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GFMS GOLD SURVEY 2014 – UPDATE 2 SUMMARY Erica Rannestad Senior Precious Metals Analyst, Americas SME-NY Thursday, January 29, 2015 cover sponsors
TANAKA PRECIOUS METALS The GFMS team at Thomson Reuters gratefully acknowledges the generous support from the following companies for this year’s GFMS Gold Survey and its two Updates Italpreziosi SPA
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SNB SURPRISES THE MARKET – UNLEASHING PENT UP SAFE HAVEN DEMAND AND PROVIDING THE GOLD MARKET SOME PRICE DIRECTION
Blah Blah EChange y-o-y H2.14Change y-o-y H1.15*Change y-o-y Total Supply 4,2724,2730.0%2, %2, % Physical Demand 4,9684, %2, %1, % Physical Surplus/Deficit ETF Inventory Build Exchange Inventory Build Net Balance Source: GFMS, Thomson Reuters WORLD GOLD SUPPLY AND DEMAND
GOLD MARKET BALANCE Source: GFMS, Thomson Reuters Tonnes USD/oz *Net Balance represents annual change to unknown above-ground stocks.
TOTAL IDENTIFIABLE INVESTMENT Source: GFMS, Thomson Reuters Tonnes
INDIAN DEMAND* NUDGES BACK PAST CHINA *Demand consists of jewellery and industrial fabrication and retail coin & bar investment Tonnes
INDIAN IMPORTS REVERT TO 2012 LEVELS Tonnes Source: GFMS, Thomson Reuters USD/oz
CENTRAL BANK GOLD PURCHASES & SALES Source: GFMS, Thomson Reuters Tonnes
MINE PRODUCTION Source: GFMS, Thomson Reuters Tonnes
WORLD TOTAL CASH COST CURVES DECLINE 4% IN FIRST 9 MONTHS OF 2014 Source: GFMS, Thomson Reuters
Constant 2014 US$/oz WORLD SCRAP SUPPLY
GOLD PRICES EXPECTED TO REACH THE NADIR OF ITS ANNUAL DECLINES IN 2015 2015 Average: $1,170 H Average: $1,180
Any Questions? THANK YOU
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