Filed Pursuant To Rule 433
Registration No. 333-180974
August 14, 2014
Gold Demand Trends
Second quarter 2014
August 2014 | www.gold.org
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Gold demand vs 10-year average
Source: GFMS, Thomson Reuters; World Gold Council
In line with our expectations,1 Q2 gold demand of 963.8 tonnes (t) was considerably weaker year-on-year 16% below Q2 2013s 1,148.3t. Sharp declines in the consumer segments of gold demand came as no surprise, given the stark contrast in conditions in the global gold market between the two time periods. Jewellery demand was almost a third lower, while bar and coin investment was less than half Q2 2013 levels. Gold ETFs saw modest outflows of 39.9t, which were far smaller than the 402.2t of outflows seen during the year-earlier period. The net impact on overall investment was a modest 4% year-on-year increase.
Table 1: Q214 gold demand overview
Tonnes | US$mn | |||||||||||||||||||||||||||||||
Q213 | Q214 | 5-year average |
Year on year % change |
Q213 | Q214 | 5-year average |
Year on year % change |
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Jewellery |
726.7 | 509.6 | 522.6 | -30 | 33,057 | 21,108 | 23,337 | -36 | ||||||||||||||||||||||||
Technology |
103.8 | 101.0 | 108.8 | -3 | 4,722 | 4,183 | 4,847 | -11 | ||||||||||||||||||||||||
Investment |
225.7 | 235.4 | 349.3 | 4 | 10,266 | 9,752 | 15,996 | -5 | ||||||||||||||||||||||||
Total bar and coin demand |
627.9 | 275.3 | 343.2 | -56 | 28,563 | 11,405 | 15,740 | -60 | ||||||||||||||||||||||||
ETFs and similar products |
-402.2 | -39.9 | 6.1 | | -18,297 | -1,654 | 256 | | ||||||||||||||||||||||||
Central bank net purchases |
92.1 | 117.8 | 82.0 | 28 | 4,187 | 4,879 | 3,999 | 17 | ||||||||||||||||||||||||
Gold demand |
1,148.3 | 963.8 | 1,062.6 | -16 | 52,232 | 39,922 | 48,180 | -24 |
Source: GFMS, Thomson Reuters; World Gold Council
1 | As presented in Gold Demand Trends, First quarter 2014. |
Gold Demand Trends | Second quarter 2014
Chart 1: The gold price in key currencies (Indexed 01/01/2013 = 100)
| Gold prices steadied during the second quarter, in contrast to the volatility seen during Q2 2013. |
| Price expectations among gold consumers and investors were uncertain, reflecting the lack of clear direction. |
Source: The London Gold Market Fixing Ltd; Thomson Reuters Datastream; World Gold Council
2 | For a more detailed discussion of gold price volatility in 2014, see Investment commentary, First half 2014, World Gold Council http://www.gold.org/investment/gold-investment-research |
02_03
Chart 2: Total bar and coin demand rolling 4-quarter total
| Bar and coin demand has subsided from the record highs seen in 2013. |
| But, viewed on a historical basis, rolling 4-quarter demand for these investment products remains comfortably within the range established in the wake of the financial crisis. |
Source: GFMS, Thomson Reuters; World Gold Council
3 | As discussed in Gold Demand Trends, First quarter 2014, ahead of, and during the election, the government imposed limits on the free movement of cash and other assets, such as gold, in measures aimed at preventing electoral corruption. |
Gold Demand Trends | Second quarter 2014
Chart 3: Quarterly supply in tonnes
| Q2 signalled the eighth consecutive quarter of year-on-year growth in mine production, due to pipeline growth and operational measures. We see limited further potential for growth from this area after 2014. |
| A resumption in project-related hedging is small in scale and will remain so, contributing only moderately to supply. |
| Recycling has receded from its mid-crisis peak and was broadly steady in the second quarter. |
Source: GFMS, Thomson Reuters; World Gold Council
04_05
Global gold market second quarter 2014 review
Chart 4: Jewellery demand shows continued signs of recovery
| Half yearly jewellery demand bottomed in 2009 during the depths of the financial crisis, since when it has been recovering. |
| H1 2014, although overshadowed by the scale of H1 2013, remains within the broadly rising trend. |
Source: GFMS, Thomson Reuters; World Gold Council
Gold Demand Trends | Second quarter 2014
Chart 5: Local gold price premiums
| Price premiums in India declined sharply after supply pressures loosened as the RBI permitted trading houses to import gold again. |
| Local prices in China were at a discount periodically during the quarter as consumers were more measured in their demand for gold jewellery. |
Note: Annotations in chart relate to India only.
Source: Bloomberg; The London Gold Market Fixing Ltd; Thomson Reuters; World Gold Council
4 | Star/premier trading houses specialise in international trade of products. Star/premier trading houses, which are registered as nominated agencies by the Director General of Foreign Trade, were permitted by the RBI to import gold under the 80:20 scheme. |
06_07
Gold Demand Trends | Second quarter 2014
Chart 6: Investment demand by category
| 2013 saw record levels of bar and coin buying, counterbalanced by unprecedented ETF outflows. |
| Year-to-date these investment flows have pulled back from last years extremes amid a more subdued environment for gold. |
Source: GFMS, Thomson Reuters; World Gold Council
08_09
Gold Demand Trends | Second quarter 2014
10_11
Chart 7: Central bank net purchases remain at consistent level
| Central banks have been consistent purchasers of gold, with half-yearly demand averaging 236 tonnes since the beginning of 2011. |
| A fourth Central Bank Gold Agreement comes into effect in September, confirming that signatories remain committed to gold as a reserve asset. |
Source: GFMS, Thomson Reuters; World Gold Council
Gold Demand Trends | Second quarter 2014
12_13
Chart 8: A small increase in the global hedgebook in the first half of 2014
| The outstanding global hedge book as at the end of Q2 2014 was a fraction of its size as recently as 2006. |
| Hedging, although likely to make a small positive contribution to supply over 2014, is expected to remain insignificant on a historical scale. |
Source: GFMS, Thomson Reuters; World Gold Council
Gold Demand Trends | Second quarter 2014
Chart 9: Recycled gold supply continues to decline
| The supply of recycled gold year-to-date was its lowest since H1 2007. |
| Lower and more stable gold prices, as well as economic recovery in a number of Western markets, were the main reasons for the decline. |
Source: GFMS, Thomson Reuters; World Gold Council
14_15
Chart 10: Jewellery fabrication demand
Note: This chart represents jewellery fabrication demand, which is different from jewellery consumer demand. Fabrication is the first transformation of gold bullion into a semi-finished or finished product. Consumption demand is equal to fabrication plus or minus jewellery imports or exports and stocking or de-stocking in the supply chain.
