The year 2012 saw the annual average gold price reach its peak, attributed to major central bank purchases aimed at diversifying their asset base, rising inflation, quantitative easing, and high jewelry demand. Despite this, the locus of world gold mine production seems to be shifting from the big three countries to emerging market nations due to higher retail and institutional investment, increased gold buying by major Central Banks in response to a potential global economic slowdown, as well as possible truce talks in the United States.