ゴールド・デマンド・トレンド 2013年年間

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1 , ,7 ETF / 5, 4, 3, 2, 1, US$/oz 1,8 1,6 1,4 1,2 1, 8 Louise Street louise.street@gold.org Krishan Gopaul Krishan.gopaul@gold.org Alistair Hewitt alistair.hewitt@gold.org Marcus Grubb marcus.grubb@gold.org -1, , Jewellery Technology Total bar and coin demand Central bank net purchases ETFs and similar products London PM fix (US$/oz, rhs) Source: LBMA, Thomson Reuters GFMS, World Gold Council Gold Demand Trends Full year 213

2 213 21% ETF 15% * 5-year average US$mn 213 vs 212 % change * 5-year average 213 vs 212 % change Jewellery 1, ,29.5 1, ,745 1,248 87,617-1 Technology ,864 18,365 18, Investment 1, , ,144 35,85 62, Total bar and coin demand 1,289. 1, , ,169 75,49 58,686 9 ETFs and similar products ,975-39,964 3,776 - Central bank net purchases ,193 16,724 14, Gold demand 4, , , ,946 17, , *Provisional. Source: LBMA, Thomson Reuters GFMS, World Gold Council % 2% % Scan with your mobile device to access our research app for investors 213

3 1 % change Jan 213 Mar 213 May 213 Jul 213 Sep 213 Nov 213 US dollar Euro Japanese yen Indian rupee Chinese renmimbi Turkish lira % Source: LBMA, Thomson Reuters Datastream, World Gold Council % 3, ETF 4 4 ETF ETF _3

4 vs 212 % change Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q4 13 vs Q4 12 % change US$/oz 1,669. 1, , , , , , /oz 1, , , , ,83.2 1, /oz 1, ,72.6 1, CHF/kg 5, , , , , , , /g 4, , , , , , , Rs/1g 28, , , , , , , RMB/g TL/g Source: LBMA, Thomson Reuters Datastream, World Gold Council

5 % GFMS US$oz 2 US$oz 2, 15 1,7 1 1,4 5 1,1 8-5 Jan 212 Apr 212 Jul 212 Oct 212 Jan 213 Apr 213 Jul 213 Oct Chinese premium (US$/oz) Indian premium (US$/oz) London AM fix (US$/oz, rhs) Source: LBMA, Thomson Reuters, Bloomberg, World Gold Council 1 GTIS 4_5

6 India China More 36% Same 39% Less 19% Don t know 5% More 44% Same 35% Less 15% Don t know 5% 1 Note: Survey of 2,2 Indian and Chinese consumers and their attitude towards gold conducted by the World Gold Council during January 214. Totals may not sum to 1% due to rounding. Source: World Gold Council 213

7 BAO 213 BAO % ,4 1,2 1, Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Rest of world India China % 52% 6_7

8 % % % 1 6,2 1, GDP 1.8% % 5 GDP 3, % 5 GDP % share of GDP.16 2% increase GDP Source: Thomson Reuters GFMS, IMF WEO 213

9 / , US$bn 12 2,5 1 2, 8 1,5 6 1, Value (US$bn, rhs) Source: LBMA, Thomson Reuters GFMS, World Gold Council 8_9

10 % 8% % ETF , % 4 ETF 18.3 OTC 2 1, % 213 OTC % 2 213

11 OTC Investment and stock flows ETF China Thailand Turkey India Vietnam USA Japan Egypt Germany Indonesia South Korea UAE Taiwan Other Gulf Saudi Arabia Hong Kong France Other Europe Switzerland 1_11

12 / % 14% 29% 1/1 1/ %

13 % CBGA 3.5 CBGA 213 CBGA Net sales Net purchases _13

14 % 799 3,56 LCD OID SIA

15 % 4 2% % 45 US$/oz May June July August September October November December % who sold in last 12 months Premium (US$/oz, monthly average, rhs) Note: Survey of 1,1 Indian consumers and their attitude towards gold conducted by the World Gold Council. Source: Thomson Reuters, World Gold Council 14_15

