Filed Pursuant To Rule 433
Registration No. 333-180974
November 13, 2014
Gold Demand Trends
Third quarter 2014
November 2014 | www.gold.org |
Q3 was a subdued quarter for the gold market. The data bears this out: gold demand eased down by 2% and the gold price was relatively stable. Quarterly volatility in the US$ gold price was among the lowest levels seen over the past two decades.1 This was both a cause and effect of the benign demand environment. Investor behaviour in particular contributed to this circularity: the lack of a clear price signal caused investors to hold back from buying gold, which in turn dampened down price moves.
Table 1: Q314 gold demand overview
Tonnes | US$mn | |||||||||||||||||||||||||||||||
Q313 | Q314 | 5-year average |
Year on year % change |
Q313 | Q314 | 5-year average |
Year on year % change |
|||||||||||||||||||||||||
Jewellery |
556.3 | 534.2 | 527.6 | -4 | 23,719 | 22,018 | 23,839 | -7 | ||||||||||||||||||||||||
Technology |
103.1 | 97.9 | 108.5 | -5 | 4,396 | 4,034 | 4,898 | -8 | ||||||||||||||||||||||||
Investment |
192.0 | 204.4 | 345.4 | 6 | 8,188 | 8,423 | 16,008 | 3 | ||||||||||||||||||||||||
Total bar and coin demand |
312.3 | 245.6 | 344.7 | -21 | 13,316 | 10,123 | 15,936 | -24 | ||||||||||||||||||||||||
ETFs and similar products |
-120.2 | -41.3 | 0.7 | | -5,128 | -1,700 | 73 | | ||||||||||||||||||||||||
Central bank net purchases |
101.5 | 92.8 | 87.5 | -9 | 4,326 | 3,825 | 4,230 | -12 | ||||||||||||||||||||||||
Gold demand |
952.8 | 929.3 | 1,069.0 | -2 | 40,630 | 38,300 | 48,976 | -6 |
Source: GFMS, Thomson Reuters; World Gold Council
1 | As discussed in Investment Commentary October 2014, annualised three month volatility was 10.8% during the quarter, compared with the long term average of 16%. |
2 | The World Gold Councils Market Intelligence team spent a week in Mumbai, Delhi and Bangalore, taking part in the India International Bullion Summit and meeting with market participants across the gold supply chain. |
Gold Demand Trends | Third quarter 2014
Chart 1: Indian jewellery benefitted from improved economic sentiment
| Indian jewellery demand improved on Q3 2013s weak result, boosted by widespread confidence in Prime Minister Narendra Modi. |
| Festival-related buying was drawn out in the latter weeks of the quarter as Diwali loomed. |
Source: GFMS, Thomson Reuters; World Gold Council
02_03
Chart 2: Country of origin of US gold jewellery imports, top 10 by volume (January-August 2014)
| Growth in US gold jewellery imports this year has had a global impact. |
| Burgeoning confidence and lower retail pricing on gold jewellery have supported US consumer demand. |
Source: GFMS, Thomson Reuters; GTIS; World Gold Council
3 | For further information on how economic growth supports jewellery demand, please see Gold Investor, Volume 7, The growth dividend: how rising GDP lifts gold consumer demand. |
4 | Shullman Research Center, Insights into Luxury, Affluence and Wealth: Holiday Shopping Plans are Generations and Incomes Apart, September 2014. |
Gold Demand Trends | Third quarter 2014
Chart 3: Decline in recycling supply seen in both industrialised and developing markets
| In 2014, the flow of recycled gold has diminished to seven-year lows. |
| The decline has occurred hand-in-hand with Western economic recuperation and declining average gold prices. |
* | Comprises Europe, North America, Japan, Taiwan, South Korea, Singapore. |
Source: GFMS, Thomson Reuters; World Gold Council
04_05
Global gold market third quarter 2014 review
Chart 4: Jewellery demand remains strong after exceptional 2013
| Year-on-year comparisons in jewellery demand are heavily influenced by exceptional volumes in 2013. |
| Year-to-date demand exceeds 2011 and 2012 by 5% and 12% respectively, building on the upturn from the 2009 lows. |
Source: GFMS, Thomson Reuters; World Gold Council
Gold Demand Trends | Third quarter 2014
5 | http://file.irasia.com/listco/hk/chowtaifook/press/p140925.pdf |
