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FSN: Global Gold Demand Down in Q2 but Central Bank Buying Hits Record
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
Latest figures from the World Gold Council show that global gold demand fell back in Q2 2012 compared with a year ago, but Central Bank buying rose to a new record level.
by Lawrence Williams
Mine Web
LONDON (Mineweb) – In its latest Gold Demand Trends report, the World Gold Council estimates, on figures provided by Thomson Reuters GFMS, that global gold demand in Q2 2012 was 990.0 tonnes, down 7% from the 1,065.8 tonnes in Q2 2011. The organisation does point out though that demand in Q2 2011 was exceptionally high.
However perhaps one of the most interesting findings of this latest analysis is that gold buying by the world’s Central Banks hit a new record of 157.5 tonnes , more than double the level of Q2 2011 and accounting for 16% of overall global demand. This, by our reckoning is also around 22.5% of total gold supply over the period extrapolating from the WGC’s own annual figures for 2011. Central banks that significantly bolstered their holdings during the quarter included the National Bank of Kazakhstan, and the central banks of the Philippines, Russia and Ukraine.
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2012-08-16 08:26:24
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