September

Overview of the third quarter gold demand rose 6%, to 1,053.9 tons, valued at $ 57.7 billion. Strong promoting overall gold demand growth in investment demand, because global investors seeking wealth, spread risk and sought higher returns from the gold investment. Gold prices at record highs and the effect economy faces serious challenges, under gold jewelry demandDrop, but the technology sector demand remained stable. International spot gold price on September 5 and 6th London prices to 1,985.00 dollars an ounce of record levels and even reach a higher level in intraday trading. Gold then from such a depth correction since then, in the third quarter stabilised the last few days, and maintenance of 1,600-$ 1,650 per ounce range. Despite drawing back sharply in the gold price, but stronger than the vast majority of performance of gold assets, from the quarterly and annual measure, gold has a steady stream of income. At the end of September, gold quarter rate rose 8%, up 15% per annum. 1 to quarter the average price of USD/oz in 2010, representing three quarters of the average price of 1,22$ 6.75/ounce per cent and reached 39%, and 13% higher than the second quarter of this year. Prices of gold is gold in part because of the strong growth in global demand for investment, and growth to some extent promote investment demand rise in gold prices. Markets were the European sovereign debt crisis has worsened, United States sovereign credit rating downgrade, as well as consumer and business confidence continues to deteriorateBlow. This caused the stock and credit markets suffered shock, gold and thus sustaining the gains as investors to gold as a hedge against the risk of property tools. Of particular note is that in the Middle East and Asian markets, gold prices rose again confirms market expectations of bullish gold, and prompted many investment groups frequently a rise in gold prices is expected. Gold investment demand growth in the third quarter highlightsPerformance requirements will be distributed widely. Apart from India, and Japan and the United States appeared more Contracting outside, almost all the market demand for coins and bars are showing double digit growth. When taking into account the result of gold prices in September, drawing back into profit as a result of factors, this growth level is even more alarming. In view of the eurozone sovereign debt worries rise, Western investorsHaven Properties more gold. By contrast, investors from Eastern market are more anti-inflation rise in gold prices is expected, and its property (in these markets, inflation is still climbing). Global Central Bank activities are verified before us for its third-quarter expectations of further buying gold. In fact, the Central Bank net purchase of gold accelerated growth this quarter, totaledTo 148.4 tons. Some plans already developed before the Central Bank bought gold, at the same time, some of the new Central Bank for the diversification of its reserves are starting to outperform gold. In 2012 we believe that this trend will continue. Thanks to the electronics sector demand growth, technology sector demonstrated considerable elasticity of demand for gold. Spite of the unfavourable market conditions, But the electronics sector's demand for gold is still showing growth year after year. Most of the growth in demand comes down to demand in China, offsetting the impact of other market growth retardation. However, we expect the economic downward trend in Western countries over the next several quarters gold affect the demand for the technology sector. Western market weakness in consumer confidence, slow income growth andWeak labor market is likely to cause the electronics sector growth retardation, and there are already signs that the semiconductor stocks appear similar growth in 2008. Gold recovery 426.5 tonnes in the third quarter, year up 13%. But years than growth levels and 39% in the same period, this result can only be considered poor. Although gold hit record newHigh, but is available for recovery of the gold supply is still lower than the first quarter of 2009 record quarterly high of 609.8 tons, average less than $ 1,000 an ounce of gold at that time. Gold recycling contraction in activity shows that gold consumer expectations of gold is likely to continue to move up, while providing may also reflect that there are no nearby market for recycled gold. Just as theWe mentioned before, some consumers may want to sell obsolete gold jewelry, has acquired in the last wave of recovery is complete. For investors, they are happy to manage to sell its holdings of gold coins and gold bars at a profitable price levels continue to increase, as gold prices continue to rise this quarter. Gold supply and demand structure gives the simple printingAs is, since 1970, each at the start of the Decade, gold market fundamentals have experienced significant changes. Evolution trend of transformation of forces has prompted market from centralized to decentralized, this shall be reflected in both supply and demand of gold. Drivers of these changes we will make an in-depth discussion. Mapping the eurozone sovereign debt problems in the era of evilMessage inevitably led movements in gold over the past few months, and that the case before the European authorities to come up with workable solutions will still exist. In Greece, and Portugal and Greece in the spring of 2012 have been sought after relief, hope of resolving the dawn is the debt crisis. However, follow what happened, and things that happen to a certain extent inevitable, whichOn the problems of smaller European problem to evolve into a global crisis. Government and banks spread of default risk, combined with economic stagnation in growth prospects is even more worrying. Due to the uncertainty of future prospects have been enhanced, gold as a store of wealth and reputation of the reliable guarantee commitments, as well as monetary assets