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.
Gold
slid more than 1 percent to a one-week low on Thursday at $1,704.69
an ounce, under pressure from a fresh fall in equity markets, with
momentum picking up as the metal broke through support near $1,715.
Given
the massive money printing to be conducted by the Western Governments
Gold is set for a long term rally, $2500 in 2013 and $5000 is
possible by 2015. Europe, USA and Japan are all printing far to much
money and there will be consequences for the excessive nature of
their policies.
Gold/Silver |
52.7789 |
15-Nov-2012 22:22 |
Gold/Platinum |
1.0924 |
15-Nov-2012 22:22 |
Gold/Palladium |
2.6897 |
15-Nov-2012 22:22 |
In
value terms, gold demand was 14% 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:
Global
investment in ETFs over the quarter was up significantly by 56% on
the previous year.
The
Indian market is showing signs of recovery, up 9% to 223.1t from
204.8t in Q3 2011 following increases in both jewellery and
investment demand. In comparison with Q3 2011 jewellery demand was up
7% to 136.1t and investment demand rose by 12% to 87.0t. Investors
moved into the imitation coin market*, up 59%, whilst jewellery
increased due to re-stocking ahead of the Indian wedding and festival
season. Indians appear to have acclimatised to recent price trends
and have been buying into a rising market.
