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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