are enhanced, which has been pushing gold financial, economic and political issues of the windCrests. However, in the past few decades, get rid of the global economy does not say that, within this period, gold has also experienced a number of key milestones and anniversaries. In August of this year is the disintegration of the Bretton Woods system, as well as the gold standard of 40 anniversary, witnessed the end of 2010 Gold bull market for 10 consecutive years, for the last century since the 70 'sTimes. In January 2010 for the actual price of gold hit record highs of 30 anniversary, real gold prices in January hit record high of over 30 years ago due to high inflation, tension in the region, silver markets highly volatile, and other factors. Amid widespread speculation that gold markets likely to repeat the first 20 years of turmoil since the floating exchange rate system, by history in the fiscal deficitPolitical crisis and the instability in the Middle East quite similar, but this conclusion is a simple-to-parallel inference. First of all, 70 of the last century is the era of dramatic swings in the gold price. 1975 gold callback almost 8 months to 80 's and early compared to callback rate for up to 5 years. Secondly, determining direction of the market in early, supply-side and demand-side marketVery few participants. Detailed studies have shown that for the past 40 years, significant changes in the gold market fundamentals are, at present, however, said the current market situation and the past 40 years, compared to the past 30 years or even 10 in the past year rather like saying it is too premature. Further, similar to the gold market is expected to go through and past trends is too hasty.1, most of the time, mainly prior to 1971, most of the national currency and a certain amount of gold, or gold plated and having a certain monetary hooks. Under the Bretton Woods system, the dollar and the price of gold was fixed at $ 35/ounce, and other national currencies and the dollar, after World War II formation of Bretton Woods.2, the actual price of gold (in United States CPI and today's dollar value), the dollar on January 21, 1980 hit record highs, reaching us $ 2,473/ounce. However, the top of the price trend in gold, and in just less than two weeks later fell $ 600 an ounce. That month the price of gold to $ 1,944/Ounces. 3, Brazil, and Russia, and India and China. This first letter abbreviation for the former Chief Economist at Goldman Sachs-Jim Neill first what has changed? In the area of investment, when macroeconomic worries is the gold demand drives, then many fundamentals supporting the gold price. There is a common misunderstanding, is widely seen as the gold priceWestern institutional investors decision. Sometimes, in the short term, private transaction at the system level level of gold might be true. The long term, they are only as important as many of the drivers part. Similarly, investment demand for gold tends to preempt the media headlines on the news, in fact, the main force of gold jewelry is still constituted the entire gold demand�� In addition, the effects of the gold market fundamentals, North America and Europe's major events and activities are usually reflected in the price of goldBRIC countriesThe supply of gold-producing capacity, compared with the previous small proportion, while the the gap cycle commissions made up. Cycling gold (recycled gold) supply ratio rising from the emerging markets, speeding the flow of such transactions and trade spend less. Changing the structure of demand and supply, has been directly began to affect the gold price, and increase the impact of price fluctuations, theFluctuations associated with the regional business cycles and special events. Not only does this make gold a more stable market than in the past, it also means gold, correlation with other asset classes reduced. For investors, gold became more attractive investment strategy combinations. In addition, gold is less vulnerable to sharp fluctuations, suggesting that its investment riskHedging against value. At the same time, some economic theory provides a framework for gold, gold yields in the United States inflation occurring for a long time, real rate of return is zero. However, since the collapse of the Bretton Woods system, real returns of gold has more than zero. Structural changes in the market may be the driving force. Structure of demandSince 1970, gold demand a considerable amount of change in location. Every year in 50 years, gold prices have dramatically changed from North America to Europe, then to the India sub-continent and East Asia. In 1970, North America and Europe take gold, 47% of the market share, last year's to 1980. Good times do not last long, 1990, 2000 and 2010, North American and European market share dropped to 38%, and 27%, respectively. Making up for the decline in global market share, India sub-continent and East Asian market share for 1970, 2010 rose to 58%. Chart display area changes in General, this does not seem to display share dispersionArea. Gold demand trends first practice, the chart does not collect Bank demand for gold. Although, most of the gold reserves in North America and the European Central Bank, emerging market central banks gold reserves has been increasing in recent years, it becomes an obvious feature. Secondly, due to the lack of precise data, gold over-the-counter (OTC) of the investment demand is excluded.In addition, the chart also hides the fact, that's the balance between the East and a more powerful, non-related business cycles and thus reduce the probability of demand fluctuations. For example, the Outlook for inflation in Western countries decline gave prices a threat, and high inflation in emerging market countries are still in demand pushed gold to hedge against inflation, and the latter may alleviate the risks posed by the former. Since 1980 years, this area needs change may be one of the reasons for fluctuations in gold prices each year (1970-is gold wave minimum of one year, until August 1971 gold price limits are completely clear. Average volatility in 1972 and 1973 gold and 18%, respectively). Shows the distribution of gold demand, investmentsGold demand more important component of the structure, investment in 2010 is 38% per cent of total demand (excluding Central Bank purchases). However, the total demand allocation appears to 1980, the regional distribution of each species there is a big difference. Research areas, jewelry demand has been shifting from the West to the East of the main drivers. Because North America and EuropeChau-led shares per cent in 1970 (for 1980) 14% per cent in 2010, in the India subcontinent and East Asia has five years of 1970 (1980 only 22%) grew to the current 66%. 