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Cost saving initiatives could not offset the impact of input cost inflation The increased costs and production challenges meant a weakening in operating results Together with the gold and platinum impairments it meant that the industry recorded a loss for 2018 4

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So for example from 1934 to 1938 one ounce of gold would cost 34 but 34 today would purchase a small fraction of an ounce of gold While the price of gold may appear cheap in the past adjusted for inflation it is not as low as you would think

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While California gold rushes became history Nevada mining was just beginning and would spur the development of modern industry In 2018 California produced 140 000 troy ounces of gold just a fraction of the 5 58 million oz coming out of Nevada s ground

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