Source: CPM Group; GFMS, Thomson Reuters; Metals Focus
Gold Demand Trends | Second quarter 2014
Table 2: Gold demand (tonnes)
2012 | 2013 | Q312 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q214 vs Q213 % chg |
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Jewellery |
1,999.3 | 2,360.9 | 508.8 | 508.6 | 543.1 | 726.7 | 564.8 | 526.3 | 582.1 | 509.6 | -30 | |||||||||||||||||||||||||||||||||
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Technology |
415.4 | 409.1 | 104.4 | 98.2 | 103.7 | 103.8 | 103.4 | 98.2 | 98.8 | 101.0 | -3 | |||||||||||||||||||||||||||||||||
Electronics |
284.5 | 279.5 | 72.3 | 67.0 | 71.0 | 70.1 | 71.1 | 67.3 | 67.5 | 68.8 | -2 | |||||||||||||||||||||||||||||||||
Other industrial |
92.4 | 93.2 | 22.7 | 21.9 | 23.7 | 24.2 | 23.3 | 22.0 | 22.7 | 23.3 | -4 | |||||||||||||||||||||||||||||||||
Dentistry |
38.6 | 36.3 | 9.4 | 9.3 | 9.0 | 9.5 | 9.0 | 8.9 | 8.6 | 8.9 | -7 | |||||||||||||||||||||||||||||||||
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Investment |
1,626.3 | 886.2 | 446.9 | 469.8 | 286.1 | 225.7 | 189.5 | 184.9 | 283.3 | 235.4 | 4 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
1,347.3 | 1,766.2 | 309.2 | 381.7 | 462.6 | 627.9 | 309.8 | 365.8 | 285.9 | 275.3 | -56 | |||||||||||||||||||||||||||||||||
Physical bar demand |
1,039.1 | 1,379.1 | 234.8 | 297.5 | 355.6 | 496.6 | 251.2 | 275.7 | 224.6 | 212.1 | -57 | |||||||||||||||||||||||||||||||||
Official coin |
194.7 | 283.3 | 44.6 | 49.8 | 76.2 | 93.0 | 42.6 | 71.4 | 47.3 | 46.3 | -50 | |||||||||||||||||||||||||||||||||
Medals/imitation coin |
113.4 | 103.8 | 29.7 | 34.3 | 30.8 | 38.4 | 16.0 | 18.8 | 14.0 | 17.0 | -56 | |||||||||||||||||||||||||||||||||
ETFs and similar products* |
279.1 | -880.0 | 137.8 | 88.1 | -176.5 | -402.2 | -120.2 | -181.0 | -2.6 | -39.9 | | |||||||||||||||||||||||||||||||||
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Central bank net purchases |
544.1 | 409.3 | 112.3 | 150.4 | 130.8 | 92.1 | 101.5 | 85.0 | 124.3 | 117.8 | 28 | |||||||||||||||||||||||||||||||||
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Gold demand |
4,585.2 | 4,065.5 | 1,172.5 | 1,227.0 | 1,063.7 | 1,148.3 | 959.2 | 894.4 | 1,088.4 | 963.8 | -16 | |||||||||||||||||||||||||||||||||
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London PM fix (US$/oz) |
1,669.0 | 1,411.2 | 1,652.0 | 1,721.8 | 1,631.8 | 1,414.8 | 1,326.3 | 1,276.2 | 1,293.1 | 1,288.4 | -9 | |||||||||||||||||||||||||||||||||
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* | For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. |
Source: | GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council |
Table 3: Gold demand (US$mn)
2012 | 2013 | Q312 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q214 vs Q213 % chg |
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Jewellery |
107,283 | 107,120 | 27,026 | 28,156 | 28,494 | 33,057 | 24,084 | 21,592 | 24,199 | 21,108 | -36 | |||||||||||||||||||||||||||||||||
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Technology |
22,292 | 18,560 | 5,545 | 5,436 | 5,438 | 4,722 | 4,407 | 4,031 | 4,107 | 4,183 | -11 | |||||||||||||||||||||||||||||||||
Electronics |
15,265 | 12,682 | 3,842 | 3,709 | 3,725 | 3,188 | 3,033 | 2,761 | 2,807 | 2,850 | -11 | |||||||||||||||||||||||||||||||||
Other industrial |
4,957 | 4,229 | 1,205 | 1,212 | 1,243 | 1,103 | 992 | 903 | 943 | 966 | -12 | |||||||||||||||||||||||||||||||||
Dentistry |
2,069 | 1,649 | 498 | 515 | 470 | 431 | 382 | 367 | 357 | 367 | -15 | |||||||||||||||||||||||||||||||||
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Investment |
87,268 | 40,207 | 23,738 | 26,008 | 15,008 | 10,266 | 8,082 | 7,585 | 11,778 | 9,752 | -5 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
72,293 | 80,134 | 16,422 | 21,129 | 24,270 | 28,563 | 13,209 | 15,010 | 11,884 | 11,405 | -60 | |||||||||||||||||||||||||||||||||
Physical bar demand |
55,757 | 62,571 | 12,472 | 16,471 | 18,655 | 22,590 | 10,711 | 11,310 | 9,335 | 8,787 | -61 | |||||||||||||||||||||||||||||||||
Official coin |
10,450 | 12,852 | 2,370 | 2,757 | 4,000 | 4,228 | 1,818 | 2,930 | 1,967 | 1,916 | -55 | |||||||||||||||||||||||||||||||||
Medals/imitation coin |
6,086 | 4,712 | 1,579 | 1,901 | 1,614 | 1,745 | 681 | 770 | 582 | 703 | -60 | |||||||||||||||||||||||||||||||||
ETFs and similar products* |
14,975 | -39,927 | 7,317 | 4,879 | -9,261 | -18,297 | -5,128 | -7,425 | -107 | -1,654 | | |||||||||||||||||||||||||||||||||
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Central bank net purchases |
29,193 | 18,572 | 5,967 | 8,323 | 6,863 | 4,187 | 4,326 | 3,488 | 5,166 | 4,879 | 17 | |||||||||||||||||||||||||||||||||
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Gold demand |
246,035 | 184,459 | 62,276 | 67,922 | 55,803 | 52,232 | 40,899 | 36,696 | 45,250 | 39,922 | -24 | |||||||||||||||||||||||||||||||||
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* | For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. |
Source: | GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council |
16_17
Table 4: Total investment demand (tonnes except where specified)
2012 | 2013 | Q312 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q214 vs Q213 % chg |
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Investment |
1,626.3 | 886.2 | 446.9 | 469.8 | 286.1 | 225.7 | 189.5 | 184.9 | 283.3 | 235.4 | 4 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
1,347.3 | 1,766.2 | 309.2 | 381.7 | 462.6 | 627.9 | 309.8 | 365.8 | 285.9 | 275.3 | -56 | |||||||||||||||||||||||||||||||||
Physical bar demand |
1,039.1 | 1,379.1 | 234.8 | 297.5 | 355.6 | 496.6 | 251.2 | 275.7 | 224.6 | 212.1 | -57 | |||||||||||||||||||||||||||||||||
Official coin |
194.7 | 283.3 | 44.6 | 49.8 | 76.2 | 93.0 | 42.6 | 71.4 | 47.3 | 46.3 | -50 | |||||||||||||||||||||||||||||||||
Medals/imitation coin |