4, India demand accounted for at least India demand on the peninsula of 85% 5, current cent of demandChina greatly increased demand over the last century 90 's 7%, 80 's and 70 's data cannot be statistics 6, a 260-day basis, via London afternoon gold price gold volatility due to the lack of detailed data, estimation of investment demand is not as straightforward and simple. In addition, including Exchange-Traded Fund (ETF)Financial innovation, may have led to the edge changes in the portfolio, so what we have on investment distribution made as clear as possible in the chart has a lot of assumptions. We lack 1970 gold bars between North America and Europe demand data. Render negative values in North America and Europe demand during that period, represents a negative investment (meaning that there is no demand). 1980-2010 demand situation is completely different, this investment demand from North America and Europe during 74% per cent. At the same time, in the remaining investment demand of the market in 2010, India and East Asia accounted for a large part, the total reached 43%. Gold demand in the report referred to in the previous issue, China is one of the fastest-growing market. However, in theAfter the 2008 financial crisis, Europe once again become the main players in the market. Figure 5 shows the technical requirements (previously also known as industrial demand). Over the past 40 years, although the background changes, and sometimes a strong rise in the price, but the technology needs in the share of aggregate demand more obvious consistency, just over 10%. Behind the technical requirements,Industry became the main force, from reduced dental applications, and automatically transferred from the high cost to low cost areas. Shown in Figure 6, by Japan, China and Korea leads the East Asia and India stocks dominated the technical needs, overall share grew from per cent in 1970 to per cent in 2010. However, this centralizing demand and other areas notBroken contrary to increase diversity, will make it vulnerable to impact of the downturn in the region or major export markets. However, the market generally felt that countries have the capacity to make current account surpluses, such as China, as a result of fiscal and monetary policies, as well as strong domestic demand supported in the medium term will continue to grow the current road. Furthermore, in view of the unique properties of gold itself and useWay, it will continue to develop the new diversified functions. 7. before 1980, gold bullion demand information was incomplete, and tended to correction. After 1980, data collection technology to improve the means to demand from individual country data for more country information. However, demand in Europe and North America are only valid on a general level. Early years (1980 and 1990) report, overall demand in Europe and North America as a potential investment remaining. Although this part of the remaining demand is likely to include other forms of demand, such as over-the-counter (OTC) investment, but we believe that most data represents the gold demand in Europe and North America 2000 years ago. Thus forming a conservative estimate of the remaining demand distribution base. ThisOutside, because gold investment demand for the net, and can also be negative, so we use a zero value instead of a negative value in order to ensure that trusted distributions are displayed. In those cases, the negative investment turned to supply. 8. only rendered in the 2010 cylinder Exchange-Traded Fund (ETF) geographical distribution of demand is based on the personal position of the major exchanges ETF.Although there is a certain proportion of investors residing in countries outside the region as the main exchanges, but we firmly believe that domestic demand for most ETF represent oceanic plates. Supply structureIs biased. Continue to maintain a supply of mining output 60%-70% (1970 years consists of recycled parts), what is said above supply include: recycled gold, the Central Bank gold sales, net producer hedging and others. (VII) the current market and a notable difference is that the early free trade market of gold gold production in the growing regionalSet. (Figure eight) the first 20 years, South Africa's dominance looming, in 1970, South Africa gold production accounted forGold does not direct sales in global markets, but by the Central Bank, so the former is more persuasive. Gold production at a single mean to a certain degree of agreement to ensure that South Africa gold supply to meet global demand, just like when several dominance. In 1970, South Africa, United States and the International Monetary Fund (IMF) has developed a this agreementWhen gold prices temporarily dropped to below $ 35/ounce (secondary market clearing price and free trade, which lasted until 1971). Agreement provides that in urgent cases the foreign exchange market, South Africa can directly sell IMF gold on the market. Now, no one yields more than world output of 14%. In 2010,Is the world's largest gold producer in the country, share of 13%, was followed by Australia, 10%, United States, accounting for 9%, South Africa, 8%. Gold producing area not set such a condition as gold supply provides a buffer, and avoid the risk of a shortage in the country. At this point, gold and other precious metals is different from other precious metal setModerate it is quite high. Recovery of gold supply (seven), 1970 years there is no data available. The past 30 years, recycled gold has diluted the geographic border effect. 