06_07
Chart 5: European bar and coin demand, rolling 4-quarter total
| Although well off its highs, gold bar and coin demand in Europe was many multiples of its pre-crisis levels. |
| Third quarter demand of 64.6t was 10% below the five-year quarterly average. |
Source: GFMS, Thomson Reuters; World Gold Council
6 | Gold Investor, Volume 7, Ten years of gold ETFs: a wider and more efficient market. |
Gold Demand Trends | Third quarter 2014
08_09
Gold Demand Trends | Third quarter 2014
Chart 7: Mine supply by category in tonnes
| Quarterly mine production edged higher, exceeding 800t for only the third time. |
| Producers still have little appetite for hedging; the global hedge book was just under 150t at the end of Q3. |
Source: GFMS, Thomson Reuters; World Gold Council
10_11
Gold Demand Trends | Third quarter 2014
Table 2: Gold demand (tonnes)
2012 | 2013 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q314 | Q314 vs Q313 % chg |
||||||||||||||||||||||||||||||||||
Jewellery |
2,007.3 | 2,369.6 | 553.9 | 550.5 | 690.1 | 556.3 | 572.7 | 574.4 | 512.9 | 534.2 | -4 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Technology |
415.3 | 408.2 | 98.0 | 103.5 | 103.5 | 103.1 | 98.1 | 98.1 | 100.5 | 97.9 | -5 | |||||||||||||||||||||||||||||||||
Electronics |
284.4 | 278.8 | 66.9 | 70.9 | 69.9 | 70.9 | 67.1 | 67.4 | 69.5 | 67.4 | -5 | |||||||||||||||||||||||||||||||||
Other industrial |
92.3 | 93.1 | 21.8 | 23.7 | 24.2 | 23.2 | 22.0 | 22.2 | 22.1 | 22.0 | -5 | |||||||||||||||||||||||||||||||||
Dentistry |
38.6 | 36.3 | 9.3 | 8.9 | 9.5 | 9.0 | 8.9 | 8.6 | 8.8 | 8.5 | -5 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Investment |
1,622.5 | 893.3 | 469.0 | 286.3 | 230.6 | 192.0 | 184.3 | 280.0 | 226.1 | 204.4 | 6 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
1,343.4 | 1,773.3 | 380.8 | 462.9 | 632.8 | 312.3 | 365.3 | 282.6 | 266.0 | 245.6 | -21 | |||||||||||||||||||||||||||||||||
Physical bar demand |
1,039.2 | 1,388.5 | 297.5 | 356.5 | 502.2 | 254.2 | 275.6 | 222.7 | 204.8 | 185.7 | -27 | |||||||||||||||||||||||||||||||||
Official coin |
190.9 | 281.0 | 48.9 | 75.6 | 92.3 | 42.2 | 70.9 | 45.9 | 44.2 | 35.4 | -16 | |||||||||||||||||||||||||||||||||
Medals/imitation coin |
113.4 | 103.8 | 34.3 | 30.8 | 38.4 | 16.0 | 18.8 | 14.0 | 17.0 | 24.5 | 53 | |||||||||||||||||||||||||||||||||
ETFs and similar products* |
279.1 | -880.0 | 88.1 | -176.5 | -402.2 | -120.2 | -181.0 | -2.6 | -39.9 | -41.3 | | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Central bank net purchases |
544.1 | 409.3 | 150.4 | 130.8 | 92.1 | 101.5 | 85.0 | 124.3 | 117.8 | 92.8 | -9 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gold demand |
4,589.2 | 4,080.5 | 1,271.2 | 1,071.1 | 1,116.3 | 952.8 | 940.2 | 1,076.9 | 957.3 | 929.3 | -2 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
London PM fix (US$/oz) |
1,669.0 | 1,411.2 | 1,721.8 | 1,631.8 | 1,414.8 | 1,326.3 | 1,276.2 | 1,293.1 | 1,288.4 | 1,281.9 | -3 |
* | 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 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q314 | Q314 vs Q313 % chg |
||||||||||||||||||||||||||||||||||
Jewellery |
107,712 | 107,515 | 30,660 | 28,880 | 31,392 | 23,719 | 23,500 | 23,881 | 21,247 | 22,018 | -7 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Technology |
22,282 | 18,521 | 5,426 | 5,430 | 4,710 | 4,396 | 4,024 | 4,080 | 4,162 | 4,034 | -8 | |||||||||||||||||||||||||||||||||
Electronics |
15,261 | 12,650 | 3,704 | 3,718 | 3,179 | 3,024 | 2,755 | 2,801 | 2,880 | 2,778 | -8 | |||||||||||||||||||||||||||||||||
Other industrial |
4,952 | 4,225 | 1,206 | 1,243 | 1,100 | 990 | 903 | 923 | 917 | 906 | -9 | |||||||||||||||||||||||||||||||||
Dentistry |
2,069 | 1,646 | 515 | 469 | 430 | 382 | 366 | 357 | 365 | 350 | -8 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Investment |
87,063 | 40,532 | 25,960 | 15,023 | 10,489 | 8,188 | 7,564 | 11,641 | 9,364 | 8,423 | 3 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