113.4 | 103.8 | 29.7 | 34.3 | 30.8 | 38.4 | 16.0 | 18.8 | 14.0 | 17.0 | -56 | |||||||||||||||||||||||||||||||||
ETFs and similar products1 |
279.1 | -880.0 | 137.8 | 88.1 | -176.5 | -402.2 | -120.2 | -181.0 | -2.6 | -39.9 | | |||||||||||||||||||||||||||||||||
OTC investment and stock flows2 |
-129.5 | 196.0 | 16.5 | -123.7 | -20.7 | -168.6 | 170.8 | 214.5 | -40.5 | 105.7 | | |||||||||||||||||||||||||||||||||
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Total investment |
1,496.9 | 1,082.2 | 463.4 | 346.1 | 265.4 | 57.1 | 360.3 | 399.3 | 242.8 | 341.1 | 497 | |||||||||||||||||||||||||||||||||
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Total investment US$mn |
80,320 | 49,101 | 24,613 | 19,160 | 13,924 | 2,599 | 15,365 | 16,384 | 10,094 | 14,130 | 444 | |||||||||||||||||||||||||||||||||
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1 | For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. |
2 | For an explanation of OTC investment and stock flows, please see the Notes and definitions. |
Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council
Table 5: Quarterly average price
2012 | 2013 | Q213 | Q313 | Q413 | Q114 | Q214 | Q214 vs Q213 % change |
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US$/oz |
1,669.0 | 1,411.2 | 1,414.8 | 1,326.3 | 1,276.2 | 1,293.1 | 1,288.4 | -9 | ||||||||||||||||||||||||
/oz |
1,298.7 | 1,063.8 | 1,083.2 | 1,001.5 | 937.8 | 943.5 | 939.7 | -13 | ||||||||||||||||||||||||
£/oz |
1,053.0 | 903.8 | 921.4 | 855.5 | 789.2 | 781.1 | 765.4 | -17 | ||||||||||||||||||||||||
CHF/kg |
50,323.7 | 42,090.3 | 42,865.7 | 39,744.2 | 37,072.3 | 37,107.5 | 36,831.5 | -14 | ||||||||||||||||||||||||
¥/g |
4,278.2 | 4,410.4 | 4,492.5 | 4,216.8 | 4,107.1 | 4,271.1 | 4,228.9 | -6 | ||||||||||||||||||||||||
Rs/10g |
28,639.4 | 26,440.2 | 25,381.0 | 26,503.5 | 25,452.4 | 25,671.6 | 24,777.9 | -2 | ||||||||||||||||||||||||
RMB/g |
338.5 | 279.2 | 280.0 | 261.2 | 250.0 | 253.7 | 258.1 | -8 | ||||||||||||||||||||||||
TL/g |
96.6 | 86.0 | 83.6 | 84.0 | 82.8 | 92.0 | 87.5 | 5 |
Source: The London Gold Market Fixing Ltd; Thomson Reuters Datastream; World Gold Council
Gold Demand Trends | Second quarter 2014
Table 6: Gold supply and demand World Gold Council presentation
2012 | 2013 | Q312 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q214 vs Q213 % chg |
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Supply |
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Mine production |
2,861.7 | 3,038.5 | 744.1 | 744.4 | 686.2 | 734.1 | 797.9 | 820.4 | 713.2 | 765.3 | 4 | |||||||||||||||||||||||||||||||||
Net producer hedging |
-39.7 | -44.5 | 1.3 | -31.7 | -10.6 | -15.1 | -5.9 | -12.9 | 8.6 | 50.0 | | |||||||||||||||||||||||||||||||||
Total mine supply |
2,821.9 | 2,994.1 | 745.3 | 712.6 | 675.6 | 719.0 | 792.0 | 807.5 | 721.9 | 815.3 | 13 | |||||||||||||||||||||||||||||||||
Recycled gold |
1,633.7 | 1,267.4 | 443.7 | 390.7 | 367.4 | 260.7 | 337.9 | 301.4 | 315.6 | 262.7 | 1 | |||||||||||||||||||||||||||||||||
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Total supply |
4,455.7 | 4,261.5 | 1,189.0 | 1,103.3 | 1,043.0 | 979.7 | 1,130.0 | 1,108.8 | 1,037.4 | 1,078.0 | 10 | |||||||||||||||||||||||||||||||||
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Demand |
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Fabrication |
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Jewellery1 |
1,999.3 | 2,360.9 | 508.8 | 508.6 | 543.1 | 726.7 | 564.8 | 526.3 | 571.6 | 518.1 | -29 | |||||||||||||||||||||||||||||||||
Technology |
415.4 | 409.1 | 104.4 | 98.2 | 103.7 | 103.8 | 103.4 | 98.2 | 98.8 | 101.0 | -3 | |||||||||||||||||||||||||||||||||
Sub-total above fabrication |
2,414.8 | 2,770.0 | 613.2 | 606.8 | 646.8 | 830.5 | 668.2 | 624.5 | 670.4 | 619.1 | -25 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
1,347.3 | 1,766.2 | 309.2 | 381.7 | 462.6 | 627.9 | 309.8 | 365.8 | 285.9 | 275.3 | -56 | |||||||||||||||||||||||||||||||||
ETFs and similar2 |
279.1 | -880.0 | 137.8 | 88.1 | -176.5 | -402.2 | -120.2 | -181.0 | -2.6 | -39.9 | | |||||||||||||||||||||||||||||||||
Central bank net purchases3 |
544.1 | 409.3 | 112.3 | 150.4 | 130.8 | 92.1 | 101.5 | 85.0 | 124.3 | 117.8 | 28 | |||||||||||||||||||||||||||||||||
Gold demand |
4,585.2 | 4,065.5 | 1,172.5 | 1,227.0 | 1,063.7 | 1,148.3 | 959.2 | 894.4 | 1,077.9 | 972.3 | -15 | |||||||||||||||||||||||||||||||||
OTC investment and stock flows4 |
-129.5 | 196.0 | 16.5 | -123.7 | -20.7 | -168.6 | 170.8 | 214.5 | -40.5 | 105.7 | | |||||||||||||||||||||||||||||||||
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Total demand |
4,455.7 | 4,261.5 | 1,189.0 | 1,103.3 | 1,043.0 | 979.7 | 1,130.0 | 1,108.8 | 1,037.4 | 1,078.0 | 10 | |||||||||||||||||||||||||||||||||
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London PM fix (US$/oz) |
1,669.0 | 1,411.2 | 1,652.0 | 1,721.8 | 1,631.8 | 1,414.8 | 1,326.3 | 1,276.2 | 1,293.1 | 1,288.4 | -9 | |||||||||||||||||||||||||||||||||
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1 | Jewellery fabrication. The quarterly data differ from those for jewellery consumption shown in Table 2. Fabrication is the first transformation of gold bullion into a semi-finished or finished product. Jewellery consumption is equal to fabrication plus/minus jewellery imports/exports plus/minus stocking/ de-stocking by distributors and manufacturers. On an annual basis, the consumption and fabrication data series will reconcile. |
2 | For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. |
3 | Excluding any delta hedging of central bank options. |
4 | For an explanation of OTC investment and stock flows, please see the Notes and definitions. |
Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council. Data in the table are consistent with those published by GFMS, Thomson Reuters in their Gold Survey but adapted to the World Gold Councils presentation.