1980 geopolitical crisis. Iran and Iraq war United States accounting for Tehran, the Soviet Union occupied Afghanistan, Middle East are recovering heart of gold, the world35% (Iran accounted for 17%, followed by Egypt and Turkey). In 2010, recycled gold concentration declines, it surpassed in East Asia, share of 27% (where China accounted for more than the maximum, 8.4%). Change and significance of changes discussed in the previous section has a lot of drivers, primarily to monitor the withdrawal and market reforms, buyer incentives, assetPerformance, geographic limitation, mobility and economic balance. Demand for gold from the West to the East of mainly due to the impact of regulation, emerging market liberalization, regulatory relaxation, gold demand nature changed. Global trading markets and the liberalization of capital markets and improve the participation of prompting consumers to trade in gold, and newly industrialized countries create wealth. In addition, Regulatory changes and the gold market, in particular the three Central Bank Gold Agreement (CBGAs) and self-gold Enterprise Agreement, which has played a certain role in stabilizing the market. Finally, development and utilization of gold investing in new tools, such as ETFs and gold stocks have fired needs, allowing individual investors investing in gold approaches and flexibility and body balance�� Gold demand in from West direction East of diversified investors owning gold purposes. Western Gold investors benefit from gold status, hedging and investment diversification, gold investors also focused on other parts of gold metal, gold indicating good or ill luck, savings capacity and a gift. In the case of other things being equal, demand change in the geographical diversityGold buying motivation, the stability of the price of gold. Global and increase of concentration increase the involvement of financial markets in the capital market. This can be seen from the correlation of the gold price and the stock market. Gold than gold investment diversification of motive and intention of globalization's influence is profound. At present, the markets for goods production on disagreements among peaks, especially crude oil out, There are signs, future gold production will shrink (figure nine). Metal Economics Group research shows over the past 5 years, despite the surge in gold prices, but the number of newly discovered minerals are in decline. Chris Blain according to a research report about the new origin, 1950-199750 gold production peaked in the 80. These two studies report the main differences is that since the late 70, gold prices have been rising, new discoveries are also increasing the number of minerals, but in recent years the situation changed. Newly discovered mineral reduced not because exploration funding shortages, in fact, since 2002, funds for exploration in respect of aDirect on the rise, is now 4 times more than at the time, although in 2008 the world economy into recession. Another driver of gold market changes, as well as ultimate beneficiaries, that is, liquidity. According to the World Gold Council reported that the gold market liquidity is much higher than the average person might think. Enhanced liquidity to ensure that small investors could enter the market, while the gold price transparencyStrong, making transactions easier. The latter is a key factor in supply shortages. In addition, gold recycling market than in the West India and other places developed, high marginal effects. India and other places can be easily traded gold and jewelry. Greater liquidity increased market depth, just as the gold price volatility was buffered. Finally, due to the rise of the BRICs and other emerging countries, the global current accountImbalances, they diversified reserves will strengthen, the Central Bank changed from net sales to net gold buyers. Taking into account their reserves in gold is relatively low, this situation will last. The eurozone debt market chaos, States fiscal profligacy and geopolitical changes have prompted gold by hedging assets as a key, reliable security for domestic andCurrency assets. Similar to the current environment and the 70 's and 90 's, this has led to speculation that trend of gold movements is copied at that time. However, this similarity ignored the fundamentals for gold. The past 40 years, larger change in the supply structure of gold, gold markets more liquid, dispersibility, fluidity and transparency. This shift in environment makes on the surface of deceptiveSimilar points can be ignored. Review the third quarter of 2011 2011 global gold markets in the third quarter, total global gold demand was 1053.9 tons, and rose 6%. Investment demand for gold demand was offset by lower growth, while demand remained stable in the field of science and technology. By value, gold demand amounted to $ 57.7 billionHit a record high, an increase of 48%. Since the beginning, gold demand amounted to $ 146.5 billion, representing an up 29% 2010. Global Gold demand 465.6 tonnes in the third quarter, despite the 10% lower than the same period last year, but just below the quarterly average of 490 ton since the last quarter of 2008. By value, Total gold demand of US $ 25.5 billion, a record high, an increase of 24%. Last quarter of 2010 to 2011 gold demand in the third quarter amounted to 2018.2 tonnes, an increase of 2%. India is the largest country of gold demand, gold demand fell by 26% in the third quarter, due in India during the Festival of gold in the high and volatility