WORLD GOLD COUNCIL GOLD DEMAND TRENDS: 3Q 2015

WORLD GOLD COUNCIL GOLD DEMAND TRENDS: 3Q 2015

The World Gold Council’s Gold Demand Trends report for Q3 2015 shows total demand rose 8% to 1,120.9 tonnes (t), the highest in the last two years. During this quarter, ETF outflows contributed to lower prices in July, resulting in an increase for customer demand internationally.   Following this, a positive shift in institutional investor attitudes led to to modest ETF inflows in following months of August and September, leading gold prices back up. Central banks bought another 175 tonnes in recognition of gold's diversification benefits. After a long period of growth, supply of gold from mine production contracted by 1% in 3Q.

Gold demand and supply statistics for Q3 2015:

Overall demand increased by 8% year-on-year to 1,121t.

Total consumer demand – made up of jewellery demand and coin and bar demand – totalled 928t, up 14%.

Global investment demand saw a significant rise of 27% to 230t, up from 181t in Q3
2014. This was led by the US which saw a surge in bar and coin demand, up 207% to 33t from 11t on the same period last year, with support from China, up 70% to 52t and Europe up 35% to 61t.

Global jewelry demand for Q3 2015 was up 6% year-on-year to 632t compared to 594t in Q3 2014. In India, demand was up 15% to 211t and China was up 4% to 188t. The US and the Middle East also saw gains, up 2% to 26t and 8% to 56t respectively.

Central bank demand reached 175t, the 19th consecutive quarter of net purchases.

Demand in the technology sector declined 4% to 84t as the sector continued to endure
pressure, with the industry choosing to shift towards alternative, cheaper materials in
technological applications.

Total supply was 1,100t in Q3, up 1% year-on-year. Total mine supply (mine production +
net producer hedging) remained relatively flat up 3% year-on-year to 848t compared to 814t in the same period last year. Year-on-year quarterly mine production shrank by 1% to 828t in Q3 2015 against 836t in Q3 2014. Recycling levels were down 6% year-on- year to 252t compared to 268t in Q3 last year.

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