We had the mining production numbers from Peru’s Ministry of Energy and Mining for the month of April this afternoon, with the eye-catcher stat being the 11,453.637kg of gold produced in the country during that month. This is the worst single month of gold production for the last 10 years in Peru (minimum, I carry an XLS back to Jan 2003) and you can just about make out the April 2012 bar on the right of this long-term chart:
Zooming in on the last 12 months, here’s how April’s big drop looks:
Then combine the volume with the average price for the month (courtesy of Kitco, which tracks the London PM fix price here) we get the other chunk of bad news: $607-and-bits million dollars is either down or way down on previous months.
Strangely, the historic gold production slump is missing from the spin offered up by MEM.