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The ‘Friend- Shoring’ of Gold- A New World Order?
Published on April 24, 2022
Stephen Flood
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It’s Not On-shoring, It’s Friend- Shoring Now!
In a speech on April 13 at the Atlantic Council in Washington D.C., Janet Yellen invented a new phrase ‘friend-shoring’. This is related to the buzzword ‘on-shoring’, sometimes called ‘reshoring’. On-shoring is the idea that because the globalization of trade flows has become too complex for national security. Certain production facilities must be brought back on-shore for domestic production. We discussed this concept in our January 28, 2021 post: “Gold, the Tried-and-True Inflation Hedge for What’s Coming!” as reduced Globalization as ‘Made at Home’ policies is proliferating.Gold Mine Production by Country (2019)
Major Countries Gold Mine Production (2021)
The graphs above are similar to gold production data for the year 2021 formed as a bar chart.What Happens to Gold in ‘Friend-Shoring Paradigm
Of 2,250 gold tonnes produced by the top 15 countries, 830 tonnes would be called unfriendly according to Janet Yellen’s friend-shoring paradigm. Moreover, that means 37% of annual production would not be exported to western economies. Long time gold market followers might recall that before China joined the World Trade Organization gold production data was divided into sections: Western World, China, and CIS (which included Russia, Kazakhstan, and Uzbekistan, among other Eastern European countries). The ‘Western World’ production was considered what was easily accessible by trade agreements and available for Western consumers. Furthermore, the ‘friend-shoring’ would return us all to this similar paradigm. Another implication for gold production under a ‘friendly-shoring’ paradigm is that the friendly countries would no longer just compete based on price. Designing new competition rules to favour countries and producers that follow the sustainability guidelines. This guideline could include matters such as the highest possible wages paid to the mine employees. Also, the lowest carbon emission generated per ounce of gold production, water conservation, and the footprint of the mine to name a few. Silver’s global production footprint is different from gold’s.Follow on:
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