Research library

Gold 2048 brings together industry-leading experts from across the globe to analyse how the gold market is set to evolve in the next 30 years with key insights from authors such as George Magnus, senior economist; Rick Lacaille, Global Chief Investment Officer of State Street Global Advisors; and Michelle Ash, Chief Innovation Officer at Barrick Gold.

Over the long run, economic growth is a key driver of gold demand, especially in emerging market countries where there is high affinity for gold as jewellery and investment. At the same time, gold tends to perform well in period of crisis.

Since their introduction in 2003, gold-backed exchange-traded funds (ETFs) have transformed the gold investment market. Read our Gold-backed ETF primer for an overview of the history, features and benefits of gold-backed ETFs.

Recycled gold – old gold sold for cash – is a vital part of the market. Our recycled gold primer explains the factors that affect recycling and considers the differences between jewellery and industrial recycling.

Price discovery is crucial for any market, and the gold market is no exception. Our gold prices primer gives a comprehensive overview of the LBMA Gold price – an important global benchmark – and looks at the mechanisms determining the local gold price in China and India, the two largest consumer gold markets.

Formal, large-scale gold mining is complex and geographically diverse. Our gold mine production primer explains the life-cycle of a gold mine and the ways in which responsible gold mining can have a significant positive economic impact.

Gold demand of 973.5t was the lowest Q1 since 2008. The main cause was a fall in investment demand for gold bars and gold-backed ETFs, partly due to range-bound gold prices. 

The strong gold price performance was a positive for investors and producers, and was symptomatic of a more profound shift in sentiment: a growing recognition of gold’s role as a wealth preservation and risk mitigation tool. This goes to the heart of our strategy to make gold a mainstream asset.

India, a nation that accounts for around a fifth of annual global gold demand, has a long history of gold-focused policies. These, however, have often distorted the market rather than achieving policymakers’ aims. Announcements in the Union Budget on 1 February 2018, however, suggest this might change.

In 2017, investors added gold to their portfolios as incomes increased, uncertainty loomed, and gold’s positive price momentum continued. As 2018 begins we explore four key market trends and their implications for gold.