Gold Survey 2010 Presentation 2010全球黄金市场调研.pptVIP

* outstanding forward sales, loans and net delta hedge against positions Outstanding hedge book just 236 tonnes at end-2009 Total Accelerated Supply from Producer Hedging* Source: GFMS (Gold Survey 2010) Investment in 2009 ? ? World Investment (which includes the implied figure, bar hoarding and all coins) nearly doubled in 2009 to over 1,900 tonnes and reached an approximate value of $60 billion. The first few months of 2009 saw a record level of investment demand. Fears about financial stability and economic depression triggered a wave of safe haven buying, particularly in the forms of gold ETFs and physical bullion products. ? After a summer lull, investor activity, especially in the OTC and futures markets, picked up strongly from September onwards, primarily driven by a weaker dollar, higher price expectations and growing concerns regarding future trends in inflation. This surge in investment demand drove prices above $1,200, before a loss of momentum and some profit taking brought about a price correction in the final weeks of 2009. World Investment* Value of World Investment *World Investment is the sum of Implied net investment, bar hoarding and all coins medals Source: GFMS (Gold Survey 2010) Gold Exchange Traded Funds Source: Respective issuers At 31/12/2009, 617t rise from 31/12/08 Non-commercial non-reportable net positions in futures taken as proxy for investors? positions. Source: CFTC Investors? positions in gold futures in 2009 (non-commercial non-reportable positions in Comex CBOT futures) Gold Price 2007 2008 2009 157k contracts 177k contracts 219k contracts Average size of net “investor” long. 2006 135k contracts * Gold Survey 2010 Philip Klapwijk Executive Chairman, GFMS Ltd. London, 14th April 2010 GFMS gratefully acknowledge the generous support from the following companies for this year’s Gold Survey and its two Updates World Gold Council www.IBKC /nyseliffeus