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Visualizing Gold’s Return Across Currencies



Visualizing Gold Return Across Currencies

Visualizing Gold’s Return Across Currencies in 2022

Gold has been regarded for a long time as a safe haven commodity that investors and governments use to protect their wealth.

While the metal posted a small gain in 2022 for investors in the U.S., it posted significant gains against other currencies.

This graphic based on data from the World Gold Council assesses gold’s price performance against major currencies in 2022.

Gold Price Performance in 2022

There is a direct correlation between the price of gold and the U.S. dollar since gold is mostly traded globally in U.S. dollars.

In 2022, record-high inflation and slow global economic growth were expected to send gold to new record highs.

However, gold performance against the USD was impacted by rising interest rates in the U.S., which pushed the Dollar Index to a 20-year high.

Almost every other currency around the world declined against the dollar in 2022. As a result, investors outside of the U.S. looked towards gold as a hedge against inflation.

Currency31 December 2022 price2022 return
U.S. dollar (oz)$1,8140.4%
Euro (oz)€1,6946.7%
Japanese yen (g)¥7,64614.4%
Pound sterling (oz)£1,50112.5%
Canadian dollar (oz)$2,4587.7%
Swiss franc (oz)₣1,6771.7%
Indian rupee (10g)₹48,24611.8%
Chinese yuan (g)¥4029.0%
Turkish lira (oz)₺33,93541.2%
Australian dollar (oz)$2,6627.1%

While investors in the U.S. saw a 0.4% gain with gold in 2022, the metal posted over a 10% return against the Indian rupee, pound sterling, Japanese yen, and the Turkish lira.

Gold Price in 2023

Several analysts are projecting record highs for gold in 2023 as the U.S. Fed is forecasted to slow its pace of rate hikes.

Gold’s price is also expected to be supported by increasing demand from central banks that are looking to diversify foreign exchange holdings and reduce exposure to the dollar.

In addition, gold bars and coins should remain in high demand thanks to an economic rebound in China, the biggest gold-consuming market in the world.

According to Goldman Sachs, gold’s price is expected to hover around $1,860 per ounce towards the end of 2023.

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Visualizing Mining’s Footprint in British Columbia

Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.



Mining Footprint in British Columbia

Visualizing Mining’s Footprint in British Columbia

British Columbia is considered a global leader in the development of socially and environmentally responsible resources.

An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.

This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.

A Tier 1 Jurisdiction for Mining

British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.

As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.

British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.

B.C. mined material breakdown

At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.

More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.

How Green is B.C. Mining

Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.

Land Use in B.C.Revenue (2022, CAD $)
Mining 0.04%$18.0 billion
Oil & Gas 0.4%$9.5 billion
Infrastructure1%$25.0 billion
Farmland3%$2.1 billion
Forest62%$13.3 billion

Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.

In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.

According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.

In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.

The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.

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Mapped: The 10 Largest Undeveloped Silver Deposits in the World

Global silver demand is poised to soar in the next decade, driven by emerging technologies like EVs and solar power.




Ranked: The Largest Undeveloped Silver Deposits in the World

Global silver demand is poised to soar in the next decade, driven by emerging technologies like electric vehicles and solar power.

Silver demand from solar alone has grown from less than 50 million ounces (Moz) a decade ago to an expected 160 Moz in 2023.

So, where will the necessary supply come from to meet this surge? This graphic from Discovery Silver shows the largest undeveloped silver deposits in the world.

Silver in Green Technology

Silver is a vital part of solar cells. The metal is converted into paste and coated onto silicon wafers to make solar arrays.

When sunlight hits the silicon, silver helps to transport the generated electricity for immediate use or store it in batteries. A typical solar panel can contain as much as 20 grams of silver.

Silver’s conductivity and corrosion resistance are vital in electronics, especially electric vehicles where nearly all electrical connections rely on the metal. Over 50 million ounces of silver are used every year to enhance conductivity in powered seats, windows, and other vehicle electronics.

In 2022, 27% of all silver consumption in the U.S. was attributed to electrical and electronics, while 10% was linked to solar technology.

Global Silver Demand Rising

With the increasing demand for new technologies combined with physical investment (bars) demand, the silver market saw a 237.7 Moz deficit in 2022, an all-time record.

2023 silver industrial demand is forecasted to rise by 4% to a new record high.

However, according to the Silver Institute, mined output is expected to decline over the next five years.

In this scenario, new mines are expected to play an important role in meeting the demand.

Currently, the world’s top 10 undeveloped silver deposits contain 984 Moz. Discovery Silver’s Cordero project in Mexico leads the ranking:

RankProjectOwnerCountryContained Silver Reserves (Moz)
1CorderoDiscovery SilverMexico266
2Corani Bear Creek Mining CorporationPeru229
3Prognoz Polymetal International plcRussia125
4Bowdens Silver Mines LimitedAustralia66
5Santa Ana Formerly Bear CreekPeru63
6FuwanMinco Silver CorporationChina55
7Nueva EsperanzaKingsgate Consolidated LimitedChile48
8Vares Adriatic Metals PLCBosnia & Herzegovina47
9Terronera Endeavour Silver Corp.Mexico47
10MenkechkaGeoProMining Ltd.Russia38

Cordero is located in Chihuahua State in Mexico, one of the world’s most prolific silver producing regions.

Once in production, it is expected to become one of the top three silver mines in the world.

As silver demand is expected to soar, Discovery Silver offers direct investment exposure to this paradigm shift through its Cordero Project. Click here to learn more about Discovery Silver.

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