16 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Q4 13 vs Q4 12 % chg 4-quarter % chg 2 Jewellery 1, , Technology Electronics Other industrial Dentistry Investment 1, Total bar and coin demand 1,289. 1, Physical bar demand , Official coin Medals/imitation coin ETFs and similar products Central bank net purchases Gold demand 4, , , ,18.7 1,23.8 1, London PM fix (US$/oz) 1,669. 1, ,69.6 1,69.5 1,652. 1, , , , , Provisional. 2 Percentage change, 12 months ended December 213 vs 12 months ended December For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. Source: LBMA, Thomson Reuters GFMS, World Gold Council Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Q4 13 vs Q4 12 % chg 4-quarter % chg 2 Jewellery 11,745 1,248 26,657 21,767 24,521 28,972 29,18 27,419 21,236 22, Technology 21,864 18,365 5,759 5,339 5,435 5,316 5,379 4,694 4,385 3, Electronics 15,265 12,813 4,12 3,692 3,842 3,79 3,781 3,27 3,69 2, Other industrial 4,53 3,858 1,24 1,135 1,95 1,92 1,138 1, Dentistry 2,69 1, Investment 84,144 35,85 22,71 15,3 22,962 24,28 13,877 8,321 7,636 6, Total bar and coin demand 69,169 75,49 19,179 15,31 15,646 19,149 23,139 26,618 12,827 13, Physical bar demand 51,655 57,483 14,742 11,251 11,455 14,3 17,323 2,462 1,27 1, Official coin 11,428 12,857 2,995 2,869 2,611 2,948 4,22 4,411 1,94 2, Medals/imitation coin 6,86 4,79 1,442 1,18 1,579 1,91 1,614 1, ETFs and similar products 3 14,975-39,964 2, ,317 4,879-9,261-18,297-5,192-7, Central bank net purchases 29,193 16,724 6,44 8,462 5,967 8,323 6,771 3,747 4,11 2, Gold demand 236,946 17,422 6,892 5,867 58,885 66,639 55,134 44,181 37,358 35, Provisional. 2 Percentage change, 12 months ended December 213 vs 12 months ended December For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. Source: LBMA, Thomson Reuters GFMS, World Gold Council 213

17 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Q4 13 vs Q4 12 % chg 4-quarter % chg 2 Investment 1, Total bar and coin demand 1,289. 1, Physical bar demand , Official coin Medals/imitation coin ETFs and similar products OTC investment and stock flows Total investment 1,513. 1, Total investment US$mn 81,184 62,98 17,198 19,985 24,32 19,51 14,37 8,847 18,873 19, Provisional. 2 Percentage change, 12 months ended December 213 vs 12 months ended December For a listing of the Exchange Traded Funds and similar products, please see the Notes and definitions. 4 For an explanation of OTC investment and stock flows, please see the Notes and definitions. Source: LBMA, Thomson Reuters GFMS, World Gold Council Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Q4 13 vs Q4 12 % chg 4-quarter % chg 2 Supply Mine production 2, , Net producer hedging Total mine supply 2, , Recycled gold 1,59.8 1, Total supply 4, , ,48.5 1,88.5 1, ,99. 1,35.2 1,19. 1,162. 1, Demand Fabrication Jewellery 3 1,95.7 2, Technology Sub-total above fabrication 2, , Total bar and coin demand 1,289. 1, ETFs and similar Central bank net purchases Gold demand 4,47.4 3, , , ,18.6 1,32.2 1, OTC investment and stock flows Total demand 4, , ,48.5 1,88.5 1, ,99. 1,35.2 1,19. 1,162. 1, London PM fix (US$/oz) 1,669. 1, ,69.6 1,69.5 1,652. 1, , , , , Provisional. 2 Percentage change, 12 months ended December 213 vs 12 months ended December Jewellery fabrication. The quarterly data differ from those for jewellery consumption shown in Table 3. Fabrication is the first transformation of gold bullion into a semi-finished or finished product. Jewellery consumption is equal to fabrication plus/minus jewellery imports/exports plus/minus stocking/ de-stocking by distributors and manufacturers. On an annual basis, the consumption and fabrication data series will reconcile. 4 Excluding any delta hedging of central bank options. 5 For an explanation of OTC investment and stock flows, please see the Notes and definitions. Source: LBMA, Thomson Reuters GFMS, World Gold Council. Data in the table are consistent with those published by Thomson Reuters GFMS in their Gold Survey but adapted to the World Gold Council s presentation. 16_17