playsStrong, spooked consumers demand for gold ornaments. Similar things happen in the Middle East, Southeast Asia and the Western countries, gold prices at record highs and the State of the economy in trouble inhibiting States of gold demand. However, China, Hong Kong, Japan, and Russia and other regions gold demand remains stable growth. Total third-quarter gold demand growth is driven by investment demand,Gold investment demand of 468.1 tonnes in the third quarter, an increase of 33%, history recorded the third-year high, after the first quarter of 2009 and the second quarter of 2010. Almost all physical demand for gold bars and coins of surveyed countries achieved double-digit growth in the third quarter, Europe is particularly rapid growth in demand for physical gold bullion and gold coins, only India, andJapan and the United States in three countries by a fall in physical demand for gold bars and coins. In value terms, total physical demand for gold bars and coins in the third quarter hit a record high of $ 21.4 billion, an increase of 79%. Demand for ETF and similar products of 77.6 tons, representing an increase last year 58%. ETF demand during the eight weeks before the quarter continued to grow steadily, althoughIn late August/early September high prices caused investors choose to take profits, leading to a fall in demand for ETF. The third quarterCapital funds from the European debt crisis-torn the euro turned to hedge currency dollar) and the need to facilitate access to capital to support other parts of the portfolio loss (liquid gold held by the institutions selling assets, this part of the assets than other assets doing relatively well). Field of science and technology in the third quarter gold demand per cent flat 120.2 tons. By valueIs in the third quarter, gold demand rose in the area of science and technology 39%, reached a record high of US $ 6.6 billion. Electronic products and other industrial part of the small increase in gold demand was offset by falling demand for dental purposes. Gold supply increased 2% in the third quarter. Derived from gold production, gold recovery and growth in the supply of gold producers hedge slightly SuperOfficial sector gold supply contraction in the third quarter decline in the official sector gold supply 126 tons. Gold gold demand fell in the third quarter of 10%, 465.6 tonnes, due to the weak economy and high prices are depressing demand. In value terms in the third quarter gold demand increased by 24% over the third quarter of 2010, reaching quarter record highs 2$ 5.5 billion. In fact, there are only 4 economy led a trend of gold demand increased, namely, China, Hong Kong, Japan and Russia. Third quarter India gold demand fell 26% in the market, to 125.3 tons, the third quarter of 2010 168.4 tons. In value terms, India's third quarter gold demand up modest increase2% to 314.5 billion rupees. India in July, August and Goldsmith seasonal downturn in demand, and comes as India traditional Shradh Festival, third quarter India gold demand in the market decline. Usually Shradh after gold demand rose sharply, but due to the volatile gold prices in the third quarter of this year and reached record high of 87,000 rupees/AngloSecretary, to some extent limited the consumer demand for Goldsmith. International gold prices at a high response in India is even more apparent on the local market, due to depreciation of the rupee against the dollar continued. In August India International Jewellery Show and gold buying season Diwali (Diwali Festival) manufacturers and retailers have built up enough gold before, to high and volatileGold prices consumers still intimidate you. Last few days this quarter gold demand a slight rebound, gold prices back to 80,000 rupees/ounce. India domestic inflation but also consumer confidence in frustration. India used to measure inflation indicator of the level of the wholesale price index (WPI) near 10%, high prices reduce disposable personal income, andAgainst consumers desire to buy, have a negative impact on third-quarter gold demand. In the context of such a market, consumers have turned to the lighter weight of the jewellery, some manufacturers choose to lower the profit margin to clearing inventory in the hands, and some other manufacturers by establishing credit relationship with retailers to promote the sale of gold ornaments. The rest of 2011 with festivals and weddingGoldsmith is a big demand to pick up the onset of the season. In addition, this year's monsoon season favorable weather conditions are likely to make the sharp increase in grain output in the first quarter of 2012, adequate supply of food prices drop, thereby increasing rural income levels, the demand for gold is a big boon. In China, gold demand rose 13% in the third quarter, to 131 tons. In value terms, China Gold demand rose 48% in the third quarter, to 46 billion yuan. The third quarter, the biggest market is the world's Gold demand in China, China's Gold demand in the market 28% of the total global demand for gold. China's Gold demand rose sharply from three or four lines of gold demand in small cities, as the basis for these citiesFacilities continues to improve, retail sales network and channel for further development, driving local consumers of gold demand. China's rapid economic growth in personal income levels have markedly improved, also help gold demand growth. 