The World Gold Council is a leading authority on gold and its uses. Our research provides comprehensive analysis of the industry, giving decision makers and stakeholders the information they need to understand the dynamic drivers of the gold market.

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Gold Demand Trends Q1 2017

Published 4th May 2017

Global gold demand in Q1 2017 was 1,034.5t. The 18% y-o-y decline suffers from the comparison with Q1 2016, which was the strongest ever first quarter. Inflows into ETFs of 109.1t, although solid, were nonetheless a fraction of last year’s near-record inflows. Slower central bank demand also contributed to the weakness. Bar and coin investment, however, was healthy at 289.8t (+9% y-o-y), while demand firmed slightly in both the jewellery and technology sectors. 

Categories: Gold mining and sustainable development, Supply and demand, Jewellery, Investment, Technology, Reserve asset management

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Published 20th April 2017

Monetary authorities hold gold in the performance of their official functions, typically as part of the country’s official reserves. This functional purpose differs from the objectives of other entities who hold gold. Monetary authorities also commonly hold gold in much larger quantities than other entities. General purpose financial reporting frameworks lack appropriate guidance on accounting for gold, in particular for the gold classified as monetary gold, held by monetary authorities.

Published 8th March 2017

A barrage of policy initiatives aimed at purging India of black money and instilling greater transparency rocked India’s economy last year, including its gold market. The most dramatic was the radical decision to demonetise over 15 trillion rupees, around US$220bn. Other policies – such as the re-introduction of excise duty – affected the gold market, too. And the forthcoming Goods & Service Tax (GST) will change the shape of the industry. India’s gold market faces some short-term headwinds. But looking ahead, these policies may deliver a stronger economy and a more transparent gold industry, underpinning gold demand, which we expect to be between 650-750t in 2017.

Categories: Investment

Published 7th March 2017

2016年通期の金需要は2%増の4,309トンとなり、2013年以来最高の水準に達しました。これは主に今後の金融政策、地政学的不確定要素、およびマイナス金利に対する懸念のため、投資家からのETF(Exchange Traded Funds)への資金流入が、史上第2位となる532トンに拡大したことによるものでした。

Published 17th February 2017

黄金投资需求激增至四年以来最高点,带动了金价上涨和全年需求增长

Published 16th February 2017

欢迎阅读《黄金投资者》冬季版。我们在本期探讨了2016年的地缘政治动荡对市场的影响,以及黄金今年的前景。

Published 16th February 2017

Welcome to the winter edition of Gold Investor, where leading market participants assess the relevance of gold against a backdrop of persistent geopolitical turmoil.

Published 3rd February 2017

2016 full-year gold demand gained 2% to reach a 3-year high of 4,308.7t. Annual inflows into ETFs reached 531.9t, the second highest on record. Declines in jewellery and central bank purchases offset this growth. Annual bar and coin demand was broadly stable at 1,029.2t, helped by a Q4 surge.

Published 24th January 2017

In 2015 India was the world’s fast growing economy; in recent years millions have been lifted out of poverty and India’s middle class has swelled. This is important because our econometric analysis indicates income growth drives gold demand. But India’s relationship with gold goes beyond income growth: gold is intertwined with India’s way of life. And as we look ahead, India’s gold market will evolve.

Categories: Investment

Published 19th January 2017

2016年,由于宏观经济驱动因素和被抑制的需求使对黄金的兴趣保持高位,世界各地的投资者大批回归黄金市场。新年伊始,有人担心美元的强势可能会抑制黄金的吸引力。我们相信事实正好相反,不仅黄金作为战略投资组合的一部分将保持高度相关性,而且六个主要趋势将支撑2017年的黄金需求。

Categories: Investment

Published 13th January 2017

In 2016, investors around the world returned in large numbers to the gold market, as a combination of macroeconomic drivers and pent up demand kept interest in gold high. As we start the new year, there are some concerns that US dollar strength may limit gold’s appeal. We believe that, on the contrary, not only will gold remain highly relevant as a strategic portfolio component, but also six major trends will support demand for gold throughout 2017.