18 7 Figures in tonnes Q4 12 Q1 13 Q2 13 Q3 13 Q Supply Net imports, available for domestic consumption Domestic supply from recycled gold Domestic supply from other sources Equals total supply Provisional. 2 Domestic supply from local mine production, recovery from imported copper concentrates and disinvestment. 3 This supply can be consumed across the three sectors jewellery, investment and technology. Consequently, the total supply figure in the table will not add to jewellery plus investment demand for India % of reserves 1 United States 8, % 2 Germany 3, % 3 IMF 2, Italy 2, % 5 France 2, % 6 China 1,54.1 1% 7 Switzerland 1,4.1 8% 8 Russia 1,35.2 8% 9 Japan % 1 Netherlands % 11 India % 12 Turkey % 13 ECB % 14 Taiwan % 15 Portugal % 16 Venezuela % 17 Saudi Arabia % 18 United Kingdom % 19 Lebanon % 2 Spain % % of reserves 21 Austria % 22 Belgium % 23 Philippines % 24 Algeria % 25 Thailand % 26 Kazakhstan % 27 Singapore % 28 Sweden % 29 South Africa % 3 Mexico % 31 Libya % 32 BIS Greece % 34 Korea % 35 Romania % 36 Poland % 37 Australia % 38 Kuwait 79. 9% 39 Indonesia % 4 Egypt % For information on the methodology behind this data, as well as footnotes for specific countries, please see our table of Latest World Official Gold Reserves, at Source: IMF IFS, World Gold Council 213

19 Jewellery Q4 12 Q4 13* Q4 13* vs Q4 12, % change Total bar and coin invest Total Jewellery Total bar and coin invest Total Jewellery Total bar and coin invest India Greater China China Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Middle East Saudi Arabia Egypt UAE Other Gulf Turkey Russia USA Europe ex CIS Italy UK France Germany Switzerland Other Europe Total above Other World total *Provisional. Total 18_19

20 Jewellery Q4 12 Q4 13* Q4 13* vs Q4 12, % change Total bar and coin invest Total Jewellery Total bar and coin invest Total Jewellery Total bar and coin invest India 8,47 6,28 14,498 6,183 2,79 8, Greater China 8,6 4,76 12,136 6,585 2,78 9, China 7,584 3,94 11,524 6,183 2,671 8, Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam , Middle East 1, ,399 1, , Saudi Arabia Egypt UAE Other Gulf Turkey ,8 1, Russia 1,12-1, USA 2, ,13 1, , Europe ex CIS 1,236 3,71 4, ,496 3, Italy UK France Germany - 1,445 1,445-1,124 1, Switzerland - 1,57 1, Other Europe - 1,149 1, Total above 24,14 17,434 41,575 18,962 12,18 31, Other 4,832 1,715 6,547 3,762 1,39 5, World total 28,972 19,149 48,121 22,724 13,417 36, *Provisional. Source: LBMA, Thomson Reuters GFMS, World Gold Council Total 213

21 11 4 Jewellery 12 months ended Q months ended Q4 13* Year on Year % change Total bar and coin invest Total Jewellery Total bar and coin invest Total Jewellery Total bar and coin invest India Greater China , China , Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Middle East Saudi Arabia Egypt UAE Other Gulf Turkey Russia USA Europe ex CIS Italy UK France Germany Switzerland Other Europe Total above 1, , , , , , Other World total 1, ,289. 3, ,29.5 1, , *Provisional. Total 2_21

22 12 4 Jewellery 12 months ended Q months ended Q4 13* Year on Year % change Total bar and coin invest Total Jewellery Total bar and coin invest Total Jewellery Total bar and coin invest India 29,663 16,828 46,491 27,985 16,717 44, Greater China 29,694 15,933 45,627 32,57 19,98 51, China 27,919 15,53 43,422 3,566 18,567 49, Hong Kong 1, ,514 1, , Taiwan Japan Indonesia 1,657 1,189 2,847 1,736 1,373 3, South Korea Thailand 162 4,197 4, ,331 6, Vietnam 61 3,51 4, ,66 4, Middle East 8,222 1,792 1,14 8,189 2,368 1, Saudi Arabia 2, ,394 2, , Egypt 2, ,242 1, , UAE 2, ,327 2, , Other Gulf , , Turkey 3,276 2,556 5,832 3,35 4,714 8, Russia 3,74-3,74 3,39-3, USA 5,844 2,872 8,716 5,43 3,119 8, Europe ex CIS 2,362 14,791 17,153 1,898 11,956 13, Italy 1,25-1, UK 1,157-1,157 1,12-1, France Germany - 5,867 5,867-5,435 5, Switzerland - 4,328 4,328-2,952 2, Other Europe - 4,438 4,438-3,486 3, Total above 86,663 63, ,924 86,349 69, , Other 15,255 6,14 21,268 14,137 6,226 2, World total 11,918 69, ,192 1,486 76,2 176, *Provisional. Source: LBMA, Thomson Reuters GFMS, World Gold Council Total 213

