First published by Money Metals here: https://www.moneymetals.com/news/2018/03/26/paper-gold-vs-physical-gold-001444

Much higher gold prices will drive more exploration and should boost discoveries. But the trend seems clear – the drought in discoveries, which began more than a decade ago, looks likely to persist regardless of the gold price. And the struggle to find economic deposits will translate to a serious decline in production in the years ahead.