72,088 | 80,459 | 21,081 | 24,284 | 28,786 | 13,316 | 14,989 | 11,748 | 11,018 | 10,123 | -24 | |||||||||||||||||||||||||||||||||
Physical bar demand |
55,760 | 62,999 | 16,471 | 18,705 | 22,843 | 10,837 | 11,308 | 9,256 | 8,485 | 7,655 | -29 | |||||||||||||||||||||||||||||||||
Official coin |
10,242 | 12,748 | 2,709 | 3,965 | 4,198 | 1,798 | 2,911 | 1,910 | 1,830 | 1,459 | -19 | |||||||||||||||||||||||||||||||||
Medals/imitation coin |
6,086 | 4,712 | 1,901 | 1,614 | 1,745 | 681 | 770 | 582 | 703 | 1,010 | 48 | |||||||||||||||||||||||||||||||||
ETFs and similar products* |
14,975 | -39,927 | 4,879 | -9,261 | -18,297 | -5,128 | -7,425 | -107 | -1,654 | -1,700 | | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Central bank net purchases |
29,193 | 18,572 | 8,323 | 6,863 | 4,187 | 4,326 | 3,488 | 5,166 | 4,879 | 3,825 | -12 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gold demand |
246,250 | 185,140 | 70,369 | 56,195 | 50,778 | 40,630 | 38,575 | 44,768 | 39,653 | 38,300 | -6 |
* | 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
12_13
Table 4: Total investment demand (tonnes except where specified)
2012 | 2013 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q314 | Q314 vs Q313 % chg |
||||||||||||||||||||||||||||||||||
Investment |
1,622.5 | 893.3 | 469.0 | 286.3 | 230.6 | 192.0 | 184.3 | 280.0 | 226.1 | 204.4 | 6 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
1,343.4 | 1,773.3 | 380.8 | 462.9 | 632.8 | 312.3 | 365.3 | 282.6 | 266.0 | 245.6 | -21 | |||||||||||||||||||||||||||||||||
Physical bar demand |
1,039.2 | 1,388.5 | 297.5 | 356.5 | 502.2 | 254.2 | 275.6 | 222.7 | 204.8 | 185.7 | -27 | |||||||||||||||||||||||||||||||||
Official coin |
190.9 | 281.0 | 48.9 | 75.6 | 92.3 | 42.2 | 70.9 | 45.9 | 44.2 | 35.4 | -16 | |||||||||||||||||||||||||||||||||
Medals/imitation coin |
113.4 | 103.8 | 34.3 | 30.8 | 38.4 | 16.0 | 18.8 | 14.0 | 17.0 | 24.5 | 53 | |||||||||||||||||||||||||||||||||
ETFs and similar products1 |
279.1 | -880.0 | 88.1 | -176.5 | -402.2 | -120.2 | -181.0 | -2.6 | -39.9 | -41.3 | | |||||||||||||||||||||||||||||||||
OTC investment and stock flows2 |
-125.5 | 175.6 | -122.7 | -26.3 | -179.1 | 164.2 | 216.8 | -29.5 | 108.8 | 110.5 | -33 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total investment |
1,497.0 | 1,069.0 | 346.3 | 260.0 | 51.5 | 356.2 | 401.2 | 250.6 | 334.8 | 314.9 | -12 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total investment (US$mn) |
80,330 | 48,501 | 19,170 | 13,643 | 2,343 | 15,189 | 16,460 | 10,417 | 13,869 | 12,979 | -15 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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; LBMA; World Gold Council
Table 5: Quarterly average price
2012 | 2013 | Q313 | Q413 | Q114 | Q214 | Q314 | Q314 vs Q313 % change |
|||||||||||||||||||||||||
US$/oz |
1,669.0 | 1,411.2 | 1,326.3 | 1,276.2 | 1,293.1 | 1,288.4 | 1,281.9 | -3 | ||||||||||||||||||||||||
/oz |
1,298.7 | 1,063.8 | 1,001.5 | 937.8 | 943.5 | 939.7 | 967.0 | -3 | ||||||||||||||||||||||||
£/oz |
1,053.0 | 903.8 | 855.5 | 789.2 | 781.1 | 765.4 | 767.6 | -10 | ||||||||||||||||||||||||
CHF/kg |
50,323.7 | 42,090.3 | 39,744.2 | 37,072.3 | 37,107.5 | 36,831.5 | 37,668.3 | -5 | ||||||||||||||||||||||||
¥/g |
4,278.2 | 4,410.4 | 4,216.8 | 4,107.1 | 4,271.1 | 4,228.9 | 4,282.4 | 2 | ||||||||||||||||||||||||
Rs/10g |
28,639.4 | 26,440.2 | 26,503.5 | 25,452.4 | 25,671.6 | 24,777.9 | 24,970.8 | -6 | ||||||||||||||||||||||||
RMB/g |
338.5 | 279.2 | 261.2 | 250.0 | 253.7 | 258.1 | 254.1 | -3 | ||||||||||||||||||||||||
TL/g |
96.6 | 86.0 | 84.0 | 82.8 | 92.0 | 87.5 | 89.1 | 6 |
Source: The London Gold Market Fixing Ltd; Thomson Reuters Datastream; World Gold Council
Gold Demand Trends | Third quarter 2014
Table 6: Gold supply and demand World Gold Council presentation
2012 | 2013 | Q412 | Q113 | Q213 | Q313 | Q413 | Q114 | Q214 | Q314 | Q314 vs Q313 % chg |
||||||||||||||||||||||||||||||||||
Supply |