18_19
Table 7: Indian supply estimates
Figures in tonnes |
Q213 | Q313 | Q413 | Q114 | Q214 | 2013 | ||||||||||||||||||
Supply |
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Net imports, available for domestic consumption |
352 | 91 | 114 | 127 | 224 | 825 | ||||||||||||||||||
Domestic supply from recycled gold |
10 | 53 | 17 | 21 | 16 | 101 | ||||||||||||||||||
Domestic supply from other sources1 |
2 | 2 | 2 | 3 | 3 | 7 | ||||||||||||||||||
Equals total supply2 |
364 | 145 | 133 | 151 | 243 | 934 | ||||||||||||||||||
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1 | Domestic supply from local mine production, recovery from imported copper concentrates and disinvestment. |
2 | This supply can be consumed across the three sectors jewellery, investment and technology. Consequently, the total supply figure in the table will not add to jewellery plus investment demand for India. |
Source: GFMS, Thomson Reuters; World Gold Council
Table 8: Top 40 reported official gold holdings (as at June 2014)
Tonnes | % of reserves | Tonnes | % of reserves | |||||||||||||||||||||
1 | United States | 8,133.5 | 72 | % | 21 | Austria | 280.0 | 46 | % | |||||||||||||||
2 | Germany | 3,384.2 | 68 | % | 22 | Belgium | 227.4 | 35 | % | |||||||||||||||
3 | IMF | 2,814.0 | | 23 | Philippines | 194.3 | 10 | % | ||||||||||||||||
4 | Italy | 2,451.8 | 67 | % | 24 | Algeria | 173.6 | 4 | % | |||||||||||||||
5 | France | 2,435.4 | 65 | % | 25 | Kazakhstan | 155.8 | 25 | % | |||||||||||||||
6 | Russia | 1,094.7 | 10 | % | 26 | Thailand | 152.4 | 4 | % | |||||||||||||||
7 | China | 1,054.1 | 1 | % | 27 | Singapore | 127.4 | 2 | % | |||||||||||||||
8 | Switzerland | 1,040.0 | 8 | % | 28 | Sweden | 125.7 | 8 | % | |||||||||||||||
9 | Japan | 765.2 | 3 | % | 29 | South Africa | 125.1 | 11 | % | |||||||||||||||
10 | Netherlands | 612.5 | 54 | % | 30 | Mexico | 123.3 | 3 | % | |||||||||||||||
11 | India | 557.7 | 7 | % | 31 | Libya | 116.6 | 4 | % | |||||||||||||||
12 | Turkey | 512.9 | 16 | % | 32 | Greece | 112.3 | 69 | % | |||||||||||||||
13 | ECB | 503.2 | 28 | % | 33 | BIS | 111.0 | | ||||||||||||||||
14 | Taiwan | 423.6 | 4 | % | 34 | Korea | 104.4 | 1 | % | |||||||||||||||
15 | Portugal | 382.5 | 83 | % | 35 | Romania | 103.7 | 10 | % | |||||||||||||||
16 | Venezuela | 367.6 | 71 | % | 36 | Poland | 102.9 | 4 | % | |||||||||||||||
17 | Saudi Arabia | 322.9 | 2 | % | 37 | Iraq | 90.0 | 5 | % | |||||||||||||||
18 | United Kingdom | 310.3 | 12 | % | 38 | Australia | 79.9 | 6 | % | |||||||||||||||
19 | Lebanon | 286.8 | 24 | % | 39 | Kuwait | 79.0 | 8 | % | |||||||||||||||
20 | Spain | 281.6 | 25 | % | 40 | Indonesia | 78.1 | 3 | % |
For information on the methodology behind this data, as well as footnotes for specific countries, please see our table of Latest World Official Gold Reserves, at http://www.gold.org/government_affairs/gold_reserves/
Source: IMF IFS; World Gold Council
Gold Demand Trends | Second quarter 2014
Table 9: Consumer demand in selected countries: Q214 (tonnes)
Q213 | Q214 | Q214 vs Q213, % change | ||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | ||||||||||||||||||||||||||||
India |
188.0 | 149.0 | 337.0 | 154.5 | 49.6 | 204.1 | -18 | -67 | -39 | |||||||||||||||||||||||||||
Greater China |
283.0 | 141.8 | 424.8 | 154.7 | 53.3 | 207.9 | -45 | -62 | -51 | |||||||||||||||||||||||||||
China |
261.6 | 137.5 | 399.1 | 143.4 | 49.1 | 192.5 | -45 | -64 | -52 | |||||||||||||||||||||||||||
Hong Kong |
19.0 | 1.0 | 20.0 | 9.1 | 0.5 | 9.5 | -52 | -52 | -52 | |||||||||||||||||||||||||||
Taiwan |
2.4 | 3.4 | 5.8 | 2.2 | 3.7 | 5.9 | -6 | 9 | 3 | |||||||||||||||||||||||||||
Japan |
4.5 | 4.5 | 9.0 | 3.8 | 0.8 | 4.6 | -17 | -82 | -49 | |||||||||||||||||||||||||||
Indonesia |
8.8 | 12.6 | 21.4 | 7.1 | 5.3 | 12.4 | -19 | -58 | -42 | |||||||||||||||||||||||||||
South Korea |
2.2 | 2.7 | 4.9 | 2.0 | 1.6 | 3.6 | -9 | -42 | -27 | |||||||||||||||||||||||||||
Thailand |
3.0 | 45.6 | 48.7 | 1.2 | 17.8 | 19.0 | -60 | -61 | -61 | |||||||||||||||||||||||||||
Vietnam |
3.4 | 30.1 | 33.5 | 2.8 | 16.5 | 19.3 | -17 | -45 | -42 | |||||||||||||||||||||||||||
Middle East |
62.2 | 19.3 | 81.4 | 46.9 | 11.2 | 58.1 | -25 | -42 | -29 | |||||||||||||||||||||||||||
Saudi Arabia |
20.8 | 4.9 | 25.7 | 16.5 | 3.9 | 20.4 | -21 | -20 | -21 | |||||||||||||||||||||||||||
Egypt |
13.5 | 7.6 | 21.1 | 11.1 | 3.1 | 14.2 | -18 | -60 | -33 | |||||||||||||||||||||||||||
UAE |
21.2 | 4.9 | 26.1 | 14.5 | 3.3 | 17.8 | -32 | -32 | -32 | |||||||||||||||||||||||||||
Other Gulf |
6.7 | 1.9 | 8.5 | 4.8 | 1.0 | 5.8 | -28 | -49 | -33 | |||||||||||||||||||||||||||