23 13 1 Jewellery Total bar and coin invest ETFs and similar Central banks Total Jewellery Total bar and coin invest US$bn ETFs and similar Technology Technology Central banks 24 2, , , , , , , , , , , , ,2 1, , ,975 1, , ,896 1, , ,29 1, , Q4' Q1' Q2' Q3' , Q4' , Q1' Q2' Q3' Q4' Q1' Q2' , Q3' , Q4' , Q1' , Q2' , Q3' , Q4' , Q1' , Q2' Q3' , Q4' , Q1' , Q2' Q Q See footnotes to Table 3 for definitions and notes. 2 Provisional. Source: LBMA, Thomson Reuters GFMS, World Gold Council Total 22_23

24 1 / 11 1, US$/oz 1,8 1,6 1,4 1,2 1, ,4 1,2 1, US$bn Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 (Q4 darker colour) London PM fix (US$/oz) (Q4 darker colour) Value (US$bn, rhs) Source: LBMA, Thomson Reuters GFMS, World Gold Council Source: LBMA, Thomson Reuters GFMS, World Gold Council 12 / 13 1, US$/oz 2, 1,8 1,6 1,4 1,2 1, US$bn Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Jewellery Technology Investment Central bank net purchases London PM fix US$/oz (Q4 darker colour) Value (US$bn, rhs) Source: LBMA, Thomson Reuters GFMS, World Gold Council Source: LBMA, Thomson Reuters GFMS, World Gold Council 213

25 14 ETF / 3, US$/oz 1, % change 4 2,5 2, 1,6 1, ,5 1, 5 6 Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 ETFs (ex GLD) GLD London PM fix (US$/oz, rhs) Source: LBMA, Thomson Reuters GFMS, World Gold Council ,2 1, India China Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Saudi Arabia Egypt UAE Other Gulf Turkey Russia USA Italy UK 18 % change India China Hong Kong Taiwan Japan Q3 13 Q4 13 Indonesia South Korea Thailand Vietnam Saudi Arabia Egypt UAE Other Gulf Turkey Russia USA Italy UK India China Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Saudi Arabia Egypt UAE Other Gulf Turkey Russia USA Italy UK 24_25

26 18 4 % change India China Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Saudi Arabia Egypt UAE Other Gulf Turkey Russia USA Italy UK Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Investment OTC Investment and stock flows Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Physical bar demand Official coin Medals/imitation coin India China Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Middle East Saudi Arabia Egypt UAE Other Gulf Turkey Q3 13 Q4 13 USA Europe ex CIS France Germany Switzerland 213

27 Q4 12 Q4 13 India China Hong Kong Taiwan Japan Indonesia South Korea Thailand Vietnam Middle East Saudi Arabia Egypt UAE Other Gulf Turkey USA Europe ex CIS France Germany Switzerland Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Switzerland France Germany Other Europe % change US$/oz Rs/1g /g TL/g RMB/g /oz /oz CHF/kg -4 Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 YoY QoQ Net sales Net purchases Source: LBMA, Thomson Reuters Datastream, World Gold Council 26_27

28 Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Electronics Other industrial Dentistry 27 1,4 1,2 1, Q4 1 Q2 11 Q4 11 Q2 12 Q4 12 Q2 13 Q4 13 Mine production Net producer hedging Recycled gold 213

29 Consumer demand Dental ETF ETFs and similar products ETF Gold Bullion Securities London Gold Bullion Securities Australia SPDR Gold Shares streettracks Gold Shares NewGold Gold Debentures ishares Comex Gold Trust ZKB Gold ETF GOLDIST ETF Securities Physical Gold ETF Securities Tokyo ETF Securities NYSE XETRA-GOLD Julius Baer Physical Gold Central Fund of Canada and Central Gold Trust Swiss Gold ishares Gold Bullion Fund Claymore Gold Bullion ETF Sprott Physical Gold Trust ETF Securities Glitter Mitsubishi Physical Gold ETF ishares Gold CH Fabrication Jewellery London PM fix Mine production Net producer hedging Central bank net purchases OTC Investment and stock flows Physical bar demand Recycled gold Technology Tonne 1, 32,151 Total bar and coin demand (EU) 99% Total investment ETF GFMS 28_29

30 214 World Gold Council. GFMS GFMS 214 All rights reserved GFMS GFMS GFMS believes expects may, suggests GFMS 213

31 ISO141 環境規格の認証を受けた印刷です I842142

32 World Gold Council 1 Old Bailey, London EC4M 7NG United Kingdom E marketintelligence@gold.org T F W : : 214 3

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