11 gold demand rose sharply on the eve of national day, during the Festival of Chinese consumers ' demand for gold rose, gold September callbackRising demand also play a role. China's Gold demand rose sharply diablo 3 gold, 24K Huang Jinjin ornaments of which demand the fastest, 18K Huang Jinjin decoration needs moderate decline. The rest of 2011 consumer gold demand in China is likely to continue to rise, as the end of the festive approaching consumers buying requirements to Huang Jinjin ornaments will be increased. However, the recent gold priceSharp fluctuations to a certain extent limiting the rising gold demand for space, as consumers wait for the price of gold fell back to low rates of buying gold ornaments. In addition, there are signs, 2012 year gold demand growth was likely to slow, due to China's economy in 2012 or unable to sustain rapid growth in the near future. The Hong Kong market in the third quarter gold demand rose 28%, to 6.4 tons�� Goldsmith and steady growth in demand mainly by the Hong Kong market in China mainland visitors gold ornaments to purchase demands driven, and the Goldsmith of the local consumer demand is relatively small, due to the price of gold is high and volatile. Despite the coming quarters the economic slowdown, but growth remains healthy, and the rise in private consumption is also maintained, which provides jewellery consumption in the region with aStrong support. Taiwan area of jewellery demand is about 1.2 tons, representing a contraction of 24% last year. Reached a record high gold prices pressured the demand, while at the same time, Taiwan's third-quarter GDP growth is slowing. However, with the advent of wedding season, associated with wedding jewellery demand is very strong. However, although associated with wedding jewellery demandAnd with the advent of 2012, the Dragon, gold gifts to newborn will increase, but overall, the demand for gold jewellery, as a whole, is still relatively weak. Taiwan economic downturn in key export markets and depressed consumer confidence suggests that gold jewellery demand in the region expected to be relatively subdued. Japan's gold jewellery demand in the third quarter performanceA strong rebound, after going through natural disasters and the nuclear crisis, inhibit long gold demand is finally released. 3% gold jewellery demand in the third quarter rose to 4.5 tons. The value of gold demand rose 30% to 19.1 billion yen, the highest since the third quarter of 2008. After going through the baptism of earthquake and tsunami, the Japanese have startedReassessment of the importance of interpersonal relationships, and began to express their feelings by giving away some gold jewelry. Gold is considered to be presented to friends and family restoration of an important means of interpersonal relationships. At the same time, Japan's gold jewellery a great increase in recycling, because there was a great rally in gold, which makes people can't wait to want to recycle they no longer want toJewels. Number of people sell old jewelry also explained the need for new jewelry. The new jewellery demand exceeds the amount of recycling old jewellery, net demand for gold is still positive. The negative reaction to the surge in gold prices as shown on the smaller markets in Southeast Asia, these markets, jewelry demand reduced as much as 17% per annum, only 15.4 tons. Of which, Thailand needs declined the most, over the same period last year to reduce 25%, to 1.1 tons. Korea and Indonesia reducing and 19%, respectively. Viet Nam has also reduced the 14%. However in Viet Nam, at the end of the third quarter, jewellery demand began to thrive again, because gold callback, and wedding season approaches. It also shows that, Viet Nam who have become more accustomed to higher levels of gold,And its potential feelings still more positive on gold. Turkey gold demand consistent with the trend of total global demand, reduced 10% per annum. , As opposed to the Middle East market, the result is more optimistic. However, if the number of gold demand and weaker third quarter of 2010 compared to, people may be affected by this misleading, one needed by the third quarter is still healthyConclusion. However, after the four-quarter gold demand did not change, and the demand is relatively stable over the past eight quarters, indicating that demand for gold in the country should be based on the average value for a reference. If in the country's currency in the third quarter, demand for gold worth 25 trillion Turkey coin, 44% higher over the same period last year. From looking at the unit of weight,East region gold demand special weakness, gold demand fell 28% per annum throughout the region diablo 3 power leveling, to 38.5 tons. Among them, Egypt greatest weakness, decreased by 43% per annum, only 8.8 tons,Pak, the United Arab Emirates, gold and other Gulf States between annual rate of decline in market demand-20%. United States gold jewellery demand and continued the downward trend in the third quarter. High prices during the economic difficulties caused by 12% per cent reduction in the demand for gold in the third quarter, United States needs only 30.9 tonnes. From the value in the third quarterDemand up 23% per annum, to $ 1.7 billion. Gold and jewelry to the dismal economic environment under pressure. Under the influence of rising silver prices, many people have begun to seek alternative materials, for example, steel jewelry has become increasingly popular. For the European market, is a quarter of a weak demand in the third quarter. Italy and United Kingdom gold jewellery demand at an annualised rate ofDon't drop and 22%. Comes as European economy vulnerable amid record gold prices further makes the weaker demand for gold jewelry. By value, and Italy demand to an annual rate of change, at 161 million euros; United Kingdom gold demand rose 14%, to 132.3 million pounds. In Italy, consumers shift from gold to other material jewelryThe phenomenon had been reduced, because all the jewellery demand reduction is seen, reflecting the country's domestic economic situation grim. Russia gold demand 18.3 tonnes in the third quarter, as the greatest demand since the last quarter of 2008. Russia consumers are increasing their demand for brand-name fashion jewelry, this has also led to Russia between jewellery manufacturer's growingCompetitive environment. Science and technology industry needs industry demand at an annualised rate held steady in the third quarter,-120.2 tonnes, taking into