3 4 5 Robin Martin RMG 10 Roy Sebag 14 Charlie Morris 18 ICBC 20 Y.V. 24 Alistair Hewitt 27 John Reade 30 2
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1 Y.V. ICBC
2 3 4 5 Robin Martin RMG 10 Roy Sebag 14 Charlie Morris 18 ICBC 20 Y.V. 24 Alistair Hewitt 27 John Reade 30 2
3 Aram Shishmanian Chief Executive Officer World Gold Council 1 Y.V EU 86% RMG 7 ICBC 18 Roy Sebag 10 Charlie Morris 14 John Reade 27 goldinvestor@gold.org E Aram Shishmanian 3
4 LMEprecious 4 LMEprecious 7 10 LMEprecious LME ICBC OSTC Marex Financial 4 Robin Martin 4 LMEprecious ETF ETF Amanie Advisors SPDR AAOIFI 3% GST GST 3% 10% Somasundaram PR GST 3% GST LBMA LBMA Global Precious Metals Code 4
5 Robin Martin Managing Director Market Infrastructure World Gold Council ETF 5
6 1 1 6
7 1000 CME RMG David Janczewski Director of New Business Ventures The Royal Mint 7
8
9 CME RMG RMG RMG CME RMG RMG 1 RMG 1g LBMA LBMA RMG 1 RMG g RMG 6 RMG CME RMG RMG RMG 9
10 Roy Sebag Chief Executive Officer Goldmoney Roy Sebag
11 g 0.5% Mastercard 11
12
13 10 12 BPL
14 Charles Morris Chief Investment Officer Newscape Group AtlasPulse.com Charlie Morris
15 19 15
16 Cavenham Capital Adam Cleary 2013 Bullion Bitcoin Cleary 16
17 Mastercard Mastercard Visa 20 17
18 ICBC SUN Yang Deputy Head of IT Division of Precious Metals Department 18
19 3 e ICBC ICBC ICBC ICBC ICBC 2014 ICBC Joybuy JD.com Inc. ICBC 1 QR ICBC e GAP Gold Accumulation Plan GAP GAP GAP WeChat GAP WeGold ICBC e
20 Y.V. Dr YV Reddy Former Governor of the Reserve Bank of India Bombay Bullion Association RBI Gold Control Order
21 1991 Joint Secretary S.S. Standing Committee on Gold and Precious Metals 21
22 % Bureau of Indian Standards Act
23 CAFRAL Centre for Advanced Financial Research and Learning India Gold Policy Center WGA IMF IMF IMF 23
24 Alistair Hewitt Director, Market Intelligence World Gold Council % % PMI V PMI Sales volume 1,400,000 1,200,000 1,000, , , , ,000 0 March 2000 March 2004 March 2008 March 2012 March Source: Society of Indian Automobiles 2 PMI Index July 2014 March 2015 November 2015 July March 2017 Source: Bloomberg 24
25 % Trillion rupees Oct Nov Dec Currency in circulation Jan 2017 Feb 2017 Mar 2017 Motorcycle sales (rhs) Source: Reserve Bank of India; Society of Indian Automobiles; World Gold Council Apr 2017 Units 1,200,000 1,100,000 1,000, , , , , , ,000 May % GST 1 National Council of Applied Economic Research GST % 6 3 GST 3% 5% GST 26 GST 25
26 GST GST 1 63% 73%
27 John Reade 8 UBS 2 Reade John Reade Chief Market Strategist and Head of Research World Gold Council Q A 2 4 India's Gold Market: Evolution and Innovation 27
28 Q Q A ETF Q A A ETF LBMA Gold Price Benchmark FRB 28
29 Q A FRB 100% 410 XAUUSD XAUEUR 1,300 1,250 1,200 1,250 1,100 1,050 1,000 January 2015 Source: Bloomberg July 2015 Blended gold price January Real 10 year July Real interest rates January FRB FRB 5 Index level January 2015 April 2015 July 2015 October 2015 January April Source: CitiGroup Global Markets; Bloomberg July October January 2017 April FRB 6 FRB 6 % Probability Oct Nov Source: Bloomberg Dec Jan 2017 Feb Mar Apr May Jun Q A 2013 ETF FRB 29
30 * 10-year average return % 20 Key: Bubble area = BarCap US Credit** 15 annual volatility 10% 10 per year S&P Gold (US$/oz) % per year 500 MSCI EAFE BarCap US HY -5 S&P BarCap1-3m T-bills -10 GSCI -15 S&P GS Crude Oil Year-to-date return % * Year-to-date and 10-year returns based on data ending 31 May **BarCap US Credit includes both government and high grade corporate bonds. Source: Bloomberg; World Gold Council * BarCap 1-3m T-bills BarCap US Credit** BarCap US HY S&P 500 MSCI EAFE Brent (US$/bbl) S&P GSCI Correlation to gold Year-to-date year * Year-to-date (YTD) and 10-year correlations based on weekly returns ending 31 May ** BarCap US Credit includes both sovereign and corporate bonds. Source: Bloomberg; World Gold Council * * Return % ** Gold (US$) Long US$ Gold Index Gold (CNY) Gold (INR) * Based on the LBMA Gold Price PM except for the Long US$ Gold Index that is based on the Solactive GLD Long US$ Gold Index. The Index combines a long position in physical gold with a long position in a basket of currencies that include