Gold production growth in the two major gold producers @The Grs solution

SMM: with gold prices soaring, gold production in Victoria, Australia, has risen again and has climbed to its highest level since 1914. Australia has 9800 tons of gold reserves, the largest in the world, according to data released by the United States Geological Survey. At current production, Australia has enough gold reserves to support 31 years of production.

According to data released at the end of August by Surbiton Associates, an Australian gold mining consultancy, gold production reached a record 321 tons, or 10.3 million ounces, in fiscal year 2018. That compares with 310 tons in the same period last year. Between April and June, gold miners produced 82 tonnes of gold, the highest quarterly production in the past 20 years, according to the company.

Among the top three gold producers in the world, with the exception of China, gold production is growing in Russia and Australia. In the first half of 2019, China's raw material gold production was 180.68 tons, down 9.60 tons from the same period in 2018, down 5.05% from the same period last year, while Russian gold production increased by 11% to 142.2 tons in the first half of 2019 compared with the same period last year.

Rick Rieder, chief investment officer at BlackRock (Blackrock), said investors should still put some gold in their portfolios; central banks around the world are indifferent to the inflation target of below 2 per cent, and to achieve that target, central banks need to act more aggressively, meaning bond yields are below zero.
 
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