||||||||||||||||||||||||||||||||||||||||||||
Mine production |
2,869.7 | 3,054.0 | 746.4 | 690.6 | 738.5 | 802.3 | 822.5 | 723.9 | 756.7 | 812.0 | 1 | |||||||||||||||||||||||||||||||||
Net producer hedging |
-39.7 | -40.0 | -31.7 | -10.6 | -15.1 | -7.5 | -6.8 | 7.6 | 55.0 | -15.0 | | |||||||||||||||||||||||||||||||||
Total mine supply |
2,829.9 | 3,014.0 | 714.6 | 680.1 | 723.4 | 794.9 | 815.7 | 731.6 | 811.6 | 797.0 | 0 | |||||||||||||||||||||||||||||||||
Recycled gold |
1,633.7 | 1,242.1 | 390.7 | 359.4 | 253.4 | 333.7 | 295.5 | 306.6 | 250.1 | 250.5 | -25 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total supply |
4,463.7 | 4,256.1 | 1,105.3 | 1,039.5 | 976.8 | 1,128.6 | 1,111.2 | 1,038.2 | 1,061.7 | 1,047.5 | -7 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Demand |
||||||||||||||||||||||||||||||||||||||||||||
Fabrication |
||||||||||||||||||||||||||||||||||||||||||||
Jewellery1 |
2,007.3 | 2,369.6 | 510.6 | 545.1 | 729.7 | 567.8 | 527.0 | 565.2 | 508.7 | 541.9 | -5 | |||||||||||||||||||||||||||||||||
Technology |
415.3 | 408.2 | 98.0 | 103.5 | 103.5 | 103.1 | 98.1 | 98.1 | 100.5 | 97.9 | -5 | |||||||||||||||||||||||||||||||||
Sub-total above fabrication |
2,422.6 | 2,777.8 | 608.6 | 648.6 | 833.3 | 670.9 | 625.0 | 663.4 | 609.1 | 639.8 | -5 | |||||||||||||||||||||||||||||||||
Total bar and coin demand |
1,343.4 | 1,773.3 | 380.8 | 462.9 | 632.8 | 312.3 | 365.3 | 282.6 | 266.0 | 245.6 | -21 | |||||||||||||||||||||||||||||||||
ETFs and similar products2 |
279.1 | -880.0 | 88.1 | -176.5 | -402.2 | -120.2 | -181.0 | -2.6 | -39.9 | -41.3 | | |||||||||||||||||||||||||||||||||
Central bank net purchases3 |
544.1 | 409.3 | 150.4 | 130.8 | 92.1 | 101.5 | 85.0 | 124.3 | 117.8 | 92.8 | -9 | |||||||||||||||||||||||||||||||||
Gold demand |
4,589.2 | 4,080.5 | 1,227.9 | 1,065.8 | 1,155.9 | 964.4 | 894.4 | 1,067.6 | 953.0 | 937.0 | -3 | |||||||||||||||||||||||||||||||||
OTC investment and stock flows4 |
-125.5 | 175.6 | -122.7 | -26.3 | -179.1 | 164.2 | 216.8 | -29.5 | 108.8 | 110.5 | -33 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total demand |
4,463.7 | 4,256.1 | 1,105.3 | 1,039.5 | 976.8 | 1,128.6 | 1,111.2 | 1,038.2 | 1,061.7 | 1,047.5 | -7 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
London PM fix (US$/oz) |
1,669.0 | 1,411.2 | 1,721.8 | 1,631.8 | 1,414.8 | 1,326.3 | 1,276.2 | 1,293.1 | 1,288.4 | 1,281.9 | -3 |
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.
14_15
Table 7: Indian supply estimates
Figures in tonnes |
Q313 | Q413 | Q114 | Q214 | Q314 | 2013 | ||||||||||||||||||
Supply |
||||||||||||||||||||||||
Net imports, available for domestic consumption |
91 | 114 | 119 | 202 | 204 | 825 | ||||||||||||||||||
Domestic supply from recycled gold |
53 | 17 | 21 | 16 | 18 | 101 | ||||||||||||||||||
Domestic supply from other sources1 |
2 | 2 | 3 | 3 | 3 | 7 | ||||||||||||||||||
Equals total supply2 |
145 | 133 | 143 | 221 | 225 | 934 |
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 September 2014)
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 | Third quarter 2014
Table 9: Consumer demand in selected countries: Q314 (tonnes)
Q313 | Q314 | Q314 vs Q313, % change | ||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | ||||||||||||||||||||||||||||
India |
114.5 | 47.1 | 161.6 | 182.9 | 42.2 | 225.1 | 60 | -10 | 39 | |||||||||||||||||||||||||||
Greater China |
254.3 | 52.6 | 306.8 | 157.1 | 37.1 | 194.1 | -38 | -29 | -37 | |||||||||||||||||||||||||||
China |
240.3 | 50.9 | 291.2 | 147.1 | 35.6 | 182.7 | -39 | -30 | -37 | |||||||||||||||||||||||||||
Hong Kong |
13.0 | 0.8 | 13.8 | 9.0 | 0.6 | 9.6 | -31 | -17 | -30 | |||||||||||||||||||||||||||
Taiwan |
1.0 | 1.0 | 1.9 | 1.0 | 0.9 | 1.9 | -1 | -5 | -3 | |||||||||||||||||||||||||||
Japan |
4.6 | 1.1 | 5.7 | 3.9 | -0.7 | 3.2 | -16 | | -45 | |||||||||||||||||||||||||||
Indonesia |
11.6 | 11.2 | 22.8 | 9.7 | 2.8 | 12.5 | -16 | -75 | -45 | |||||||||||||||||||||||||||
South Korea |
2.1 | 1.5 | 3.6 | 1.9 | 1.2 | 3.0 | -9 | -23 | -15 | |||||||||||||||||||||||||||
