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Page modified: Friday, June 23, 2006 20:48:15

Offer vs. demand

The demand for physical gold is larger than the offer over mine production. The equilibrium is manufactured by reprocessing (scrap) and also to a large part of central bank sales. For the future a still larger imbalance is expected, because the central bank sales are limited. New precious metal finds reached their high point in the 80's-years, their exhaustion reached 2001 their zenith. The expenditures for explorations did not go since then back, so that with an increasing offer shortage after new mine gold is to be expected. A tendency is already recognizable.

Year 2001 2002 2003 2004 2005
Use
Offer 3900 3984 3879 3341 3860
Mine production 2623 2590 2593 2463 2494
Central bank sales 529 559 617 471 663
Reprocessing 706 835 939 834 841
Hedging -270 -427 -138
Disinvestment 42
Demand 3900 3984 3189 3504 3753
Decoration industry 3026 2678 2478 2618 2736
otherwise industry 475 483 380 410 418
Coins and ingots 248 252 310 391 425
Trade -18 -48 -29
ETF and the like 148 39 133 203
De-Hedging 151 423
Equilibrium 0 0 690 -163 107
Source:
www.gold.org
www.gfms.co.uk

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