The Phaserl


Gold’s Fundamental Supply Picture

by Rick Mills, GoldSeek:

Demand: Global gold demand was 964t in Q2 2014, significantly reduced from the record high in Q2 2013. ETF outflows slowed sharply.

Central Banks continued to buy gold for the 14th consecutive quarter in Q2 2014. CB’s purchased 118t in Q2 2014 up 28% over Q2 2013. The announcement of a fourth CBGA in the second quarter also reiterated that sales will not be forthcoming from some of the largest holders.

Jewellery demand weakened year-on-year, but the broad, 5-year uptrend remains intact. Jewellery accounted for 53% of gold’s global demand and is by far and away the anchor of gold’s market.

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