Categories: Investment

Published 19th December 2016

2016年第3四半期の金需要は前年同期比10%減の993トンとなりました。ETPへの純流入が投資需要の急増をもたらしましたが、これは他の分野、特に宝飾品と中央銀行からの需要低下を相殺するには至りませんでした。

Categories: Supply and demand

Published 14th December 2016

全球金条和金币市场在过去10年中蓬勃发展。促成这一增长的因素众多,但也许其中最重要的是,持续不断的金融危机测试了投资者对政府、银行、货币政策和世界各国法币的信心。

Categories: Investment

Published 14th December 2016

The global gold bar and coin market has boomed in the past 10 years. Several factors have underpinned this growth, perhaps the most important being that successive financial crises have tested investors’ faith in governments, banks, monetary policies and fiat currencies around the world.

Categories: Investment

Published 1st December 2016

China has gone through remarkable change in the past 30 years. Within one generation, the shape of our economy has altered beyond all recognition: agriculture’s share of output has fallen and the service sector has become an important driver of growth; millions of people have migrated from the countryside to big cities; and we have become richer, with income per capita increasing by almost 700% between 1995 and 2015.

Categories: Jewellery

Published 1st December 2016

过去30年以来,中国经历了巨大的变化。经过一代人的努力,中国的经济形态发生了天翻地覆的改变并取得骄人的成就:农业产出的份额下降,服务业成为经济增长的重要推动力;数百万人从农村移居到大城市;人们变得更加富有—1995-2015年间人均收入增长了近700%。

Categories: Jewellery

Published 25th November 2016

「ゴールド インベスター」秋号をご覧くださり、ありがとうございます。 2016年が終わりに近づきましたが、マクロ経済および政治におけるリスクは、かつて例を見ないほど高まっています。

Categories: Investment

Published 22nd November 2016

Unprecedented monetary policies (including quantitative easing and negative nominal interest rates) have had the unintended consequence of dramatically reducing the pool of investable assets available to reserve managers. As central banks search for new investments, our analysis shows that gold compares extremely favourably to other traditional reserve assets with respect to safety, liquidity and return.

Published 9th November 2016

Donald Trump is poised to become the 45th President of the United States. Gold breaches US$1,300/oz.

Categories: Investment

Published 25th October 2016

Mohamed El-Erian是全球保险公司安联(Allianz)的首席经济学家,也是太平洋投资管理公司(Pimco)的前首席执行官。她评估了全球投资界面临的挑战和黄金在投资组合中可以发挥的作用。 我们还探讨了黄金的新伊斯兰教标准以及黄金市场中符合伊斯兰教法的投资选择如何能为伊斯兰金融机构及其客户提供投资多元化的重大机会。

Published 25th October 2016

In the autumn edition of Gold Investor, Mohamed El-Erian, chief economist at global insurer Allianz and former CEO of PIMCO assesses the challenges faced by the global investment community and the contribution that gold can make within investment portfolios. We also look at the new Shari’ah Standard on gold and how Shari’ah-compliant investment options in the gold market can provide Islamic Financial Institutions and their customers with a great opportunity to diversify their investments.

Published 14th October 2016

黄金价格自2016年6月首次跌破1,300美元/盎司。我们认为这可能带来实体需求买盘。

Categories: Investment

Published 13th October 2016

Gold coins are intrinsic to gold demand, not just in India, but across the world. In most countries that have an affinity with gold however, that relationship is symbolised by a sovereign gold coin.

Categories: Investment

Published 5th October 2016

Following a remarkable performance year-todate, the gold price fell by over 3% on 4 October, taking it below US$1,300/oz for the first time since the Brexit announcement in June 2016.

