Gold Discovery Drought Hits Record High Prices

Despite record-high gold prices, the industry is facing a quiet crisis. New major gold discoveries have been scarce in recent years, with only a limited number of discoveries reaching the 2 million oz threshold. According to S&P Global Energy's annual review, 371 gold deposits were discovered between 1990 and 2025, containing a combined 3.2 billion oz of gold in reserves, resources, and past production.

Exploration activity has shifted towards known assets, mine site expansion, and lower-risk resource growth, rather than frontier greenfield discovery. This trend raises longer-term supply concerns as producers balance resource replacement, capital discipline, and shareholder returns.