The World Mined 470 Tonnes More Gold Than We Thought
The World Gold Council revised mine supply up by about 470 tonnes. We check the numbers behind gold's blind spots: artisanal mining, hidden central-bank buying, India.
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The World Gold Council revised mine supply up by about 470 tonnes. We check the numbers behind gold's blind spots: artisanal mining, hidden central-bank buying, India.
On October 30, Coinbase converted every remaining EEA retail balance of PAX Gold into USDC after the EU's markets regulator told platforms to stop servicing unauthorized tokens. The gold never left the vault. What changed was the holders' claim, and that is the most useful custody lesson of the year: the difference between owning bars, owning a claim, and owning a ledger entry.
Marathon Fusion says it turned mercury into stable gold at 10 times CERN's 2025 record, and the headlines asked whether lab-made gold could do to bullion what lab-grown stones did to diamonds. The physics is real. But CERN's record was 29 picograms, Marathon has not disclosed how much it made, and its own model needs fusion power plants that do not exist yet.
September's hot CPI print knocked silver down 6.16% in a single session and put an October Fed hike back on the table — yet gold recovered nearly all of its losses within two days and finished the week down just 0.6%. The divergence between the two metals is the story.
Gold dropped to a two-month low of $4,066 on Wednesday, then rallied to finish the week up about 1.3%. Underneath the volatility, ETFs added more than 70 tonnes in September, China bought 21 tonnes, and Poland kept accumulating, while one central bank took profits.