Turkey |
26.4 | 38.5 | 64.9 | 21.0 | 15.4 | 36.4 | -20 | -60 | -44 | |||||||||||||||||||||||||||
Russia |
16.5 | | 16.5 | 17.2 | | 17.2 | 4 | | 4 | |||||||||||||||||||||||||||
USA |
22.7 | 24.3 | 47.0 | 26.1 | 12.1 | 38.1 | 15 | -50 | -19 | |||||||||||||||||||||||||||
Europe ex CIS |
7.2 | 87.0 | 94.2 | 7.5 | 50.1 | 57.6 | 4 | -42 | -39 | |||||||||||||||||||||||||||
Italy |
4.2 | | 4.2 | 3.9 | | 3.9 | -8 | | -8 | |||||||||||||||||||||||||||
UK |
3.0 | | 3.0 | 3.6 | | 3.6 | 21 | | 21 | |||||||||||||||||||||||||||
France |
| 0.3 | 0.3 | | 0.3 | 0.3 | | -7 | -7 | |||||||||||||||||||||||||||
Germany |
| 40.6 | 40.6 | | 22.4 | 22.4 | | -45 | -45 | |||||||||||||||||||||||||||
Switzerland |
| 20.4 | 20.4 | | 11.2 | 11.2 | | -45 | -45 | |||||||||||||||||||||||||||
Other Europe |
| 25.7 | 25.7 | | 16.2 | 16.2 | | -37 | -37 | |||||||||||||||||||||||||||
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Total above |
627.7 | 555.4 | 1,183.1 | 444.5 | 233.7 | 678.2 | -29 | -58 | -43 | |||||||||||||||||||||||||||
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Other |
99.0 | 72.6 | 171.6 | 65.1 | 41.6 | 106.7 | -34 | -43 | -38 | |||||||||||||||||||||||||||
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World total |
726.7 | 627.9 | 1,354.7 | 509.6 | 275.3 | 784.9 | -30 | -56 | -42 | |||||||||||||||||||||||||||
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Source: GFMS, Thomson Reuters; World Gold Council
20_21
Table 10: Consumer demand in selected countries: Q2 2014 (value, US$mn)
Q213 | Q214 | Q214 vs Q213, % change | ||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | ||||||||||||||||||||||||||||
India |
8,552 | 6,778 | 15,329 | 6,398 | 2,055 | 8,453 | -25 | -70 | -45 | |||||||||||||||||||||||||||
Greater China |
12,871 | 6,451 | 19,321 | 6,406 | 2,207 | 8,613 | -50 | -66 | -55 | |||||||||||||||||||||||||||
China |
11,899 | 6,253 | 18,152 | 5,940 | 2,035 | 7,975 | -50 | -67 | -56 | |||||||||||||||||||||||||||
Hong Kong |
864 | 43 | 907 | 375 | 19 | 394 | -57 | -56 | -57 | |||||||||||||||||||||||||||
Taiwan |
107 | 155 | 262 | 91 | 153 | 244 | -15 | -1 | -7 | |||||||||||||||||||||||||||
Japan |
205 | 205 | 409 | 155 | 33 | 188 | -24 | -84 | -54 | |||||||||||||||||||||||||||
Indonesia |
400 | 573 | 973 | 294 | 220 | 514 | -27 | -62 | -47 | |||||||||||||||||||||||||||
South Korea |
100 | 121 | 221 | 83 | 64 | 147 | -17 | -47 | -33 | |||||||||||||||||||||||||||
Thailand |
137 | 2,076 | 2,213 | 50 | 739 | 789 | -64 | -64 | -64 | |||||||||||||||||||||||||||
Vietnam |
154 | 1,369 | 1,523 | 116 | 683 | 799 | -25 | -50 | -48 | |||||||||||||||||||||||||||
Middle East |
2,827 | 877 | 3,704 | 1,942 | 465 | 2,407 | -31 | -47 | -35 | |||||||||||||||||||||||||||
Saudi Arabia |
946 | 223 | 1,169 | 683 | 162 | 845 | -28 | -28 | -28 | |||||||||||||||||||||||||||
Egypt |
614 | 346 | 960 | 460 | 126 | 586 | -25 | -63 | -39 | |||||||||||||||||||||||||||
UAE |
964 | 222 | 1,186 | 601 | 137 | 737 | -38 | -38 | -38 | |||||||||||||||||||||||||||
Other Gulf |
302 | 86 | 388 | 198 | 40 | 238 | -35 | -53 | -39 | |||||||||||||||||||||||||||
Turkey |
1,199 | 1,751 | 2,951 | 870 | 639 | 1,509 | -27 | -63 | -49 | |||||||||||||||||||||||||||
Russia |
750 | | 750 | 710 | | 710 | -5 | | -5 | |||||||||||||||||||||||||||
USA |
1,033 | 1,105 | 2,138 | 1,080 | 500 | 1,579 | 5 | -55 | -26 | |||||||||||||||||||||||||||
Europe ex CIS |
326 | 3,957 | 4,283 | 309 | 2,077 | 2,385 | -5 | -48 | -44 | |||||||||||||||||||||||||||
Italy |
191 | | 191 | 159 | | 159 | -17 | | -17 | |||||||||||||||||||||||||||
UK |
135 | | 135 | 149 | | 149 | 10 | | 10 | |||||||||||||||||||||||||||
France |
| 14 | 14 | | 12 | 12 | | -15 | -15 | |||||||||||||||||||||||||||
Germany |
| 1,847 | 1,847 | | 930 | 930 | | -50 | -50 | |||||||||||||||||||||||||||
Switzerland |
| 929 | 929 | | 464 | 464 | | -50 | -50 | |||||||||||||||||||||||||||
Other Europe |
| 1,168 | 1,168 | | 672 | 672 | | -43 | -43 | |||||||||||||||||||||||||||
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Total above |
28,554 | 25,262 | 53,815 | 18,412 | 9,682 | 28,095 | -36 | -62 | -48 | |||||||||||||||||||||||||||
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Other |
4,503 | 3,301 | 7,804 | 2,696 | 1,723 | 4,419 | -40 | -48 | -43 | |||||||||||||||||||||||||||
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World total |
33,057 | 28,563 | 61,620 | 21,108 | 11,405 | 32,514 | -36 | -60 | -47 | |||||||||||||||||||||||||||
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Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council
Gold Demand Trends | Second quarter 2014
