Gold and other rare earth minerals have been on a global mining boom for years, but there’s been a resurgence in demand in recent years, especially in developing countries.
The gold rush is not a new phenomenon, as prices in 2013 reached a record high, according to data from Bloomberg.
But with demand outpacing supply, prices are skyrocketing again.
In July, for instance, the price of a gram of gold rose more than 8,000% to a record $1,250 an ounce.
The spike has brought about a huge boom in mining companies, which have pushed up the value of precious metals, such as gold, and their use in jewelry and other products.
The demand has also driven up prices of precious stones, such the ruby and sapphire stones.
The price of gold has skyrocketed as the gold rush has gone global, according a report by the Financial Times.
That’s spurred prices to soar by hundreds of percent in many markets.
And because the rush is fueled by mining, the world is now seeing an explosion in demand, the report said.
But how do we know whether the boom is sustainable?
The rush of gold is not limited to a single country.
For the first time, the global demand for gold has been outpacing the supply, according the report.
The rush of precious metal mining has also been accompanied by an explosion of other mineral extraction companies, including the Chinese mining giant Gorgon, which is investing $2.5 billion to create a new global gold mine.
The mining boom has pushed up demand for minerals, including gold, in many of the world’s most populous countries, as governments scramble to keep up with a surging global population.
China’s government said in July that it was investing $1 billion to develop a new mine.
More:China is investing more than $2 billion to expand a mine for gold, the latest in a string of recent investments.
But the world of mining is not immune to the gold boom.
In the U.S., for instance.
Gold prices have risen about 20% in 2016, according data from the Commodity Futures Trading Commission.
The spike has prompted some miners to shut down operations, but others have continued operations.
In Germany, the country that has been hit hardest by the rush of mining, a new gold mine has opened in the Baden-Württemberg region of Germany.
It’s the second gold mine to open in the country in two years.
The Baden Württbergebiet, which was the biggest gold mine in Germany until 2011, has a capacity of 6 million ounces (2.3 million metric tons), or about 15.6 million ounces, according Bloomberg.
Gold is the second-largest metal in the world, behind platinum, according Toilings International, the gold mining company that owns the Badenhorst mine.
Gold prices have also surged because of a rebound in demand for rare earth metals, or neodymium, according Investopedia.
Demand for neodyms, which are used in the production of semiconductors, surged by more than 20% from 2013 to 2016, with prices increasing by nearly 80% in the past year.
“It is the latest indication that the demand for neophytes and high-quality materials is expanding and that the gold price is rising,” said Toilers International CEO Thomas Wiedenrauch in a statement.
“Neodymics, including neodymic gold, are the gold standard in the semiconductor industry and are now also being used in a variety of products, including consumer electronics, as well as high-end consumer electronics and medical devices.”