The World Gold Council is a strange animal. Always difficult to say on whose side they are. But they publish nice reports on the state of this market.
We also read in their 2008 Q4 report:
We also read in their 2008 Q4 report:
On the investment side, the main driver of flows was net retail investment, which rose 396% from 61.4 tonnes in Q4 2007 to 304.2 tonnes in Q4 2008. Over the year as a whole, the growth rate was 87%. Bar and coin shortages were reported across many parts of the globe, although the most dramatic surge was in Europe, where bar and coin demand increased from just 9.0 tonnes in Q4 2007 to 113.7 tonnes in Q4 2008.
All components of net retail investment recorded extremely strong growth. Bar hoarding, which largely covers the non-western markets, increased from 30.2 tonnes in Q4 2007 to 126.6 tonnes in Q4 2008, a rise of 318%. Official coins also enjoyed impressive growth, more than tripling from 22.4 tonnes to 67.9 tonnes. However, the highlight of the quarter was the 92.3 tonne improvement in “other identified retail investment” to 92.6 tonnes from just 0.3
From Tim Iacono we borrow this chart about the inventory of the SPDR Gold Shares ETF (ticker: GLD). Yesterday 23 ton was bought or 229 ton in the first seven weeks of 2009. That’s almost 25% of the total holdings of the fund.
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