Table 11: Consumer demand in selected countries: four-quarter totals (tonnes)
12 months ended Q213 | 12 months ended Q214 | Year on Year % change | ||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | ||||||||||||||||||||||||||||
India |
636.6 | 438.9 | 1,075.5 | 565.3 | 209.4 | 774.7 | -11 | -52 | -28 | |||||||||||||||||||||||||||
Greater China |
822.7 | 403.3 | 1,226.0 | 843.0 | 234.0 | 1,077.0 | 2 | -42 | -12 | |||||||||||||||||||||||||||
China |
768.6 | 391.9 | 1,160.5 | 793.1 | 223.8 | 1,016.9 | 3 | -43 | -12 | |||||||||||||||||||||||||||
Hong Kong |
46.7 | 2.5 | 49.1 | 42.8 | 2.3 | 45.1 | -8 | -6 | -8 | |||||||||||||||||||||||||||
Taiwan |
7.5 | 8.9 | 16.4 | 7.2 | 7.9 | 15.1 | -4 | -11 | -8 | |||||||||||||||||||||||||||
Japan |
16.9 | -7.0 | 9.9 | 17.6 | 7.6 | 25.2 | 4 | | 156 | |||||||||||||||||||||||||||
Indonesia |
34.7 | 27.8 | 62.5 | 37.5 | 25.5 | 63.0 | 8 | -8 | 1 | |||||||||||||||||||||||||||
South Korea |
10.0 | 5.1 | 15.1 | 9.1 | 5.9 | 15.0 | -9 | 17 | 0 | |||||||||||||||||||||||||||
Thailand |
6.7 | 152.5 | 159.1 | 5.0 | 100.1 | 105.1 | -25 | -34 | -34 | |||||||||||||||||||||||||||
Vietnam |
11.6 | 78.1 | 89.7 | 11.7 | 74.6 | 86.3 | 1 | -4 | -4 | |||||||||||||||||||||||||||
Middle East |
180.1 | 45.5 | 225.6 | 178.4 | 48.1 | 226.5 | -1 | 6 | 0 | |||||||||||||||||||||||||||
Saudi Arabia |
53.3 | 17.5 | 70.8 | 54.3 | 16.1 | 70.4 | 2 | -8 | -1 | |||||||||||||||||||||||||||
Egypt |
47.5 | 9.5 | 57.0 | 43.6 | 14.4 | 58.0 | -8 | 51 | 2 | |||||||||||||||||||||||||||
UAE |
58.8 | 14.5 | 73.3 | 59.3 | 13.5 | 72.8 | 1 | -7 | -1 | |||||||||||||||||||||||||||
Other Gulf |
20.6 | 4.1 | 24.6 | 21.3 | 4.1 | 25.4 | 4 | 2 | 3 | |||||||||||||||||||||||||||
Turkey |
69.9 | 83.8 | 153.7 | 65.9 | 61.1 | 127.0 | -6 | -27 | -17 | |||||||||||||||||||||||||||
Russia |
70.9 | | 70.9 | 73.7 | | 73.7 | 4 | | 4 | |||||||||||||||||||||||||||
USA |
106.8 | 71.3 | 178.1 | 125.6 | 48.7 | 174.4 | 18 | -32 | -2 | |||||||||||||||||||||||||||
Europe ex CIS |
41.8 | 273.0 | 314.9 | 44.5 | 235.0 | 279.5 | 6 | -14 | -11 | |||||||||||||||||||||||||||
Italy |
21.5 | | 21.5 | 19.7 | | 19.7 | -9 | | -9 | |||||||||||||||||||||||||||
UK |
20.3 | | 20.3 | 24.8 | | 24.8 | 22 | | 22 | |||||||||||||||||||||||||||
France |
| 2.2 | 2.2 | | 1.8 | 1.8 | | -19 | -19 | |||||||||||||||||||||||||||
Germany |
| 116.3 | 116.3 | | 107.2 | 107.2 | | -8 | -8 | |||||||||||||||||||||||||||
Switzerland |
| 71.1 | 71.1 | | 52.0 | 52.0 | | -27 | -27 | |||||||||||||||||||||||||||
Other Europe |
| 83.4 | 83.4 | | 74.0 | 74.0 | | -11 | -11 | |||||||||||||||||||||||||||
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Total above |
2,008.7 | 1,572.2 | 3,580.9 | 1,977.4 | 1,050.0 | 3,027.3 | -2 | -33 | -15 | |||||||||||||||||||||||||||
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Other |
278.7 | 209.2 | 487.9 | 205.4 | 186.8 | 392.2 | -26 | -11 | -20 | |||||||||||||||||||||||||||
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World total |
2,287.3 | 1,781.4 | 4,068.7 | 2,182.7 | 1,236.8 | 3,419.6 | -5 | -31 | -16 | |||||||||||||||||||||||||||
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Source: GFMS, Thomson Reuters; World Gold Council
22_23
Table 12: Consumer demand in selected countries: four-quarter totals (value, US$mn)
12 months ended Q213 | 12 months ended Q214 | Year on Year % change | ||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | ||||||||||||||||||||||||||||
India |
32,618 | 22,356 | 54,973 | 23,516 | 8,712 | 32,228 | -28 | -61 | -41 | |||||||||||||||||||||||||||
Greater China |
41,787 | 20,405 | 62,193 | 35,184 | 9,742 | 44,926 | -16 | -52 | -28 | |||||||||||||||||||||||||||
China |
39,061 | 19,831 | 58,892 | 33,101 | 9,317 | 42,418 | -15 | -53 | -28 | |||||||||||||||||||||||||||
Hong Kong |
2,345 | 125 | 2,470 | 1,784 | 97 | 1,882 | -24 | -22 | -24 | |||||||||||||||||||||||||||
Taiwan |
382 | 450 | 831 | 298 | 328 | 626 | -22 | -27 | -25 | |||||||||||||||||||||||||||
Japan |
866 | -413 | 453 | 734 | 317 | 1,050 | -15 | | 132 | |||||||||||||||||||||||||||
Indonesia |
1,784 | 1,387 | 3,171 | 1,564 | 1,065 | 2,628 | -12 | -23 | -17 | |||||||||||||||||||||||||||
South Korea |
519 | 248 | 767 | 380 | 246 | 626 | -27 | -1 | -18 | |||||||||||||||||||||||||||
Thailand |
329 | 7,795 | 8,124 | 208 | 4,170 | 4,378 | -37 | -47 | -46 | |||||||||||||||||||||||||||
Vietnam |
590 | 3,946 | 4,536 | 486 | 3,114 | 3,600 | -18 | -21 | -21 | |||||||||||||||||||||||||||
Middle East |
9,138 | 2,286 | 11,424 | 7,434 | 2,004 | 9,439 | -19 | -12 | -17 | |||||||||||||||||||||||||||
Saudi Arabia |
