Gold Demand Trends Full Year 2015

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. Weakness in the first half of the year was cancelled out by strength in the second half. Fourth quarter growth was driven by central banks (+33t) and investment (+25t), offset by a marginal contraction in jewellery (-6t) and continued declines in technology (-6t). Supply remained constrained: annual mine production increased by the slowest rate since 2008 (+1%) and recycling dropped to multi-year lows. Total supply declined 4% to 4,258t – the lowest since 2009.

      2014 2015 Q4'15 vs Q4'14
Tonnes 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q4 % chg
Jewellery 2,480.8 2,414.9 617.2 592.0 594.1 677.4 602.7 512.3 628.5 671.4 -1
Technology 346.4 330.7 82.2 86.3 87.6 90.3 81.2 83.1 81.9 84.5 -7
Electronics 277.5 263.3 65.3 68.8 70.4 72.9 64.8 65.9 65.1 67.5 -7
Other Industrial 49.0 48.6 11.5 12.6 12.3 12.6 11.7 12.4 12.1 12.3 -2
Dentistry 19.9 18.9 5.3 4.9 4.9 4.8 4.7 4.8 4.7 4.6 -4
Investment 815.4 878.3 266.2 198.4 181.5 169.3 276.7 177.6 229.4 194.6 15
Total bar and coin demand 1,000.5 1,011.7 281.2 236.6 221.8 260.9 251.4 201.4 295.3 263.5 1
Physical Bar demand 725.2 731.6 201.7 170.3 166.2 187.0 186.6 148.5 200.4 196.1 5
Official Coin 203.0 212.6 64.0 48.8 35.7 54.5 50.5 40.6 74.4 47.1 -14
Medals/Imitation Coin 72.2 67.4 15.5 17.5 19.9 19.3 14.3 12.4 20.5 20.3 5
ETFs & similar products1 -185.1 -133.4 -15.0 -38.3 -40.3 -91.5 25.2 -23.9 -65.9 -68.9 -
Central bank net purchases 583.9 588.4 117.9 157.2 174.9 133.9 122.9 129.2 169.0 167.2 25
Gold demand 4,226.4 4,212.2 1,083.5 1,033.9 1,038.0 1,071.0 1,083.5 902.2 1,108.8 1,117.7 4
London PM fix, US$/oz 1,266.4 1,160.1 1,293.1 1,288.4 1,281.9 1,201.4 1,218.5 1,192.4 1,124.3 1,106.5 -8
      2014 2015 Q4'15 vs Q4'14
US$mn 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 % chg
Jewellery 101,006.5 90,067.2 25,659.1 24,523.9 24,485.8 26,166.5 23,611.0 19,637.1 22,717.3 23,885.4 -9
Technology 14,104.5 12,335.5 3,415.7 3,575.4 3,610.0 3,489.8 3,181.3 3,186.1 2,962.2 3,004.8 -14
Electronics 11,299.2 9,820.7 2,716.1 2,851.9 2,902.3 2,816.4 2,538.0 2,526.7 2,354.0 2,400.9 -15
Other Industrial 1,994.3 1,811.3 478.1 520.9 506.5 487.4 458.1 476.8 437.3 438.8 -10
Dentistry 1,646 1,391 469 430 382 366 357 367 348 321 -12
Investment 33,197.5 32,756.5 11,066.6 8,216.7 7,479.1 6,540.4 10,838.3 6,807.9 8,292.4 6,922.6 6
Total bar and coin demand 40,735.7 37,731.7 11,690.6 9,801.5 9,141.7 10,075.9 9,849.8 7,722.2 10,674.6 9,372.7 -7
Physical Bar demand 29,528.7 27,286.9 8,386.1 7,055.0 6,849.3 7,223.7 7,309.6 5,693.5 7,245.6 6,974.3 -3
Official Coin 8,267.0 7,929.8 2,660.7 2,022.0 1,470.5 2,106.9 1,979.6 1,555.1 2,688.7 1,676.6 -20
Medals/Imitation Coin 2,940.0 2,515.0 643.8 724.4 821.8 745.2 560.6 473.6 740.3 721.8 -3
ETFs & similar products1 -7,538.1 -4,975.2 -624.1 -1,584.8 -1,662.6 -3,535.5 988.4 -914.3 -2,382.2 -2,450.0 -
Central bank net purchases 23,774.0 21,943.8 4,901.9 6,511.7 7,206.5 5,173.5 4,813.1 4,954.6 6,109.8 5,948.7 15
Gold demand 172,082.6 157,103.0 45,043.2 42,827.8 42,781.4 41,370.2 42,443.7 34,585.7 40,081.7 39,761.5 -4

 

 

1For a listing of the Exchange Traded Funds and similar products click here for more information.

Source: Metals Focus, ICE Benchmark Administration, World Gold Council

 

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