Thailand |
0.8 | 27.8 | 28.6 | 0.8 | 15.6 | 16.5 | 8 | -44 | -42 | |||||||||||||||||||||||||||
Vietnam |
2.2 | 23.8 | 26.0 | 2.0 | 17.0 | 19.0 | -9 | -29 | -27 | |||||||||||||||||||||||||||
Middle East |
41.6 | 13.0 | 54.5 | 36.0 | 10.6 | 46.5 | -14 | -19 | -15 | |||||||||||||||||||||||||||
Saudi Arabia |
14.0 | 4.2 | 18.2 | 11.8 | 3.5 | 15.3 | -15 | -18 | -16 | |||||||||||||||||||||||||||
Egypt |
9.9 | 4.3 | 14.2 | 9.9 | 3.3 | 13.1 | -1 | -24 | -8 | |||||||||||||||||||||||||||
UAE |
11.9 | 3.2 | 15.1 | 9.5 | 2.9 | 12.4 | -20 | -10 | -18 | |||||||||||||||||||||||||||
Other Gulf |
5.8 | 1.2 | 7.1 | 4.8 | 0.9 | 5.7 | -18 | -26 | -19 | |||||||||||||||||||||||||||
Turkey |
23.4 | 6.4 | 29.8 | 19.2 | 6.6 | 25.8 | -18 | 3 | -13 | |||||||||||||||||||||||||||
Russia |
18.4 | | 18.4 | 18.6 | | 18.6 | 1 | | 1 | |||||||||||||||||||||||||||
USA |
32.9 | 8.1 | 41.1 | 34.4 | 7.9 | 42.3 | 4 | -3 | 3 | |||||||||||||||||||||||||||
Europe ex CIS |
6.8 | 69.9 | 76.6 | 7.3 | 64.6 | 71.9 | 9 | -8 | -6 | |||||||||||||||||||||||||||
Italy |
2.9 | | 2.9 | 2.7 | | 2.7 | -4 | | -4 | |||||||||||||||||||||||||||
UK |
3.9 | | 3.9 | 4.6 | | 4.6 | 18 | | 18 | |||||||||||||||||||||||||||
France |
| 0.3 | 0.3 | | 0.3 | 0.3 | | 12 | 12 | |||||||||||||||||||||||||||
Germany |
| 32.2 | 32.2 | | 33.2 | 33.2 | | 3 | 3 | |||||||||||||||||||||||||||
Switzerland |
| 16.7 | 16.7 | | 12.0 | 12.0 | | -28 | -28 | |||||||||||||||||||||||||||
Other Europe |
| 20.7 | 20.7 | | 19.0 | 19.0 | | -8 | -8 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total above |
513.1 | 262.5 | 775.5 | 473.6 | 204.9 | 678.5 | -8 | -22 | -13 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other |
43.2 | 49.8 | 93.0 | 60.6 | 40.7 | 101.3 | 40 | -18 | 9 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
World total |
556.3 | 312.3 | 868.5 | 534.2 | 245.6 | 779.8 | -4 | -21 | -10 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: GFMS, Thomson Reuters; World Gold Council
16_17
Table 10: Consumer demand in selected countries: Q3 2014 (value, US$mn)
Q313 | Q314 | Q314 vs Q313, % change | ||||||||||||||||||||||||||||||||||
Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | Jewellery | Total bar and coin invest |
Total | ||||||||||||||||||||||||||||
India |
4,882 | 2,008 | 6,891 | 7,540 | 1,739 | 9,279 | 54 | -13 | 35 | |||||||||||||||||||||||||||
Greater China |
10,842 | 2,241 | 13,083 | 6,473 | 1,528 | 8,001 | -40 | -32 | -39 | |||||||||||||||||||||||||||
China |
10,247 | 2,169 | 12,415 | 6,063 | 1,465 | 7,528 | -41 | -32 | -39 | |||||||||||||||||||||||||||
Hong Kong |
554 | 32 | 586 | 371 | 26 | 396 | -33 | -20 | -32 | |||||||||||||||||||||||||||
Taiwan |
41 | 41 | 81 | 39 | 37 | 76 | -4 | -8 | -6 | |||||||||||||||||||||||||||
Japan |
196 | 47 | 243 | 159 | -29 | 130 | -19 | | -47 | |||||||||||||||||||||||||||
Indonesia |
493 | 478 | 970 | 398 | 115 | 513 | -19 | -76 | -47 | |||||||||||||||||||||||||||
South Korea |
88 | 64 | 152 | 77 | 47 | 125 | -12 | -26 | -18 | |||||||||||||||||||||||||||
Thailand |
33 | 1,187 | 1,221 | 35 | 645 | 679 | 4 | -46 | -44 | |||||||||||||||||||||||||||
Vietnam |
94 | 1,015 | 1,109 | 82 | 701 | 783 | -12 | -31 | -29 | |||||||||||||||||||||||||||
Middle East |
1,773 | 552 | 2,326 | 1,482 | 435 | 1,917 | -16 | -21 | -18 | |||||||||||||||||||||||||||
Saudi Arabia |
595 | 179 | 774 | 486 | 142 | 629 | -18 | -21 | -19 | |||||||||||||||||||||||||||
Egypt |
422 | 183 | 606 | 406 | 135 | 541 | -4 | -26 | -11 | |||||||||||||||||||||||||||
UAE |
507 | 138 | 645 | 392 | 120 | 512 | -23 | -13 | -21 | |||||||||||||||||||||||||||
Other Gulf |
249 | 52 | 301 | 198 | 37 | 235 | -21 | -29 | -22 | |||||||||||||||||||||||||||
Turkey |
998 | 274 | 1,272 | 791 | 274 | 1,065 | -21 | 0 | -16 | |||||||||||||||||||||||||||
Russia |
785 | | 785 | 765 | | 765 | -3 | | -3 | |||||||||||||||||||||||||||
USA |
1,404 | 346 | 1,751 | 1,418 | 326 | 1,744 | 1 | -6 | 0 | |||||||||||||||||||||||||||
Europe ex CIS |
