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$/oz) 2,288 460 2,748 424 -8 260 3,423 145 603.77
2
2007
2008
Q1'07
Q2'07
Q3'07
Q4'07
Q1'08
Q2'08
Q3'08
Q4'08
Q1'09
Q2'09
Q3'091
% ch Q3'09 vs Q3'08
2,485 -410 2,075 365 1,128 3,569
2,478 -444 2,034 484 958 3,475
2,415 -351 2,064 236 1,209 3,508
-3 … 1 -51 26 1
590 -94 496 72 243 811
614 -197 417 145 223 785
641 -82 559 170 214 943
633 -71 562 97 277 936
545 -129 415 77 360 852
589 -122 467 69 275 811
633 -53 580 77 216 874
648 -47 601 13 358 972
584 -1 583 62 569 1,215
632 -31 601 5 314 910
670 -105 565 15 283 833
6 … -3 … 31 -5
2,404 462 2,866 446 -14 253 3,552 -77 695.39
2,186 435 2,621 649 213 321 3,805 -296 871.96
-9 -6 -9 46 … 27 7 … 25
587 116 703 125 7 36 858 -47 649.82
699 118 817 144 9 3 949 -164 666.84
630 117 747 116 4 139 999 -56 680.13
489 110 599 61 6 80 746 190 786.25
475 116 591 89 9 73 762 91 924.83
532 118 650 143 5 4 802 9 896.29
695 112 807 212 58 149 1,227 -353 871.60
484 90 574 205 141 95 1,014 -43 794.76
352 80 432 52 92 465 1,041 174 908.41
407 94 501 122 46 57 726 184 922.18
475 100 575 143 43 41 802 31 960.00
-32 -11 -29 -33 -26 -72 -35 … 10
Source: GFMS Ltd. Data in this table are consistent with those published by GFMS but adapted to the WGC’s presentation and take account of the additional demand data now available. The “inferred investment” figure differs from the “implied net (dis)investment” figure in GFMS’ supply and demand table as it excludes “ETFs and similar” and “other retail investment”. Note that jewellery
% ch 2008 vs 2007
2006 Supply Mine production Net producer hedging Total mine supply Official sector sales Old gold scrap Total Supply Demand Fabrication Jewellery Industrial & dental Sub-total above fabrication Bar & coin retail investment 3 Other retail investment ETFs & similar Total Demand "Inferred investment"4 London PM fix (US$/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
2,415 -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
532 118 650 143 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