In 1998, when the gold price averaged $US294.16 per ounce there were 15 major gold discoveries made around the world.
By contrast, as shown in statistics compiled by S&P Global Market Intelligence, in 2012 when gold averaged $US1669.82/oz, only three major gold discoveries were made around the globe.
In 2014, 2015 and 2016, only two such discoveries were recorded in each of those years. And 2017? Nada.
And when gold is found it takes a while before the first pour.
The World Bank says the average is 10 years between those two events. Another source says 13 years.
According to a paper by Richard Schodde of Melbourne-based MinEx Consulting, there have been 1992 significant gold discoveries around the world since 1950.
However, only 101...