288 | 2,979 | 3,266 | 302 | 2,663 | 2,965 | 5 | -11 | -9 | |||||||||||||||||||||||||||
Italy |
122 | | 122 | 113 | | 113 | -7 | | -7 | |||||||||||||||||||||||||||
UK |
166 | | 166 | 190 | | 190 | 14 | | 14 | |||||||||||||||||||||||||||
France |
| 13 | 13 | | 14 | 14 | | 9 | 9 | |||||||||||||||||||||||||||
Germany |
| 1,373 | 1,373 | | 1,370 | 1,370 | | 0 | 0 | |||||||||||||||||||||||||||
Switzerland |
| 712 | 712 | | 495 | 495 | | -31 | -31 | |||||||||||||||||||||||||||
Other Europe |
| 881 | 881 | | 784 | 784 | | -11 | -11 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total above |
21,877 | 11,191 | 33,068 | 19,521 | 8,444 | 27,965 | -11 | -25 | -15 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other |
1,842 | 2,125 | 3,967 | 2,498 | 1,679 | 4,177 | 36 | -21 | 5 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
World total |
23,719 | 13,316 | 37,035 | 22,018 | 10,123 | 32,142 | -7 | -24 | -13 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council
Gold Demand Trends | Third quarter 2014
Table 11: Consumer demand in selected countries: four-quarter totals (tonnes)
12 months ended Q313 | 12 months ended Q314 | 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 |
615.0 | 403.0 | 1,018.0 | 633.7 | 204.5 | 838.2 | 3 | -49 | -18 | |||||||||||||||||||||||||||
Greater China |
919.9 | 399.2 | 1,319.1 | 746.4 | 218.5 | 964.9 | -19 | -45 | -27 | |||||||||||||||||||||||||||
China |
860.7 | 387.6 | 1,248.3 | 699.9 | 208.5 | 908.4 | -19 | -46 | -27 | |||||||||||||||||||||||||||
Hong Kong |
51.8 | 2.7 | 54.5 | 39.4 | 2.2 | 41.6 | -24 | -19 | -24 | |||||||||||||||||||||||||||
Taiwan |
7.4 | 8.9 | 16.3 | 7.2 | 7.9 | 15.0 | -3 | -11 | -8 | |||||||||||||||||||||||||||
Japan |
17.2 | -1.0 | 16.2 | 16.8 | 5.4 | 22.2 | -3 | | 37 | |||||||||||||||||||||||||||
Indonesia |
44.3 | 41.5 | 85.8 | 40.6 | 16.1 | 56.7 | -8 | -61 | -34 | |||||||||||||||||||||||||||
South Korea |
9.9 | 6.1 | 15.9 | 8.9 | 5.6 | 14.5 | -10 | -8 | -9 | |||||||||||||||||||||||||||
Thailand |
7.1 | 160.9 | 167.9 | 5.1 | 86.9 | 92.0 | -28 | -46 | -45 | |||||||||||||||||||||||||||
Vietnam |
12.0 | 85.9 | 97.9 | 11.5 | 67.8 | 79.3 | -4 | -21 | -19 | |||||||||||||||||||||||||||
Middle East |
187.1 | 51.1 | 238.2 | 172.9 | 45.7 | 218.6 | -8 | -11 | -8 | |||||||||||||||||||||||||||
Saudi Arabia |
57.2 | 18.4 | 75.6 | 52.4 | 15.4 | 67.8 | -8 | -16 | -10 | |||||||||||||||||||||||||||
Egypt |
46.9 | 13.2 | 60.1 | 43.5 | 13.3 | 56.9 | -7 | 1 | -5 | |||||||||||||||||||||||||||
UAE |
61.3 | 14.9 | 76.2 | 56.6 | 13.2 | 69.8 | -8 | -12 | -8 | |||||||||||||||||||||||||||
Other Gulf |
21.8 | 4.5 | 26.3 | 20.3 | 3.8 | 24.1 | -7 | -16 | -8 | |||||||||||||||||||||||||||
Turkey |
72.8 | 82.4 | 155.1 | 61.2 | 60.7 | 121.9 | -16 | -26 | -21 | |||||||||||||||||||||||||||
Russia |
72.1 | | 72.1 | 73.8 | | 73.8 | 2 | | 2 | |||||||||||||||||||||||||||
USA |
112.8 | 69.0 | 181.9 | 125.8 | 48.5 | 174.3 | 12 | -30 | -4 | |||||||||||||||||||||||||||
Europe ex CIS |
41.9 | 275.1 | 317.0 | 45.1 | 227.1 | 272.1 | 8 | -17 | -14 | |||||||||||||||||||||||||||
Italy |
21.3 | | 21.3 | 19.6 | | 19.6 | -8 | | -8 | |||||||||||||||||||||||||||
UK |
20.6 | | 20.6 | 25.5 | | 25.5 | 24 | | 24 | |||||||||||||||||||||||||||
France |
| 1.9 | 1.9 | | 2.0 | 2.0 | | 5 | 5 | |||||||||||||||||||||||||||
Germany |
| 119.7 | 119.7 | | 108.2 | 108.2 | | -10 | -10 | |||||||||||||||||||||||||||
Switzerland |
| 70.4 | 70.4 | | 47.3 | 47.3 | | -33 | -33 | |||||||||||||||||||||||||||
Other Europe |
| 83.1 | 83.1 | | 69.5 | 69.5 | | -16 | -16 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total above |
2,112.0 | 1,573.2 | 3,685.1 | 1,941.8 | 986.7 | 2,928.6 | -8 | -37 | -21 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other |
238.7 | 215.7 | 454.4 | 252.5 | 172.8 | 425.3 | 6 | -20 | -6 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
World total |
2,350.7 | 1,788.8 | 4,139.6 | 2,194.4 | 1,159.5 | 3,353.9 | -7 | -35 | -19 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: GFMS, Thomson Reuters; World Gold Council
