Gold To Pass LNG As Australia’s No. 2 Resource Export

Core Insights - Australia's role as a resource powerhouse is evolving due to global economic factors, including falling oil prices and surging gold prices [1] - The country is rich in various mineral deposits, with iron ore being the top export, followed by copper, coal, aluminum, lithium, and natural gas [1] Gold Production and Reserves - Australia is the third-largest gold producer globally, mining 284 tonnes (10,017,816 ounces) in 2024, following China and Russia [2] - Major gold mines in Australia include Boddington, Cadia, Kalgoorlie Super Pit, Fosterville, and Tanami [2] Price Surge and Market Dynamics - Gold prices have recently surged, breaching $4,000 per ounce for the first time, with futures hitting $4,011/oz [3] - The current rally in gold prices is the most significant since the 1970s, driven by safe-haven demand amid political and economic uncertainty [4] Contributing Factors to Gold Price Increase - Gold has risen over 25% since the announcement of tariffs by the US, influenced by a weak US dollar, inflation, strong central bank buying, and potential interest rate cuts by the US Federal Reserve [5] - The ongoing US government shutdown has further prompted investors to purchase gold in various forms, including bars, coins, ETFs, and stocks [6] Future Outlook for Gold in Australia - Australia anticipates that gold will become the second most valuable resource after iron ore in the current financial year, surpassing liquefied natural gas (LNG) [7] - Gold exports are projected to increase by AUD$12 billion (USD$7.9 billion) in the financial year ending June 2026, reflecting the rise in gold prices [7]