The year 2011 proved a year of firsts for gold, with the yellow metal reaching record highs of 2 809.5 t, up 4% from the 2010 production figures. Also, the gold price posted its tenth straight year of gains since 2001, benefiting from the global economic uncertainty that prevailed throughout 2011, and continued to prove itself as a currency and store of wealth when it peaked at an all-time high of $1 895/oz on the London PM fix on September 6. However, with the price of gold currently hovering at between $1 540/oz and $1 660/oz, Gold Fields’ CEO Nick Holland recently indicated that a higher price is needed to sustain current mine production.

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