account the current high prices and a number of key market economy faltering, it's a pretty good performance. Many indications from emerging markets, rest of 2011 and 2012, the tech industry may not be sustainable increasesGrew up, the weak global economy impacts on consumer confidence and reduce the potential demand. However, although according to the number of tons of gold demand did not grow, under the influence of rising gold price, value of gold demand rose in the third quarter, hit a quarter of global demand for technology industry high of US $ 6.6 billion. After Japan suffered following the massive earthquake and tsunami, its industrial output eachMonths are shrinking. But on the other hand, strong demand growth from China Gold demand in the industrial sector are maintained. Gold and decorative attachments for other industry recorded a modest increase in demand, due to double-digit growth in demand in China offset by reductions in other parts of the world. Finally, suffered a big drop in demand for dental gold, a year earlier by 9%.Electronics industry recorded a modest increase of 1% per annum in the third quarter, 87.1 tons, valued at $ 4.8 billion. Although not currently fell, but analysts have said the electronics industry has begun to face poor market, major economies are facing severe economic adjustment, clear Western markets than ever before, even in autumn admission surges come, all their needsThe poor performance. In East Asia (mainly China) offset by reductions in other areas of growth. According to the semiconductor industry association (SIA) September, global semiconductor sales of US $ 25.8 billion, representing $ 25.1 billion in growth last month of 2.7% August sales at an annualised rate of growth of 2.2%, part of the impact of netbooks and tablets increased demand. The otherA noteworthy growth areas are automotive semiconductor demand growth. According to the car accessories dedicated semiconductors registered double-digit growth per annum. However, these increases were a series of other products and markets offset by lower consumer demand and industrial demand. Potential areas of concern of the electronics industry is one of the last few months of semiconductor stocks increased. For 2011Semiconductor stocks held by the supplier for the quarter rose to record highs, triggering market concerns over the recent chip market. China leading the growth of the demand for gold during the period, an increase in the annual rate of more than 10%, but a more modest increase in other key markets, Japan output after a March after the earthquake is still depressed, United States demand roughly balanced, and Germany needs temperatureAnd falling. From other industrial and decoration industries demand remains sluggish, only increase by 1% per annum, to 22.3 tons (in value terms, equivalent to or 40%, about US $ 1.2 billion). However, the worldwide trend is very diverse, relatively strong demand in East Asia (China), which was offset in Europe, the United States and India regional demand in the. DownturnEconomic Outlook led to these markets for gold investment demand, it is more important is that gold brings to the electronic field of high impact. Political events are also relevant here, given the large amounts of gold jewelry is mainly exported to North Africa, but North Africa spring so that the market had been hit. In contrast, China's investment demand continues to be plated gifts and gold-plated parts demand driven. RMBValuation of gold prices higher on consumer investment stomach is satisfied that the impact is minimal. Finally, the decline in dental applications at an annualised rate of about 9%, to a record low (according to GFMS gold mining services company owned by Thomson Reuters data since 1968) gold prices sharply higher adding alternative consumption of base metals such as Palladium. In addition, ceramic in this areaWidely used also eroded the market share of gold, and applications in dental ceramic raw materials by a number of concerns about cosmetic medicine warmly welcomed by consumers. Investment demand for gold investment demand (with similar products such as gold coins, gold bars and gold ETF) hit 468.1 tonnes in the third quarter, compared with a year ago 33%, worth about $ 25.6 billionDollars, compared with $ 13.9 billion in third quarter of 2010 is almost doubled. Gold counter transactions need and demand for stocks, gold demand in the third quarter to 431.4 tons, annual rate of increase of 23%, worth about US $ 23.6 billion. Gold bars, official coins and ETF demand overall than the third quarter of 2010 increased by 120 tonnes, but metal,Coins and counter transactions and inventory demand growth offset an overall increase in demand for both 4.3 tons and 36.6 tons, respectively. Relative to the same period last year and a quarter before, the market demand for gold ETF and similar products has experienced tremendous growth. Gold prices in July and August's gains triggered by strong demand. In early September as the price of gold contactsAnd record highs, gold market at the end of August and early September, there have been a wave of profits, gold is fixed, then investors will lower the gold price level as bargain buying opportunity and such to cover continued until the end of the quarter. ETF in India and Japan and other markets was welcomed. Compared with the third quarter of 2010, counter trade and inventories in the thirdQuarter outflow 36.7 tons. Gold ETF demand in the third quarter from the first two months of selling demand continued to increase into, and the counter trading also showed similar trends. As the euro-zone debt crisis (leading to increase in dollar demand, investors sell gold also seek dollars) deteriorated, speculative component of growing investment markets triggered the September profitSpit. And ending the year, gold market performance has been extraordinary, therefore also became investors profits to make up for the losses