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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.

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Presentation on theme: "GFMS GOLD SURVEY 2014 – UPDATE 2 SUMMARY Erica Rannestad Senior Precious Metals Analyst, Americas SME-NY Thursday, January 29, 2015 cover sponsors."— Presentation transcript:

1 GFMS GOLD SURVEY 2014 – UPDATE 2 SUMMARY Erica Rannestad Senior Precious Metals Analyst, Americas SME-NY Thursday, January 29, 2015 cover sponsors

2 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

3 © Thomson Reuters All content provided in this publication is owned by Thomson Reuters and/or its affiliates (the “Thomson Reuters Content”) and protected by United States and international copyright laws. Thomson Reuters retains all proprietary rights to the Thomson Reuters Content. The Thomson Reuters Content may not be reproduced, copied, manipulated, transmitted, distributed or otherwise exploited for any commercial purpose without the express written consent of Thomson Reuters. All rights are expressly reserved. TRADEMARKS “Thomson Reuters” and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies. The third party trademarks, service marks, trade names and logos featured in this publication are owned by the relevant third parties or their affiliates. No use of such mark, names or logos is permitted without the express written consent of the owner. DISCLAIMER OF WARRANTIES AND NO RELIANCE This publication is provided by Thomson Reuters on an “as is” and “as available” basis. Thomson Reuters makes no representations or warranties of any kind, express or implied, as to the accuracy or completeness of the Thomson Reuters Content. Thomson Reuters is an aggregator and provider of information for general information purposes only and does not provide financial or other professional advice. Thomson Reuters is not responsible for any loss or damage resulting from any decisions made in reliance on the Thomson Reuters Content, including decisions relating to the sale and purchase of instruments, or risk management decisions. DISCLAIMER

4 SNB SURPRISES THE MARKET – UNLEASHING PENT UP SAFE HAVEN DEMAND AND PROVIDING THE GOLD MARKET SOME PRICE DIRECTION

5  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

6 GOLD MARKET BALANCE Source: GFMS, Thomson Reuters Tonnes USD/oz *Net Balance represents annual change to unknown above-ground stocks.

7 TOTAL IDENTIFIABLE INVESTMENT Source: GFMS, Thomson Reuters Tonnes

8 INDIAN DEMAND* NUDGES BACK PAST CHINA *Demand consists of jewellery and industrial fabrication and retail coin & bar investment Tonnes

9 INDIAN IMPORTS REVERT TO 2012 LEVELS Tonnes Source: GFMS, Thomson Reuters USD/oz

10 CENTRAL BANK GOLD PURCHASES & SALES Source: GFMS, Thomson Reuters Tonnes

11 MINE PRODUCTION Source: GFMS, Thomson Reuters Tonnes

12 WORLD TOTAL CASH COST CURVES DECLINE 4% IN FIRST 9 MONTHS OF 2014 Source: GFMS, Thomson Reuters

13 Constant 2014 US$/oz WORLD SCRAP SUPPLY

14 GOLD PRICES EXPECTED TO REACH THE NADIR OF ITS ANNUAL DECLINES IN 2015  2015 Average: $1,170  H Average: $1,180

15 Any Questions? THANK YOU


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