EUR (57.6%), JPY (13.6%) GBP (11.9%), CAD (9.1%), SEK (4.2%) and CHF (3.6%). For more details see: ** Year-to-date as of 31 May Source: Bloomberg; ICE Benchmark Administration; Solactive AG; World Gold Council German Bunds Dow Jones (all stocks) UK Gilts Euro/yen S&P 500 (all stocks) Gold** US Agencies JGBs US$/sterling US Treasuries US$/yen US$/euro ,000 1,200 US$bn/day Stocks Bonds Currencies * Based on estimated 1-year average trading volumes as of 31 March 2017, except for currencies that correspond to volumes due to data availability. ** Gold liquidity includes estimates on over-the-counter (OTC) transactions, and published statistics on futures exchanges, and gold-backed exchange-traded products. Source: BIS; Bloomberg; German Finance Agency; Japan Securities Dealers Association; LBMA; UK Debt Management Office (DMO); World Gold Council 3 1 * * Estimated tonnage as 31 March US-dollar values calculated using Q average LBMA Gold price of US$1,219/oz. Financial gold is defined as the sum of official sector holdings, bars and coins, and ETPs** (71,926 tonnes, US$2.82bn, 38%). **ETPs include gold-backed exchange traded funds (ETFs) and similar. Source: Bloomberg; GFMS, Thomson Reuters; ICE Benchmark Administration; Respective ETP Providers; World Gold Council Jewellery 88,693 tonnes US$3,485bn 47% Official sector 31,777 tonnes US$1,249bn 17% Bars and coins 37,531 tonnes US$1,483bn 20% ETFs and similar 2,143 tonnes US$88bn 1% Other fabrication and unaccounted 29,523 tonnes US$1,161bn 16% * S&P 500 US Treasuries Japan TOPIX Shanghai Composite China Gold** UK Gilts FTSE 100 French OATs Hang Seng German Bunds Canada Australia 0 5,000 10,000 15,000 25,000 25,000 US$bn Stocks Bonds * As of 31 March 2017 where available, otherwise most recent data published. ** Includes bars, coins, gold-backed exchange-traded products and official sector holdings. Source: BIS; Bloomberg; GFMS, Thomson Reuters; ICE Benchmark Administration; World Gold Council 30
31 2017 World Gold Council. LBMA ICE 2 iii believe expect may suggest Front cover: Dr Reddy Page 5: Zapp2Photo/Shutterstock.com Page 6: Nick Starichenko/Shutterstock.com Page 7: David Burrows/Shutterstock.com Page 8: The Royal Mint Page 10: View Apart /Shutterstock.com Page 11: Sergey Nivens/Shutterstock.com Page 13: Creativa Images/Shutterstock.com Page 14: whitemocca /Shutterstock.com Page 15: Top right, World Gold Council Page 15: Bottom, GaudiLab/Shutterstock.com Page 16: Jim Lambert/Shutterstock.com Page 17: Top right, Dirk Ercken/Shutterstock.com Page 17: Bottom, Vastram/Shutterstock.com Page 18: ICBC Page 19: ICBC Page20: Pete Burana/Shutterstock.com Page 21: tahirsphotography/shutterstock.com Page 22: World Gold Council Page 23: World Gold Council Page 24: Andrey Armyagov/Shutterstock.com Page 26: Wittayayut/Shutterstock.com Page 27: Olivier Le Moal/danm12/Shutterstock.com
32 World Gold Council 10 Old Bailey, London EC4M 7NG United Kingdom C
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BN41.indd
NEWS LETTER No.41 2015 September Management 1 Management 2 3 Financial Data 4 Portrait 5 Holdings News Group News New Products 6 Group News New Products 7 Group News 8 Group News 9 New Products Business
IMES DISCUSSION PAPER SERIES Discuss ssion Paper No. 98-J-2 INSTITUTE FOR MONETARY AND ECONOMIC STUDIES BANK OF JAPAN 100-8630 203 IMES Discuss ssion Paper Series 98-J-2 1998 1 VaRVWAP E-mail: ohsawa@boj.co.uk
1 NHK 2007 100 41.9 1 2 3 4 5 6 7 8 9 10 11 TV 12 90 60 13 14 TV / 15 / 16 17 18 19 20 21 22 23 24 25 26 27 A B B C D A 28 12 29 30 31 32 33 34 35 36 4,8 100 37 38 39 40 41 NHK 42 43 44 45 46 47 48 49
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NEWS LETTER No.46 2016 December Management 1 Management 2 3 Financial Data 4 Portrait 5 Holdings News Group News New Products 6 Group News 7 Group News 8 Group News 9 10 Business Angle 11 Information 12
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April 3, 1999 1999, 37 1999, 38 1999, 38 2004, 70 2004, 69 1998b, 37 1998b, 38-39 1998b, 43 1998b, 40 (1998b) (1999) (1999) (2006) 2006, 19 (2002) (2006) (2006) (2006) http://www.cae.org Released in Feb.
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