Published 31st August 2016

तिमाही 2 2016 में जारी विकास (+15%) के परिणामस्वरूप H1 में सुवर्ण की कुल माँग 2,335t रही – जो कि ज्ञात प्रथम छमाही में दूसरे सर्वोच्च क्रम पर है। तेज़ी से बढ़ती हुई कीमतों के वातावरण में पहले छः महीनों में बड़ा ETF अंतर्वाह (+579t) आभूषणों की फीकी माँग से प्रतिसंतुलित हो गया था। वास्तव में, सोने की कीमतों ने 35 वर्षों से अधिक समय के लिए सब से मज़बूत H1 कार्य निदर्शन (+25%) दर्ज किया।

Published 11th August 2016

2016年第2四半期の金需要は前期からの流れを引き継ぎ、ETF(上場投資信託)に多額の資金が流入した一方で、価格上昇を背景に宝飾品需要が低迷しました。総需要約1,050トンのうち、投資需要が2四半期連続で最大のカテゴリーとなりました。金価格も米ドル建てで25%上昇し、上半期の上昇幅として1980年後で最高を記録しました。

Published 2nd August 2016

金牌所用的黄金使用充分,未参杂或者使用任何汞,银牌和铜牌中30%的材料可实现回收再利用。

Published 24th June 2016

The gold price surged as the UK surprised the world by voting to Leave the EU. We expect gold inflows to accelerate as geopolitical and market uncertainty rises.

Categories: Investment

Published 24th June 2016

随着令世人瞩目的英国公投退出欧盟,黄金价格飙升。地缘政治和市场不确定性因素加剧,我们预计黄金市场的资金流入将加快。

Categories: Investment

Published 15th June 2016

2016年第1四半期の金需要は前年同期から21%拡大し、1,290トンとなり、四半期の需要としては過去2番目の水準となりました。この増加は不安定な経済と金融市場の不透明さへの投資家の懸念に伴い、ETF(上場投資信託)への大きな流入が生じたことによるものです。同時期に宝飾品需要は19%低下しましたが、これは価格高騰とインドでの業界ストライキ、ならびに中国経済の減速のため消費者の多くが購入を遅らせたことが原因でした。

Published 8th June 2016

This paper reviews the different approaches to gold accounting demonstrated by central banks and discusses the elements of a common approach for central banks. Research for this paper included a review of the financial statements of 98 central banks and two international financial institutions that hold gold; BIS and IMF.

Published 7th June 2016

Gold Investor is designed to assess the impact of topical issues on gold, with insights and analysis from some of the world’s most influential central bankers and market commentators. In this edition Mervyn King, Governor of the Bank of England from 2003 to 2013, suggests gold has a clear role to play in a world dominated by ‘radical uncertainty.’ John Nugée, independent Consultant and former Chief Manager of the Reserves of the Bank of England, discusses gold and the Brexit referendum. Shayne McGuire from the Teacher Retirement System of Texas reveals why it is invested in gold and James Steel, Chief Commodities Analyst at HSBC, offers his prognosis of the gold price.

Published 16th May 2016

Download our gold investment infographic; explaining key gold product groups. This graphic focusses on Bars & Coins, Gold-backed Exchange Traded Funds and Jewellery.

Published 28th April 2016

マイナス金利で金の運用益が倍増 金融政策は、未だかつて例のない新たな局面に差し掛 かっています。

Categories: Investment

Published 14th April 2016

2016 年第一季度黄金表现强势,以美元计价的黄金价格 飙升 17%,堪称近 30 年来的最佳表现。黄金回报明显优于其他各大股票、债券和大宗商品指数。

Categories: Investment

Published 7th April 2016

The gold price staged a spectacular rally in the first quarter of this year, rising by 17% in US dollar terms. This was its best performance in almost three decades, significantly outperforming other major stock, bond and commodity indices.

Categories: Investment

Published 31st March 2016

Investors should consider doubling their gold allocations amid negative interest rates We have entered a new and unprecedented phase in monetary policy. Central banks in Europe and Japan have now implemented Negative Interest Rate Policies (NIRP) to counteract deflationary pressures and, in some cases, currency appreciation. Amid higher market uncertainty, the price of gold is up by 16% year-to-date – in part due to NIRP.

