Papers - Gold Supply Symposium - Future Gold Production-the Geological Outlook

Although marked by numerous well-known attributes of its own, gold does not possess a kind and range of physical, chemical and geological characteristics wholly different and apart from those of other metals. Instead, it is merely one of the family of metals, with its individual and distinctive traits subordinate to the underlying family relationships and resemblances. The geologist concerned with pure science will pursue, therefore, the same general course and will examine the same broad kinds of facts and interrelations when studying the occurrence of gold as when studying that of copper or cadmium, or any other metal. But when we come to consider the use and economics of the metals, we discover that gold differs strikingly from all the others. Gold, in short, is unique, not by virtue of its inherent characteristics, but because of a peculiar and concerted psychological regard in which it is held. It will be evident, therefore, that the geologist who would deal with gold supply must give far greater weight to economic considerations than is required in his contacts with any other metal. If the geologist be called the scientist of occurrence, and the economist the scientist of use, the economic geologist stands as the necessary link between them. Perhaps it is in part because the economic geologist has made himself more familiar with the science of occurrence than with the science of use and has thus in some degree failed to bridge effectively the gap between the two fields, especially with regard to gold, that the usen1 of gold now appear to be in a state of general concern and even of alarm for the security and adequacy of future supplies. In the case of no other mineral commodity do the users, as a rule, trouble themselves greatly about the adequacy of supply except in so far as that may affect the price which they shall have to pay for the commodity. Oversupply, with resulting low price, they regard as a gift of good fortune. As to long-term undersupply, they are generally content to go ahead on faith, leaving the producer to discover as best he may the means for meeting their requirements or the inventor to find a substitute. But history has shown that for gold a different situation exists. While