Supply and Demand of Gold
Table 4: Gold supply and demand (WGC presentation) % ch 2008 vs 2007 2006 Supply Mine production Net producer hedging Total mine supply Official sector sales Old gold scrap Total Supply Demand Fabrication Jewellery Industrial & dental Sub-total above fabrication Bar & coin retail investment 3 Other retail investment ETFs & similar Total Demand “Inferred investment”4 London PM fix (US$/oz) 2,288 460 2,748 424 -8 260 3,423 145 603. 77 2 2007 2008 Q1’07 Q2’07 Q3’07 Q4’07 Q1’08 Q2’08 Q3’08 Q4’08 Q1’09 Q2’09 Q3’091 % ch Q3’09 vs Q3’08 2,485 -410 2,075 365 1,128 3,569 2,478 -444 2,034 484 958 3,475 ,415 -351 2,064 236 1,209 3,508 -3 … 1 -51 26 1 590 -94 496 72 243 811 614 -197 417 145 223 785 641 -82 559 170 214 943 633 -71 562 97 277 936 545 -129 415 77 360 852 589 -122 467 69 275 811 633 -53 580 77 216 874 648 -47 601 13 358 972 584 -1 583 62 569 1,215 632 -31 601 5 314 910 670 -105 565 15 283 833 6 … -3 … 31 -5 2,404 462 2,866 446 -14 253 3,552 -77 695. 39 2,186 435 2,621 649 213 321 3,805 -296 871. 96 -9 -6 -9 46 … 27 7 … 25 587 116 703 125 7 36 858 -47 649. 82 699 118 817 144 9 3 949 -164 666. 84 630 117 747 116 4 139 999 -56 680. 13 489 110 599 61 6 80 746 190 786. 25 475 116 591 89 9 73 762 91 924. 83 32 118 650 143 5 4 802 9 896. 29 695 112 807 212 58 149 1,227 -353 871. 60 484 90 574 205 141 95 1,014 -43 794. 76 352 80 432 52 92 465 1,041 174 908. 41 407 94 501 122 46 57 726 184 922. 18 475 100 575 143 43 41 802 31 960. 00 -32 -11 -29 -33 -26 -72 -35 … 10 Source: GFMS Ltd. Data in this table are consistent with those published by GFMS but adapted to the WGC’s presentation and take account of the additional demand data now available. The “inferred investment” figure differs from the “implied net (dis)investment” figure in GFMS’ supply and demand table as it excludes “ETFs and similar” and “other retail investment”.
Note that jewellery data refer to fabrication and quarterly data differ from those for consumption in tables 1 and 2. 1. Provisional. 2. Excluding any delta hedging of central bank options. 3. Equal to net retail investment from Table 1 less the ‘other identified retail investment’ category. 4. This is the residual from combining all the other data in the table. It includes institutional investment other than ETFs & similar, stock movements and other elements as well as any residual error. In previous editions of GDT it was referred to as the “balance”. Copyright 2009 GFMS Ltd and World Gold Council All rights reserved
