2006 Global gold price survey results

This survey, covering 24 gold mining and development companies, reports an expected production of 24 million ounces in 2006.

During the last quarter of 2005, the price of gold rose above the $500 mark for the first time since 1987. Since then, it has surged to a high of $720 in May 2006 and then settled to a wide trading range between $560 and $670 through to the end of 2006, when it closed at $637.

The survey indicates that gold producers are reacting to the strengthening and growing volatility in the gold price - where they are using consistently higher prices than past years in their reserves and carrying values analysis, along with a move back to using estimated prices, which vary over future years in their calculations.