2,685 | 900 | 3,585 | 2,261 | 671 | 2,932 | -16 | -25 | -18 | |||||||||||||||||||||||||||
Egypt |
2,435 | 448 | 2,883 | 1,816 | 599 | 2,415 | -25 | 34 | -16 | |||||||||||||||||||||||||||
UAE |
2,971 | 736 | 3,707 | 2,470 | 563 | 3,033 | -17 | -24 | -18 | |||||||||||||||||||||||||||
Other Gulf |
1,046 | 202 | 1,248 | 888 | 172 | 1,060 | -15 | -15 | -15 | |||||||||||||||||||||||||||
Turkey |
3,516 | 4,154 | 7,669 | 2,758 | 2,530 | 5,288 | -22 | -39 | -31 | |||||||||||||||||||||||||||
Russia |
3,671 | | 3,671 | 3,069 | | 3,069 | -16 | | -16 | |||||||||||||||||||||||||||
USA |
5,574 | 3,624 | 9,198 | 5,228 | 2,024 | 7,252 | -6 | -44 | -21 | |||||||||||||||||||||||||||
Europe ex CIS |
2,214 | 13,953 | 16,168 | 1,844 | 9,800 | 11,644 | -17 | -30 | -28 | |||||||||||||||||||||||||||
Italy |
1,133 | | 1,133 | 815 | | 815 | -28 | | -28 | |||||||||||||||||||||||||||
UK |
1,081 | | 1,081 | 1,029 | | 1,029 | -5 | | -5 | |||||||||||||||||||||||||||
France |
| 116 | 116 | | 74 | 74 | | -36 | -36 | |||||||||||||||||||||||||||
Germany |
| 5,913 | 5,913 | | 4,471 | 4,471 | | -24 | -24 | |||||||||||||||||||||||||||
Switzerland |
| 3,655 | 3,655 | | 2,170 | 2,170 | | -41 | -41 | |||||||||||||||||||||||||||
Other Europe |
| 4,269 | 4,269 | | 3,084 | 3,084 | | -28 | -28 | |||||||||||||||||||||||||||
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Total above |
102,606 | 79,742 | 182,347 | 82,405 | 43,724 | 126,129 | -20 | -45 | -31 | |||||||||||||||||||||||||||
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Other |
14,127 | 10,641 | 24,768 | 8,578 | 7,785 | 16,363 | -39 | -27 | -34 | |||||||||||||||||||||||||||
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World total |
116,732 | 90,383 | 207,115 | 90,983 | 51,509 | 142,492 | -22 | -43 | -31 | |||||||||||||||||||||||||||
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Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council
Gold Demand Trends | Second quarter 2014
Historical data for gold demand
Table 13: Historical data for gold demand
Tonnes | US$bn | |||||||||||||||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
ETFs and similar* |
Tech- nology |
Central banks |
Total | Jewellery | Total bar and coin invest |
ETFs and similar |
Tech- nology |
Central banks |
Total | |||||||||||||||||||||||||||||||||||||
2004 |
2,619 | 361 | 133 | 418 | -479 | 3,052 | 34.4 | 4.7 | 1.7 | 5.5 | -6.3 | 40.1 | ||||||||||||||||||||||||||||||||||||
2005 |
2,721 | 418 | 208 | 440 | -663 | 3,124 | 38.9 | 6.0 | 3.0 | 6.3 | -9.5 | 44.6 | ||||||||||||||||||||||||||||||||||||
2006 |
2,302 | 430 | 260 | 471 | -365 | 3,097 | 44.7 | 8.3 | 5.1 | 9.1 | -7.1 | 60.1 | ||||||||||||||||||||||||||||||||||||
2007 |
2,425 | 438 | 253 | 477 | -484 | 3,110 | 54.2 | 9.8 | 5.7 | 10.7 | -10.8 | 69.5 | ||||||||||||||||||||||||||||||||||||
2008 |
2,306 | 920 | 321 | 464 | -235 | 3,775 | 64.6 | 25.8 | 9.0 | 13.0 | -6.6 | 105.8 | ||||||||||||||||||||||||||||||||||||
2009 |
1,817 | 835 | 623 | 414 | -34 | 3,656 | 56.8 | 26.1 | 19.5 | 12.9 | -1.0 | 114.3 | ||||||||||||||||||||||||||||||||||||
2010 |
2,034 | 1,225 | 382 | 469 | 77 | 4,187 | 80.1 | 48.2 | 15.0 | 18.5 | 3.0 | 164.9 | ||||||||||||||||||||||||||||||||||||
2011 |
2,029 | 1,573 | 185 | 458 | 457 | 4,702 | 102.5 | 79.5 | 9.4 | 23.1 | 23.1 | 237.6 | ||||||||||||||||||||||||||||||||||||
2012 |
1,999 | 1,347 | 279 | 415 | 544 | 4,585 | 107.3 | 72.3 | 15.0 | 22.3 | 29.2 | 246.0 | ||||||||||||||||||||||||||||||||||||
2013 |
2,361 | 1,766 | -880 | 409 | 409 | 4,065 | 107.1 | 80.1 | -39.9 | 18.6 | 18.6 | 184.5 | ||||||||||||||||||||||||||||||||||||
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Q208 |
573 | 160 | 5 | 125 | -68 | 794 | 16.5 | 4.6 | 0.1 | 3.6 | -1.9 | 22.9 | ||||||||||||||||||||||||||||||||||||
Q308 |
716 | 295 | 149 | 120 | -76 | 1,204 | 20.1 | 8.3 | 4.2 | 3.4 | -2.1 | 33.7 | ||||||||||||||||||||||||||||||||||||
Q408 |
505 | 356 | 95 | 97 | -12 | 1,041 | 12.9 | 9.1 | 2.4 | 2.5 | -0.3 | 26.6 | ||||||||||||||||||||||||||||||||||||
Q109 |
371 | 169 | 465 | 89 | -62 | 1,032 | 10.8 | 4.9 | 13.6 | 2.6 | -1.8 | 30.1 | ||||||||||||||||||||||||||||||||||||
Q209 |
456 | 227 | 68 | 103 | 9 | 863 | 13.5 | 6.7 | 2.0 | 3.1 | 0.3 | 25.6 | ||||||||||||||||||||||||||||||||||||
Q309 |
516 | 221 | 43 | 108 | 10 | 897 | 15.9 | 6.8 | 1.3 | 3.3 | 0.3 | 27.7 | ||||||||||||||||||||||||||||||||||||
Q409 |
474 | 218 | 47 | 113 | 10 | 863 | 16.8 | 7.7 | 1.7 | 4.0 | 0.4 | 30.5 | ||||||||||||||||||||||||||||||||||||
Q110 |
550 | 252 | 6 | 115 | 58 | 982 | 19.6 | 9.0 | 0.2 | 4.1 | 2.1 | 35.0 | ||||||||||||||||||||||||||||||||||||
Q210 |
