Editing Hubbert peak theory (section)

===Precious metals===
{{Main|Peak gold}}
In 2009, Aaron Regent president of the Canadian gold giant Barrick Gold said that global output has been falling by roughly one million ounces a year since the start of the decade. The total global mine supply has dropped by 10 percent as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run. "There is a strong case to be made that we are already at 'peak gold'," he told The Daily Telegraph at the RBC's annual gold conference in London. "Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore," he said.<ref>{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/industry/mining/6546579/Barrick-shuts-hedge-book-as-world-gold-supply-runs-out.html |title=Barrick shuts hedge book as world gold supply runs out |date=11 November 2009 |publisher=Telegraph |access-date=2013-11-03}}</ref>

Ore grades have fallen from around 12&nbsp;grams per tonne in 1950 to nearer 3&nbsp;grams in the US, Canada, and Australia. South Africa's output has halved since peaking in 1970. Output fell a further 14 percent in South Africa in 2008 as companies were forced to dig ever deeper – at greater cost   – to replace depleted reserves.

World mined gold production has peaked four times since 1900: in 1912, 1940, 1971, and 2001, each peak being higher than previous peaks. The latest peak was in 2001 when production reached 2,600 metric tons, then declined for several years.<ref>Thomas Chaise, [http://news.goldseek.com/Dani/1273767071.php World gold production 2010], 13 May 2010.</ref> Production started to increase again in 2009, spurred by high gold prices, and achieved record new highs each year in 2012, 2013, and 2014, when production reached 2,990 tonnes.<ref>US Geological Survey, [http://minerals.usgs.gov/minerals/pubs/commodity/gold/mcs-2016-gold.pdf Gold], Mineral commodity summaries, Jan. 2016.</ref>