Eugene Peskin (eugenegp) wrote,
Eugene Peskin

state of the gold

Вкратце - рекордный спрос, 32 млрд. долларов. Продажи инвестиционного золота (фонды физ. золота, монеты, слитки) достигли 382 тонн (в два раза больше, чем в прошлом году), в деньгах это было 10,7 млрд. долларов. инвестиционная розница - 232 тонны. Рекордные показатели в Европе, Франция впервые за 25 лет стала нетто-инвестором.
Золотая ювелирка дала 18 млрд за квартал: очень большой рост продаж в Индии и прочем Востоке; на Западе - спад.

Да, Сбербанк России сообщил, что за 10 месяцев 2008 г. продал 6 тонн золота, что в 3 раза больше, чем за 2007 г.

Для сравнения - считается, что в Форт-Ноксе хранится примерно 4600 тонн золота. То есть четыре таких квартала, и в частные руки дополнительно переходит объем, равный всему Форт-Ноксу.

"Dollar demand for gold reached an all time quarterly record of US$32bn in the third quarter of 2008 as investors around the world sought refuge from the global financial meltdown, and jewellery buyers returned to the market in droves on a lower gold price. This figure was 45% higher than the previous record in Q2 2008. Tonnage demand was also 18% higher than a year earlier.

Identifiable investment demand, which incorporates demand for gold through exchange traded funds (ETFs) and bars and coins, was the biggest contributor to overall demand during the quarter, up to US$10.7bn (382 tonnes), double year earlier levels, according to Gold Demand Trends, released today by World Gold Council (WGC).

The figures, compiled independently for WGC by GFMS Limited, show retail investment demand rose 121% to 232 tonnes in Q3, with strong bar and coin buying reported in Swiss, German and US markets. The quarter also witnessed widespread reports of gold shortages among bullion dealers across the globe, as investors searched for a haven. Overall, Q3 saw Europe reach an all time record 51 tonnes of bar and coin buying and France became a net investor in gold for the first time since the early 1980s.

Gold ETFs enjoyed a record quarterly inflow of 150 tonnes in Q3, boosted by extreme levels of economic and financial uncertainty. The peak in inflows occurred in late September, triggered by the collapse of Lehman Brothers and a fear of banking sector failures. Net inflows surged by an unprecedented 111 tonnes during 5 consecutive trading days, equivalent to US$7bn.

As the financial crisis deepened these increases in identifiable investment demand were offset by outflows in “inferred investment”. This was characterised by hedge funds liquidating investment positions in gold as they were forced to raise cash and by institutions liquidating commodity index investments, including gold, as fears of recession deepened. The trend largely reflects gold’s better performance relative to other assets and also explains why the gold price did not perform better during the quarter in the face of very strong demand.

Q3 saw a record US$18bn of consumer demand for gold jewellery with buyers returning to the market on lower price points, around and below US$800, demonstrating the underlying positive sentiment towards gold and its recognition as a store of value. The biggest contributor to the positive trend was India which witnessed a rise of 65% in US$ value or 40 tonnes relative to previous year levels, with the Middle East, Indonesia and China all enjoying rises of more than 40% in value or 10% in tonnage. There were however, strong declines in Western markets with the US down 9% in value and 29% in tonnes, and the UK down 5% in value and 26% in tonnes due to the overall decline in the retail market."

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