Lunsche said Gold Fields has also addressed this possibility: “I would suggest a lessening in total world output. Maybe not as soon as 2017, but definitely in the future, yes.”

The rationale behind the production cliff theory is basic economics: supply and demand. Mining companies simply aren’t finding enough large deposits to meet rising global demand, an evermore insatiable appetite.

Despite banks and financial institutions cutting their gold price forecasts for the rest of the year and for 2014 — Paris-based Société Générale recently claimed we’re seeing ‘The End of the Gold Era’ — as well as gold-backed exchange-traded funds seeing record outflows, the demand for physical gold is going strong. And experts, analysts and gold dealers say they don’t expect to see an abatement of the appetite for gold anytime soon.

“We’re currently experiencing some very uncertain economic times, and this is driving the demand for physical gold,” said Arthur McGuire, vice president of New York-based gold dealer Gold Coin. “Factors like the recent situation in Cyprus, loose monetary policies, and rampant money printing are drawing more and more investors to physical gold as a financial safety net —  and they will continue to do so in the years to come.”

“Asian countries like China and India are also showing burgeoning demand, as their economies grow and their markets gain more exposure to gold,” he said.

Meanwhile, it is not just private investors who are putting a strain on the world’s gold supply. The World Gold Council reports that in 2012, the gold demand from central banks was the highest it has been in 50 years. The world’s central banks accounted for nearly a fifth of global gold demand, buying an aggregate 534.6 tons – almost 19 million ounces – last year alone. The institutions that were once net sellers have now performed a complete volte-face and become large-scale buyers of the yellow metal.

A Test of South Africa’s Mettle

In the face of such an increasing global appetite for gold, one has to wonder if South Africa will be able to keep up. Is there enough gold in the ground to continue being a player in the global gold production game?

As emerging market players like China and Russia step in to take the place South Africa once held atop the gold production totem pole, the next few years will definitely be a test of the country’s gold mining mettle.