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One thing that isn't mentioned in the article is what percent of the error in the reserve estimate was on the supply side and what percent was on the demand side.
Aug 30 10:52 am
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All Comments by Jim Richmond »Limits to Gold and Silver Growth: Supply Having Trouble Meeting Demand [View article]
It seems that a big peice of the error in the reserve-years estimate may have been in estimating the demand side. Central banks (apparently) have been unloading thieir holdings since the 90's and there was a reduction in investment demand following the price crash in the 80's.
On the other hand, if gold regains traction as an investment, demand could outstrip current estimates which are based mostly on demand for production uses.