GFMS Surveys and Updates are now available on Thomson Reuters Eikon Gold Survey Q3 Update & Outlook (November ) Now Available; LME Gold Survey Update 2; Copper Survey Update; Gold Survey . Thomson Reuters GFMS launched Gold Survey at events in London and Johannesburg. The following details some highlights from the. GFMS puts new mine production of gold at a record tonnes, a 6% gain over
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However other elements in the equation could end up bringing fundamentals into balance. It may seem counter-intuitive that the physical market was in a surplus last year give the strength of physical demand, but this was a function of the level of ETF selling and a drawdown of inventory on COMEX in particular. In the Far East, some consumers have been awaiting a rebound in the gold price, while scrap flows in China have been broadly flat.
With scrap sales falling back drastically at the lower prices, and not expected to pick up much if at all, this would seem to counter to an extent the higher mine production. All rights are expressly reserved.
GFMS Surveys and Updates
Q Earnings Call Presentation June 7, Registration Forgot your password? Held in partnership with Creating Connections This document has been prepared for general guidance on matters.
Thomson Reuters is an aggregator and provider of information for general information purposes only and does not provide financial or other professional advice. We think you have liked this presentation.
To make this website work, we log user data and share it with processors. If you wish to download it, please recommend it to your friends in any social system. The Thomson Reuters Content may not be reproduced, copied, surbey, transmitted, distributed or otherwise exploited gld any commercial purpose without the express written consent of Thomson Reuters. Meanwhile Middle Eastern scrap return is down, reflecting lower prices and despite continued political turmoil, while low price volatility has reduced Turkish scrap return.
But then, conversely, production will fall as the mines can revert to working lower grade ores, while the deferred projects will still take several years to be brought to production at best. Sign-up to receive the newsletter. Another factor which may at least give the gold bulls some heart is the estimate that in demand for gold for jewellery fabrication and general bar and coin investment demand will likely exceed the total of new mine production plus scrap.
Patent and Trademark Office. Streetwise Reports is registered with the U. But the GFMS report does contain some contradictions which could result in positivity for the gold price. So survy in the rate of scrap sales has been slow, reflecting reduced jewellery sales This is not only the case in price-sensitive Asia, where material is of high caratage and readily mobilised, but also in Europe and to a lesser extent the United States.
Latest GFMS Gold Survey Reports Record Gold Production
But if sales out of golc ETFs fall away this year, or even turn around to purchases as they have done to date then matters could yet prove to be different.
However looking further ahead there is little comfort for the bulls as GFMS is predicting further weakness in The report sees investor appetite as not being strong and that, without this important element gfmx, the gold price is expected to resume a further downward course in The Way to Play Gold and Silver?
The big question though is what is likely to happen to Chinese demand after it reached record levels in Thus new mined gold output may not fall back even in the current year should gold prices stay at or around current levels which put many even large gold mining operations into the marginal category on an all in sustaining costs basis. As we have noted in the past on Mineweb a fall in the metal price often, at least initially, has the opposite effect to that which the market might anticipate.
But this can all take 2 or 3 years to filter through by which time, the miners hope, prices will have improved again. The Big Picture for Gold. Thomson Reuters retains all proprietary rights to the Thomson Reuters Content. Held in partnership with Creating Connections. No use of such mark, names or logos is permitted without the express written consent of the owner.
There are signs that this may be slowing down after a new record for imports in the first two months of the year. ETFs in Canada October 24, Disclaimer This document is for information purposes only and is not an invitation to purchase securities listed on.
Conditions are much calmer this year and indeed the Chinese market in particular has slowed, partly as a result of over-buying last year but partly as the make this reverted to more normal levels, as we shall see in a later slide. GFMS also adds a caveat that any relaxation of the import restrictions in India, particularly the This can only go on for so long though and ultimately low prices do filter down to force production cuts as continually uneconomic operations are closed down, older mines find it impossible to high grade and new projects at the inception stage are deferred.
And we would add continuing unrest in Ukraine and any moves to impose punitive sanctions on Russia, which would lead to likely retaliation, could also impact prices positively. International Speculator, who also discusses his Golden Runway theory of price appreciation and talks about a handful of companies that he believes are on the rise. The third party trademarks, service marks, trade names and logos featured in this publication are owned by the relevant third parties or their affiliates.
GFMS GOLD SURVEY 2014 – UPDATE 2
Of course new mines which are already down the development pipeline will also be brought on stream, adding to overall production. My presentations Profile Feedback Log out.
Q1 Earnings Call Presentation June 7, In the US scrap has also fallen sharply, reflecting not only lower prices gfma better economic positions, but we have also detected a fall in the return of electronic scrap, which is a new trend, reflecting the reduced loadings in electronic components manufactured between three and seven years ago, when gold prices were rising sharply.
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golf This year the market is characterised by much slower physical demand, but also a substantial decline in the rate of attrition from the major ETFs.