18_19
Table 12: Consumer demand in selected countries: four-quarter totals (value, US$mn)
12 months ended Q313 | 12 months ended Q314 | 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 |
30,271 | 19,956 | 50,227 | 26,174 | 8,443 | 34,617 | -14 | -58 | -31 | |||||||||||||||||||||||||||
Greater China |
44,288 | 19,637 | 63,925 | 30,840 | 9,029 | 39,869 | -30 | -54 | -38 | |||||||||||||||||||||||||||
China |
41,436 | 19,071 | 60,507 | 28,918 | 8,613 | 37,531 | -30 | -55 | -38 | |||||||||||||||||||||||||||
Hong Kong |
2,483 | 129 | 2,611 | 1,626 | 91 | 1,717 | -35 | -30 | -34 | |||||||||||||||||||||||||||
Taiwan |
369 | 437 | 807 | 296 | 325 | 621 | -20 | -26 | -23 | |||||||||||||||||||||||||||
Japan |
837 | -106 | 731 | 693 | 224 | 917 | -17 | | 26 | |||||||||||||||||||||||||||
Indonesia |
2,160 | 1,959 | 4,119 | 1,678 | 664 | 2,342 | -22 | -66 | -43 | |||||||||||||||||||||||||||
South Korea |
488 | 286 | 774 | 369 | 229 | 599 | -24 | -20 | -23 | |||||||||||||||||||||||||||
Thailand |
343 | 7,950 | 8,292 | 211 | 3,586 | 3,796 | -38 | -55 | -54 | |||||||||||||||||||||||||||
Vietnam |
588 | 4,111 | 4,700 | 475 | 2,800 | 3,275 | -19 | -32 | -30 | |||||||||||||||||||||||||||
Middle East |
9,067 | 2,443 | 11,510 | 7,148 | 1,889 | 9,037 | -21 | -23 | -21 | |||||||||||||||||||||||||||
Saudi Arabia |
2,738 | 899 | 3,638 | 2,166 | 636 | 2,802 | -21 | -29 | -23 | |||||||||||||||||||||||||||
Egypt |
2,302 | 601 | 2,903 | 1,800 | 551 | 2,350 | -22 | -8 | -19 | |||||||||||||||||||||||||||
UAE |
2,977 | 728 | 3,705 | 2,342 | 545 | 2,887 | -21 | -25 | -22 | |||||||||||||||||||||||||||
Other Gulf |
1,050 | 215 | 1,265 | 841 | 157 | 998 | -20 | -27 | -21 | |||||||||||||||||||||||||||
Turkey |
3,423 | 4,009 | 7,431 | 2,530 | 2,504 | 5,034 | -26 | -38 | -32 | |||||||||||||||||||||||||||
Russia |
3,543 | | 3,543 | 3,049 | | 3,049 | -14 | | -14 | |||||||||||||||||||||||||||
USA |
5,549 | 3,420 | 8,969 | 5,189 | 2,004 | 7,193 | -6 | -41 | -20 | |||||||||||||||||||||||||||
Europe ex CIS |
2,145 | 13,336 | 15,481 | 1,858 | 9,373 | 11,231 | -13 | -30 | -27 | |||||||||||||||||||||||||||
Italy |
1,093 | | 1,093 | 806 | | 806 | -26 | | -26 | |||||||||||||||||||||||||||
UK |
1,052 | | 1,052 | 1,052 | | 1,052 | 0 | | 0 | |||||||||||||||||||||||||||
France |
| 97 | 97 | | 82 | 82 | | -15 | -15 | |||||||||||||||||||||||||||
Germany |
| 5,756 | 5,756 | | 4,468 | 4,468 | | -22 | -22 | |||||||||||||||||||||||||||
Switzerland |
| 3,443 | 3,443 | | 1,953 | 1,953 | | -43 | -43 | |||||||||||||||||||||||||||
Other Europe |
| 4,039 | 4,039 | | 2,870 | 2,870 | | -29 | -29 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total above |
102,702 | 77,000 | 179,701 | 80,213 | 40,746 | 120,958 | -22 | -47 | -33 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other |
11,950 | 10,467 | 22,417 | 10,433 | 7,132 | 17,566 | -13 | -32 | -22 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
World total |
114,652 | 87,467 | 202,118 | 90,646 | 47,878 | 138,524 | -21 | -45 | -31 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: GFMS, Thomson Reuters; The London Gold Market Fixing Ltd; World Gold Council
Gold Demand Trends | Third 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* |
Technology | Central banks |
Total | Jewellery | Total bar and coin invest |
ETFs and similar* |
Technology | 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 | 918 | 321 | 464 | -235 | 3,773 | 64.6 | 25.7 | 9.0 | 13.0 | -6.6 | 105.8 | ||||||||||||||||||||||||||||||||||||
2009 |
1,817 | 832 | 623 | 414 | -34 | 3,653 | 56.8 | 26.0 | 19.5 | 12.9 | -1.0 | 114.2 | ||||||||||||||||||||||||||||||||||||
2010 |
2,034 | 1,222 | 382 | 469 | 77 | 4,184 | 80.1 | 48.1 | 15.0 | 18.5 | 3.0 | 164.7 | ||||||||||||||||||||||||||||||||||||
2011 |
2,033 | 1,569 | 185 | 458 | 457 | 4,702 | 102.7 | 79.3 | 9.4 | 23.1 | 23.1 | 237.6 | ||||||||||||||||||||||||||||||||||||
2012 |
