual gold

production from domestic mines ranged from about 1
million to 1.75 million troy ounces. Since1980 consumption
of gold has been nearly constant at between
3 and 3.5 million troy ounces per year. Mine production
has increased at a quickening pace since 1980,
reaching about 9 million troy ounces per year in 1990,
and exceeding consumption since 1986. Prior to 1986,
the balance of supply was obtained from secondary
(scrap) sources and imports.

The main pit at the Carlin mine, Nevada, July 1974 (photo by
R.P. Ashley).