SUPPLY
& DEMAND
Production
and Jobs
GOLD
PRODUCTION BY STATE
The United States is the second-largest gold-producing nation
in the world. Most of this gold is produced in western states
such as Nevada, which produces more gold than any other
state.
2000 Gold Production by State
| |
Gold
Produced (1,000 ozs) |
$
Value ($1,000's) |
| Alaska |
546 |
148,976 |
| California |
447 |
121,882 |
| Colorado |
248 |
67,667 |
| Idaho |
72 |
19,645 |
| Montana |
212 |
57,926 |
| Nevada |
8,446 |
2,304,409 |
| S.Dakota |
171 |
46,630 |
| Utah |
700 |
190,995 |
| Washington |
94 |
25,675 |
| Total |
10,936 |
2,983,806 |
| SOURCE:
JOHN L. DOBRA, Ph D, THE U.S. GOLD INDUSTRY 2000,
MACKAY SCHOOL OF MINES, UNIVERSITY OF NEVADA (RENO). |
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GROWTH TRENDS IN
PRODUCTION
For many years, 75% or more of the gold needed by U.S. manufacturers
was imported from other countries. From 1980 forward, however,
U.S. gold production climbed steadily -- from one million
to more than 11 million ounces annually -- due to important
advances in exploration, mining and processing technologies.
Today, the U.S. produces more gold than any nation except
South Africa, and can meet all of its domestic gold needs
while still making 23% of U.S. production available for export.
In 1999, this resulted in a positive $2.7 billion contribution
to the nation's balance of trade.
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EMPLOYMENT AND WAGES
The U.S. gold mining industry is currently responsible for
creating more than 66,000 jobs and nearly $2 billion in earnings
annually. Salaries within the industry are generally as much
as 40% higher than the average annual wage.
Economic Impacts of 2000 Gold and Silver Production
|
Jobs
Multiplier |
Jobs |
Output
Multiplier |
Output
($1,000's) |
Earnings
Multiplier |
Earnings
($1,000's) |
| Alaska |
13.9 |
3,234 |
1.7724 |
412,325 |
0.5103 |
118,714 |
| California |
18.5 |
2,257 |
2.0508 |
250,174 |
0.5646 |
68,875 |
| Colorado |
36.2 |
2,450 |
2.6351 |
178,309 |
0.6961 |
47,103 |
| Nevada |
19.0 |
45,807 |
1.7843 |
4,301,764 |
0.5484 |
1,322,136 |
| Utah |
32.8 |
6,858 |
2.6325 |
550,390 |
0.7782 |
162,702 |
| Other |
|
5,481 |
|
442,283 |
|
131,400 |
| Total |
|
66,085 |
|
6,135,246 |
|
1,850,931 |
| SOURCE:
JOHN L. DOBRA, Ph D, THE U.S. GOLD INDUSTRY 2000,
MACKAY SCHOOL OF MINES, UNIVERSITY OF NEVADA (RENO). |
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IMPACT ON OVERALL ECONOMY
Gold plays a key role in a wide range of rapidly developing
technologies that are important to the nation's economic health.
Billions of gold-coated electrical connectors are used throughout
the computer, telecommunications and home appliance industries.
Weather and communications satellites depend on gold-plated
shields and reflective apparatus for protection from solar heat
and electrical interference while in space. Advanced laser technology
used in a variety of industrial and medical applications employs
interior gold coatings to concentrate its powerful light energy.
The automobile industry depends on gold-coated contacts for
sensors that activate automobile air bag systems. And modern
medicine relies on gold in a wide variety of procedures ranging
from the monitoring of heart functions to the chemistry related
to diagnosis and treatment of cancer, viral and bacterial diseases
and allergies. All of these uses of gold are critical
to the global economy.
But even in raw economic terms, the gold industry makes a significant
contribution to the U.S. economy:
Gold and Silver Value
| |
Value
of US Gold & Silver Production ($1,000's) |
| 1991 |
296.0 |
| 1993 |
332.1 |
| 1995 |
319.0 |
| 1997 |
362.0 |
| 1999 |
341.9 |
| 2000 |
330.0 |
| SOURCE:
JOHN L. DOBRA, Ph D, THE U.S. GOLD INDUSTRY 2000,
MACKAY SCHOOL OF MINES, UNIVERSITY OF NEVADA (RENO). |
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