2,007 | 1,343 | 279 | 415 | 544 | 4,589 | 107.7 | 72.1 | 15.0 | 22.3 | 29.2 | 246.2 | ||||||||||||||||||||||||||||||||||||
2013 |
2,370 | 1,773 | -880 | 408 | 409 | 4,080 | 107.5 | 80.5 | -39.9 | 18.5 | 18.6 | 185.1 | ||||||||||||||||||||||||||||||||||||
Q308 |
694 | 295 | 149 | 120 | -76 | 1,182 | 19.4 | 8.3 | 4.2 | 3.4 | -2.1 | 33.1 | ||||||||||||||||||||||||||||||||||||
Q408 |
568 | 355 | 95 | 97 | -12 | 1,103 | 14.5 | 9.1 | 2.4 | 2.5 | -0.3 | 28.2 | ||||||||||||||||||||||||||||||||||||
Q109 |
351 | 168 | 465 | 89 | -62 | 1,011 | 10.3 | 4.9 | 13.6 | 2.6 | -1.8 | 29.5 | ||||||||||||||||||||||||||||||||||||
Q209 |
446 | 226 | 68 | 103 | 9 | 852 | 13.2 | 6.7 | 2.0 | 3.1 | 0.3 | 25.3 | ||||||||||||||||||||||||||||||||||||
Q309 |
496 | 220 | 43 | 108 | 10 | 877 | 15.3 | 6.8 | 1.3 | 3.3 | 0.3 | 27.1 | ||||||||||||||||||||||||||||||||||||
Q409 |
524 | 218 | 47 | 113 | 10 | 912 | 18.5 | 7.7 | 1.7 | 4.0 | 0.4 | 32.3 | ||||||||||||||||||||||||||||||||||||
Q110 |
533 | 251 | 6 | 115 | 58 | 964 | 19.0 | 9.0 | 0.2 | 4.1 | 2.1 | 34.4 | ||||||||||||||||||||||||||||||||||||
Q210 |
420 | 313 | 296 | 117 | 14 | 1,159 | 16.1 | 12.1 | 11.4 | 4.5 | 0.5 | 44.6 | ||||||||||||||||||||||||||||||||||||
Q310 |
515 | 316 | 50 | 121 | 23 | 1,024 | 20.3 | 12.4 | 2.0 | 4.8 | 0.9 | 40.4 | ||||||||||||||||||||||||||||||||||||
Q410 |
566 | 342 | 30 | 117 | -17 | 1,037 | 24.9 | 15.0 | 1.3 | 5.1 | -0.8 | 45.6 | ||||||||||||||||||||||||||||||||||||
Q111 |
565 | 409 | -61 | 116 | 137 | 1,167 | 25.2 | 18.2 | -2.7 | 5.2 | 6.1 | 52.0 | ||||||||||||||||||||||||||||||||||||
Q211 |
507 | 346 | 54 | 119 | 66 | 1,092 | 24.6 | 16.7 | 2.6 | 5.8 | 3.2 | 52.9 | ||||||||||||||||||||||||||||||||||||
Q311 |
467 | 442 | 87 | 117 | 141 | 1,254 | 25.5 | 24.2 | 4.8 | 6.4 | 7.7 | 68.6 | ||||||||||||||||||||||||||||||||||||
Q411 |
494 | 373 | 104 | 105 | 113 | 1,189 | 26.8 | 20.2 | 5.7 | 5.7 | 6.1 | 64.5 | ||||||||||||||||||||||||||||||||||||
Q112 |
508 | 353 | 53 | 108 | 118 | 1,140 | 27.6 | 19.2 | 2.9 | 5.9 | 6.4 | 62.0 | ||||||||||||||||||||||||||||||||||||
Q212 |
464 | 301 | 0 | 105 | 164 | 1,033 | 24.0 | 15.6 | 0.0 | 5.4 | 8.5 | 53.5 | ||||||||||||||||||||||||||||||||||||
Q312 |
481 | 308 | 138 | 104 | 112 | 1,144 | 25.6 | 16.4 | 7.3 | 5.5 | 6.0 | 60.8 | ||||||||||||||||||||||||||||||||||||
Q412 |
554 | 381 | 88 | 98 | 150 | 1,271 | 30.7 | 21.1 | 4.9 | 5.4 | 8.3 | 70.4 | ||||||||||||||||||||||||||||||||||||
Q113 |
550 | 463 | -177 | 103 | 131 | 1,071 | 28.9 | 24.3 | -9.3 | 5.4 | 6.9 | 56.2 | ||||||||||||||||||||||||||||||||||||
Q213 |
690 | 633 | -402 | 104 | 92 | 1,116 | 31.4 | 28.8 | -18.3 | 4.7 | 4.2 | 50.8 | ||||||||||||||||||||||||||||||||||||
Q313 |
556 | 312 | -120 | 103 | 101 | 953 | 23.7 | 13.3 | -5.1 | 4.4 | 4.3 | 40.6 | ||||||||||||||||||||||||||||||||||||
Q413 |
573 | 365 | -181 | 98 | 85 | 940 | 23.5 | 15.0 | -7.4 | 4.0 | 3.5 | 38.6 | ||||||||||||||||||||||||||||||||||||
Q114 |
574 | 283 | -3 | 98 | 124 | 1,077 | 23.9 | 11.7 | -0.1 | 4.1 | 5.2 | 44.8 | ||||||||||||||||||||||||||||||||||||
Q214 |
513 | 266 | -40 | 100 | 118 | 957 | 21.2 | 11.0 | -1.7 | 4.2 | 4.9 | 39.7 | ||||||||||||||||||||||||||||||||||||
Q314 |
534 | 246 | -41 | 98 | 93 | 929 | 22.0 | 10.1 | -1.7 | 4.0 | 3.8 | 38.3 |
* | 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
20_21
Gold Demand Trends | Third quarter 2014 |
Copyright and other rights
Pulps used to produce this paper are Elemental Chlorine Free (ECF).
The paper mill and printer are accredited to ISO14001 environmental standards. |
I096201411 |
World Gold Council
10 Old Bailey, London EC4M 7NG
United Kingdom
E | marketintelligence@gold.org |
T | +44 20 7826 4700 |
F | +44 20 7826 4799 |
W | www.gold.org |
Published: November 2014
SPDR® GOLD TRUST has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any Authorized Participant will arrange to send you the prospectus if you request it by calling toll free at 1-866-320-4053 or contacting State Street Global Markets, LLC, One Lincoln Street, Attn: SPDR® Gold Shares, 30th Floor, Boston, MA 02111.