"The similarities between (conventional) oil production and gold production are remarkable.  The oil reserves are stable due to unconventional oil (offshore, shale oil). The proven reserves cannot be replaced at the same speed that they are exploited. Therefore since 2002 only about 1,250 tonnes of gold reserves have been discovered annually, but 2,500 tonnes have been produced ... The relationship between gold content and required energy input per unit produced is not linear, but exponential ... This means that if the gold content in the rock decreases, more rock has to be broken, mined, transported and processed in order to produce the same amount of gold ... The ratio of return on investment has decreased from 105x in the 1960s to 11x in the first decade of the new millennium."
(Erste Group Research, 2012, pp. 98-99)

Ein Report von Ronald Stoeferle der Erste Group Research über den Ausblick eines signifikant steigenden Goldpreises und bemerkenswerten Parallelen der Förderentwicklung von Gold und Erdöl. Erschienen bei der Erste Group Bank (11. Juli 2012).