422 | 314 | 296 | 117 | 14 | 1,162 | 16.2 | 12.1 | 11.4 | 4.5 | 0.5 | 44.7 | ||||||||||||||||||||||||||||||||||||
Q310 |
545 | 316 | 50 | 121 | 23 | 1,055 | 21.5 | 12.5 | 2.0 | 4.8 | 0.9 | 41.6 | ||||||||||||||||||||||||||||||||||||
Q410 |
517 | 342 | 30 | 117 | -17 | 988 | 22.7 | 15.0 | 1.3 | 5.1 | -0.8 | 43.4 | ||||||||||||||||||||||||||||||||||||
Q111 |
582 | 410 | -61 | 116 | 137 | 1,185 | 26.0 | 18.3 | -2.7 | 5.2 | 6.1 | 52.8 | ||||||||||||||||||||||||||||||||||||
Q211 |
513 | 347 | 54 | 119 | 66 | 1,100 | 24.9 | 16.8 | 2.6 | 5.8 | 3.2 | 53.3 | ||||||||||||||||||||||||||||||||||||
Q311 |
485 | 442 | 87 | 117 | 141 | 1,273 | 26.5 | 24.2 | 4.8 | 6.4 | 7.7 | 69.7 | ||||||||||||||||||||||||||||||||||||
Q411 |
449 | 374 | 104 | 105 | 113 | 1,145 | 24.4 | 20.3 | 5.7 | 5.7 | 6.1 | 62.1 | ||||||||||||||||||||||||||||||||||||
Q112 |
521 | 354 | 53 | 108 | 118 | 1,154 | 28.3 | 19.2 | 2.9 | 5.9 | 6.4 | 62.7 | ||||||||||||||||||||||||||||||||||||
Q212 |
461 | 302 | 0 | 105 | 164 | 1,031 | 23.8 | 15.6 | 0.0 | 5.4 | 8.5 | 53.4 | ||||||||||||||||||||||||||||||||||||
Q312 |
509 | 309 | 138 | 104 | 112 | 1,173 | 27.0 | 16.4 | 7.3 | 5.5 | 6.0 | 62.3 | ||||||||||||||||||||||||||||||||||||
Q412 |
509 | 382 | 88 | 98 | 150 | 1,227 | 28.2 | 21.1 | 4.9 | 5.4 | 8.3 | 67.9 | ||||||||||||||||||||||||||||||||||||
Q113 |
543 | 463 | -177 | 104 | 131 | 1,064 | 28.5 | 24.3 | -9.3 | 5.4 | 6.9 | 55.8 | ||||||||||||||||||||||||||||||||||||
Q213 |
727 | 628 | -402 | 104 | 92 | 1,148 | 33.1 | 28.6 | -18.3 | 4.7 | 4.2 | 52.2 | ||||||||||||||||||||||||||||||||||||
Q313 |
565 | 310 | -120 | 103 | 101 | 959 | 24.1 | 13.2 | -5.1 | 4.4 | 4.3 | 40.9 | ||||||||||||||||||||||||||||||||||||
Q413 |
526 | 366 | -181 | 98 | 85 | 894 | 21.6 | 15.0 | -7.4 | 4.0 | 3.5 | 36.7 | ||||||||||||||||||||||||||||||||||||
Q114 |
582 | 286 | -3 | 99 | 124 | 1,088 | 24.2 | 11.9 | -0.1 | 4.1 | 5.2 | 45.2 | ||||||||||||||||||||||||||||||||||||
Q214 |
510 | 275 | -40 | 101 | 118 | 964 | 21.1 | 11.4 | -1.7 | 4.2 | 4.9 | 39.9 |
* | For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. |
Source: | GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council |
24_25
Chart 11: Overall demand changes (H114 vs H113, tonnes)
| Gold demand for the first half of 2014 was down 7% year-on-year, primarily due to a decline in jewellery demand from exceptional 2013 levels. |
| Net investment demand was broadly steady compared with H1 2013 as bar and coin demand and ETF demand balanced one another out. |
Source: GFMS, Thomson Reuters; World Gold Council
Chart 12: Gold demand by category in tonnes, and in value (US$bn)
| Gold demand in Q2 2014 was 964t, in line with its 10-year average. |
| The 24% year-on-year decline in the value of Q2 demand, to US$40bn, was in part due to a 9% decline in the gold price over the period. |
Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council
Gold Demand Trends | Second quarter 2014
Chart 13: Q214 average gold price (% change)
| Average quarterly gold prices were, generally, below Q2 2013 with the exception of Turkey, where currency depreciation contributed to a rise in average local gold prices over the period. |
| Quarter-on-quarter changes were far smaller, illustrating the relative lack of volatility in 2014 so far. |
Source: The London Gold Market Fixing Ltd; Thomson Reuters Datastream; World Gold Council
Chart 14: Holdings in Exchange Traded Funds (tonnes) and the gold price (US$/oz)
| ETF holdings appear to have more or less stabilised over the last three quarters, after the heavy outflows seen in 2013. |
| 40 tonnes of outflows in the second quarter were a tenth of the 402t of year-earlier outflows. |
Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; www.exchangetradedgold.com; World Gold Council
26_27
Chart 15: Technology demand by category in tonnes
| Demand for gold in the technology arena has been reasonably stable over recent quarters. |
| Substitution away from gold (to cheaper alternatives) in the production of electronic components was offset by improved demand for electronic consumer goods. |
Source: GFMS, Thomson Reuters; World Gold Council
Gold Demand Trends | Second quarter 2014
28_29
Gold Demand Trends | Second quarter 2014
Pulps used to produce this paper are Elemental Chlorine Free (ECF).
The paper mill and printer are accredited to ISO14001 environmental standards. |
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I092201408 |
World Gold Council
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T +44 20 7826 4700
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Published: August 2014
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