PARAMOUNT MATTERResearch
The Gold Paradox
A three-part series on why gold exploration has lagged the gold price since 2022, and what it takes to find the next deposits.
- Part 1 · Feb 2026, revised Oct 2026Rising Gold, Lagging Exploration: 2022 to 20257 min
Record gold prices in 2025 and early 2026. Central banks bought about twice as much a year from 2022 to 2025 as before 2022. Few major discoveries. Exploration budgets below their 2022 level.
- Part 2 · Feb 2026, revised Oct 2026Where Exploration Money Goes, and Why5 min
Capital allocation, cautious investors and long approval timelines: why gold exploration budgets have lagged the price since 2022.
- Part 3 · Feb 2026, revised Oct 2026What It Takes to Find the Next Deposits8 min
Geology first, proven field methods, newer tools used with care, patient funding and local partnerships.
All three articles were first published in February 2026, then revised and retitled in October 2026. Each carries an editor’s note describing what changed and giving the original title.