The gold market may be obsessed about the dollar and prospect of a rise in US interest rates. But there’s another factor looming on the horizon: a fall in gold mine supply.
黄金市场可能会对美元以及美国加息的前景着迷。但还有一个因素正在逼近：金矿供应下降。
After rising every year since 2008 global gold supply plateaued last year, according to the World Gold Council. In China, the world’s biggest producer, it fell by a record 9 per cent, the second time output has fallen in the country since 1980.
根据世界黄金协会(World Gold Council)的数据，自2008年以来全球黄金供应每年都增长，这一增长在去年陷入停滞。作为世界最大的黄金生产国，去年中国的黄金供应创纪录地下降9%，这是自1980年来中国的黄金产出第二次下降。
China accounts for about 15 per cent of the world’s gold production, a higher proportion than Saudi Arabia has in the oil market. But since 2016 authorities have tightened their scrutiny on gold mining, which has led to the closure of smaller mines in the country.
中国约占世界黄金产量的15%，这个比例高于沙特占石油市场的比例。但自2016年以来，中国当局收紧了对黄金开采的审查，导致中国的小型金矿纷纷关闭。
“The environment is gaining increasing appreciation from policymakers,” Alistair Hewitt, head of market intelligence at the World Gold Council, said. “Gold mining has come under tighter regulations.”
“环境越来越受到政策制定者的重视。”世界黄金协会市场情报部门负责人阿利斯泰尔?休伊特(Alistair Hewitt)说，“黄金开采受到更严格的监管。”
China produced an estimated 420.5 tonnes of gold last year, according to the World Gold Council. Over the same period, Chinese demand for gold rose by 4 per cent to 953.3 tonnes, it said.
根据世界黄金协会的数据，去年中国的黄金产量估计为420.5吨。该组织表示，同期中国对黄金的需求上升了4%，至953.3吨。
Global gold production rose to 3,268.7 tonnes in 2017 from 3,263 tonnes a year earlier, according to the WGC. That was the smallest increase since 2008, when gold mined fell more than 2 per cent during the financial crisis.
2017年，全球黄金的产量从上一年的3263吨上升至3268.7吨。这是自2008年以来的最小涨幅。2008年金融危机期间，黄金开采量下降了逾2%。

The price of gold has risen 15 per cent since the beginning of 2017 to trade at $1,334.78 a troy ounce.
自2017年初，金价上涨了15%，交易价为每盎司1334.78美元。
Almost all of China’s gold goes to meet domestic demand, since companies are not allowed to export gold.
中国几乎所有的黄金都用于满足国内需求，因为中国不允许企业出口黄金。
As regulations tighten at home, China’s gold companies are increasingly looking to make overseas acquisitions. Last year Shandong Gold agreed to buy 50 per cent of Barrick Gold’s Veladero mine in Argentina for $960m.
随着中国收紧法规，中国的黄金公司日益期盼进行海外收购。去年，山东黄金矿业股份有限公司(Shandong Gold Mining)同意以9.6亿美元购买巴里克黄金公司(Barrick Gold)持有的阿根廷贝拉德罗(Valedero)金矿50%的股权。