Published 22nd March 2016

2015年第4四半期の金需要は4%(47トン)増加し、1,117.7トンでした。中央銀行による購入の増加分(33トン)が全体の増加の大半に寄与しました。宝飾品とテクノロジーの需要はやや弱く、それぞれ6トンずつ減少しました。鉱山生産量は16トン減と、2008年以降で初めて前年同期を下回りました。リサイクルは引き続き縮小しました。

Published 11th February 2016

Gold Demand Trends Full Year 2015. Gold demand in the fourth quarter increased 4% year-on-year to a 10-quarter high of 1,117.7t. Full year demand was virtually unchanged, down just a fraction (-14t) to 4,212t.

Published 7th January 2016

This latest edition of our Investment Commentary examines gold’s performance in 2015 and explores the factors that may influence gold in 2016.

Categories: Investment

Published 1st January 2016

Published 16th December 2015

2015年第3四半期の金需要は前年同期から8%拡大して1,121トンに達しました。2015年第3四半期は2つの期間に明確に分かれました。前半ではETF(上場投資信託)からの流出を含む複数の要因が価格低下に寄与し、世界中での消費者需要増大を引き起こしました。後半には投資家の戦略的な動きによって8月と9月にETFへの穏やかな流入が生じ、価格を再び押し上げました。

Published 19th October 2015

数十年来,美元一直是全世界的主要储备货币,至今仍在国际储备中占50%以上。但是,这一份额正在逐渐减少,而包括中国的人民币在内的其他货币的份额则在增加,显示出多币种储备体系可能即将形成。

Published 12th October 2015

For many decades, the US dollar has been the main reserve currency worldwide and it still accounts for more than 50% of international reserves. However, its share has been gradually declining, while that of other currencies, like the Chinese RMB, has grown, signalling the potential emergence of a multicurrency reserve system.

Published 31st July 2015

トルコは世界第4位の金消費国で、世界の消費者需要の約6%を占めています。同国の過去10年間の金消費量は年平均181トンでした。ワールド ゴールド カウンシルの推計によると、少なくとも3,500トンの金がトルコの家庭の「枕の下」に蓄えられています1。このレポートでは、バリューチェーン全体で金が果たす役割を探るとともに、トルコ経済における金の貢献度を評価していきます。

Categories: Investment

Published 30th July 2015

India has a rich tradition of gold consumption and production. Cherished as both an adornment and an investment, Indian households own circa 22,000 tonnes of gold and around 600 tonnes of gold is used in jewellery production each year.

Categories: Jewellery, Investment

Published 23rd July 2015

On Monday 20th July the gold price fell sharply, dropping 4.3% from its Friday closing price. This note explains what happened and counters some misconceptions.

Published 21st July 2015

Despite economic uncertainty in some regions, the gold price declined in the first half of 2015. While puzzling to some investors, this is consistent with market expectations that the risks could be contained. We believe that the gold price already reflects a possible rate hike later this year and that the US-centred perspective is missing a more comprehensive view of the market.

Categories: Investment

Published 26th June 2015

本视频阐释创建行业领先的黄金需求数据资源 -黄 金需求趋势的方法。我们阐释了我们在黄金行业 的独特地位如何给予我们无可比拟的市场见解, 以及如何了解不断演化的消费者行为,鉴别新兴 趋势,以及应用我们的知识和经验,提供完整的 黄金市场视野。

Published 18th June 2015

At a country level, China was the largest producer in the world in 2014, accounting for around 15 per cent of total global production. Our interactive gold mining map provides a breakdown of the top gold producing countries in the world, which demonstrates the geographical dispersion of gold mine supply.

