Gold Demand Trends Full Year 2013

Gold demand of 3,756.1 tonnes in 2013 was worth US$170.4bn. Consumers generated exceptional levels of demand, with jewellery at its highest since the onset of the financial crisis in 2008 and investment in small bars and coins hitting a record high. This was in contrast to large-scale outflows from ETFs, due to a number tactical western investors liquidating their positions as US economic sentiment improved. Central banks made healthy purchases of 368.6 tonnes, the fourth consecutive year of positive demand. The net result was a 15% decline in overall gold demand from 2012.

Guidance Note on Non-GAAP Metrics

All companies using this guidance are encouraged to disclose both their all-in sustaining costs and all-in costs and reconcile these metrics to their GAAP reporting. It is not expected that companies will disclose all individual cost items.