Today's Top SOA Links
From the Wires
Global Gold Demand Reflects Challenging Global Economic Climate: ETFs up 56% and India up 9% in Q3 2012
By: PR Newswire
Nov. 15, 2012 02:24 AM
LONDON, November 15, 2012 /PRNewswire/ --
Global gold demand in Q3 2012 was 1,084.6 tonnes (t), down 11% from the record Q3 2011 figure of 1,223.5t. This dip in demand is in comparison with exceptional demand in Q3 last year. Gold demand remains resilient. Q3 2012 was above the five year quarterly average of 984.7t, according to the World Gold Council's Gold Demand Trends Report.
In value terms gold demand was 14.0% lower year on year at $57.6bn and the average gold price of $1,652/oz was down 3% on the record average Q3 2011 price.
The key findings from the report are as follows:
Marcus Grubb, Managing Director, Investment at the World Gold Council said:
"Gold is beginning to re-establish itself as part of the fabric of the financial system. In the medium term, the quantitative easing initiatives in the West and the continuing growth story in the East, particularly in India and China, coupled with the seasonally strong quarter coming up in Asia, are excellent indicators for further growth in the gold market.
"Against a backdrop of continued global economic uncertainty and elections in China and the US, it is clear from five year rising demand trends that gold's fundamental property as a vehicle for capital preservation continues to endure, as evidenced by this quarter's increase in global ETF investment, up 56% and continued purchasing by central banks, the ultimate long term investors."
Gold demand and supply statistics for Q3 2012:
The Q3 2012 Gold Demand Trends report, which includes comprehensive data provided by Thomson Reuters GFMS, can be viewed at: http://www.gold.org/media and on our new iPad app which can be downloaded from http://www.itunes.com and a video can be seen here.
Note to editors:
*Imitation coin market in India
In India an imitation coin is the term used to describe a round medallion bought for savings or gift purposes. These coins are generally rectangular, oval or round shapes and more than 50% are expected to be exchanged for jewellery over time. Demand tends to be seasonal, sold mainly during the marriage seasons and at festivals, especially at the time of Diwali.
World Gold Council
The World Gold Council is the market development organisation for the gold industry. Working within the investment, jewellery and technology sectors, as well as engaging in government affairs, our purpose is to provide industry leadership, whilst stimulating and sustaining demand for gold.
We develop gold-backed solutions, services and markets, based on true market insight. As a result, we create structural shifts in demand for gold across key market sectors.
We provide insights into the international gold markets, helping people to better understand the wealth preservation qualities of gold and its role in meeting the social and environmental needs of society.
Based in the UK, with operations in India, the Far East, Europe and the US, the World Gold Council is an association whose members include the world's leading and most forward thinking gold mining companies.
SOURCE World Gold Council
Web 2.0 Latest News
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week