Published 18th June 2015

金矿开采业是一个世界性产业,覆盖除南极洲之外的其他各洲,金矿的类型与规模千差万别。世界上大部分的黄金都是在当代战后时期开采的,随着黄金业的变化发展,对黄金开采的地域分布也日趋多元化。

Published 18th June 2015

第1四半期は総じて落ち着いており、世界の金需要は1%減少して1,079.3トンとなりました。宝飾品需要では、インドや米国の需要拡大が全体の小幅減少を食い止められませんでした。小幅ではあるもののETFへの資金流入は2012年以降初めてであり、投資需要を押し上げました。

Published 11th June 2015

This video explains how we create Gold Demand Trends, the leading industry resource for gold demand data. We explain how our unique position in the gold industry gives us unparalleled market insight and how we work to understand evolving consumer behaviours, identify emerging trends, and apply our knowledge and experience to provide a complete view of the gold market.

Published 14th May 2015

In a generally quiet quarter, global demand dipped 1% to 1,079t. However, the gold market’s complex eco-system was well balanced in Q1 2015. Conditions differed from market to market but at an aggregate level, these differences broadly cancelled out.

Published 26th March 2015

In this eighth edition of Gold Investor, we take a closer look at gold’s performance and its relevance for investors in the current environment. In particular, we explore: Gold in a rising dollar environment: Generally, there is an inverse correlation between gold and the dollar. However, our analysis shows that the gold price increases more when the dollar weakens than it falls when the dollar strengthens. In our view, the dollar’s relationship with gold has changed dramatically over the past decades and is likely to shift further as demand moves East and the world moves to a multicurrency system.

Published 26th March 2015

另外,我们回顾了: 相互联系:推动黄金需求的因素: 一个帮助投资者了解黄金表现的实用框架结构。 市场可能错误解读黄金与美国汇率之间的关系: 许多投资者相信美国实际利率调高定会使金价走低。我们的分析显示,其他的因素能够对金价产生更大的影响。其中包括一些与经济增长存在正相关性的因素,而经济增长往往伴有利率调高。我们还重点介绍了在未来几年股票和债券的预期回报低于平均水平的情况下,黄金为投资组合所带来的收益。

Published 4th March 2015

2014年の金の年間需要は3,923.7トン(2013年は4,087トン)となった。前年比4%の下落だが、消費者需要が熱狂的に膨れ上がった昨年との対比ゆえ驚くべきことではない。供給サイドは、ほぼ横ばいの4,278.2トンであった。新規鉱山生産量が伸びる一方で、リサイクル金の供給量が過去7年間で最低となった。

Published 12th February 2015

The World Gold Council's Gold Demand Trends (GDT) is the leading industry resource for data and opinion on world-wide gold demand. Our quarterly publication examines demand trends by sector and geography

Published 28th January 2015

Despite deflationary conditions, World Gold Trust Services CEO William Rhind discuses recent inflows into the GLD.

Published 12th December 2014

金ETF導入後10年間の歴史と発展を振り返り、金ETFは投資家に価値をもたらしたのか、金市場全体の拡大に貢献できたのかを検証した。金ETFが金価格のボラティリティに及ぼす影響についても分析した。

Categories: Investment

Published 9th December 2014

This report highlights key policy recommendations to monetise India’s 22,000 tonnes of gold stocks kept by Indian households. Seven key recommendations are made for an effective ‘India Gold Policy’. The report also assesses the policies adopted in countries like Turkey and China; that have faced challenges similar to India and have devised public policies which have monetised the local stock of gold to positive effect.

Published 13th November 2014

The World Gold Council's Gold Demand Trends (GDT) is the leading industry resource for data and opinion on world-wide gold demand. Our quarterly publication examines demand trends by sector and geography.

Published 23rd October 2014

本レポートでは、コモディティについて、また、金と他のコモディティとの違いについて、詳細な分析を行った。その結果、1)コモディティは、ポートフォリオのパフォーマンスにとり、重要なツールであることが分かった。さらに2)金については、ひとつの資産クラスとして扱うべきであるとの結論が得られた。

Categories: Investment

Published 23rd October 2014

This is the second edition of the Responsible gold mining and value distribution report, covering 2013 data. It further demonstrates the impact the responsible gold mining industry has in supporting economic development in host countries. The primary focus of this report is the money spent by gold mining companies and an analysis of how this money is split between the stakeholders, namely employees, suppliers, government, communities and investors.

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