of other market objectives. Demand for gold bars and coins rose 29% per cent per annum tons, worth about $ 214, gold bars and coins needs, demand for physical gold bullion coins and official demand experienced over 30% per cent per annum, and smallMetal coins and segmentation by 18%. In July and August in the third quarter on strong demand presents a global trend, but then as the price of gold reached record highs and sharp profits, then investors took a wait-and-see attitude for some time to wait for prices to stabilize. But the exception to this is, India, and Japan and the United States market demand for gold coins and gold bars are hit a recordIncreases, there are only two markets (Thailand and Saudi Arabia), an increase of less than 10%, increase in investment demand in the remaining markets are more than two digits. A number of factors contributed to the surge in demand in several countries is one of the main factors of high inflation and investor concerns about eurozone debt crisis is also a factor. In addition, relative to the weak performance of other markets, gold marketStable also led to the increase in investment demand. Although investment demand in the third quarter fell 18% per annum, but India is still a single market for gold bars and coins in greatest need, demand for gold bars and coins in the third quarter rose to about 78 tons, equivalent to 198.5 billion rupees. A long time India main consumers of the gold market, these consumers are mainly buying gold jewelry or gold, But fluctuations in gold prices make consumers demand shocks. Gold price fluctuations impact consumer demand trend is further confirmed in the third quarter, gold prices hit record high in the third quarter, and India rupee depreciation also increased the price of gold rises, which led to the gold price volatility causing many investors took a wait-and-see attitude in a few weeks at the end of this quarter. However, India goldSupporting the background remains unchanged demand, inflation remains India investor concerns one of the India investors are still very positive expectations of gold. China, China increased investor demand for gold bars and coins 24%, 60.2 tonnes. In local currency terms, equivalent to $ 21.1 billion yuan, an annual rate of increase of 63%. China's gold investment demand to increase theBenefiting from investor concerns about the escalating inflation and expectations of gold continued to move up. Alternative investments such as stock and real estate markets were relatively weak increase gold investment demand. Industrial and commercial bank and the World Gold Council gold savings plan jointly launched in September reached 2 million customers, gold demand rose by more than 19 tons per annum. In Hong KongField, although gold demand absolute amount at low 0.5 tons, but an annual rate of growth of 52%, before the tax advantages to attract Chinese tourists to buy gold in Hong Kong, which promoted the increase of demand for gold. Taiwan, demand for gold bars and coins in the third quarter over the same period last year, three times, while gold prices hit record highs following the strong profits, but new and emergingBuy profits remained offset and the net inflow of gold demand of 1.5 tons.But profits still exceeded the net buying about 17.9 tons (third quarter of 2010 has a negative investment of 9.6 tons). 2012 adjustment factors and tax bill could also make in kind to support the selling accelerated, at that time, gold bars and coins of more than 2 million yen transactions would be subject to tax. Remaining market in Southeast Asia, all markets are experienced investmentSubstantially per annum growth in demand, with Viet Nam demand growth was strongest, gold bars and coins increased demand for 78%, to 33.8 tons (compared to previous quarter a) inflation is Viet Nam main factors increase in investment demand for gold price increases up to 22-23% per annum. Negative interest rate level of savings for many Viet Nam investors were no longer attractive, unitCity and weak real estate market allows investors to stay away from these markets, gold bars to be the main beneficiaries. Although Viet Nam official imports of 25 tons of gold, but has not yet eased the local gold market premium, the premium reached $ 15-20/ounce level. Indonesia (5.1 tons) and Korea (1.5 tons) of gold coins and bullion market is still relatively small,But growth rates respectively touching and 46%. The increase mainly due to the price of gold rose to promote. But a high demand in Indonesia is mainly by the media widely reported the effect on gold's performance. Thailand, an annual rate of increase in investment demand for Gold 7%, to 21.5 tons, about US $ 1.2 billion. Constituted needs major speculators, but while the third-quarter profitsBut investment demand showed third-quarter performance is in very good health. Where Turkey's investment demand rose 60%, contributing a total demand of one-fourth, which is 26 tons, total worth up to $ 2.5 billion of these gold Turkey lira. In the same period last year, the country's needs in this area no more than 1 billion Turkey lira. Thus,In order to meet this year's investment demand have almost doubled since, Turkey has also been a sharp increase in the number of gold coinage. Particularly worth mentioning is that, when in August this year in the demand for gold investment demand for gold coins is the most notable feature that is particularly strong, this gift of gold coins from before to mainstream investment situation in the country constitutes a distinct contrast. WhileThese demand conditions is one of the important symbol of strength in the gold market, means Turkey widespread high attitude to gold price trends. And when the third quarter, gold bars and coins of the Middle East investment demand rose 9%, reaching 9.7 tons, for the four-quarters one-quarter of 2008 the highest value. Prior to this, gold stock investment in the regionThe financial tsunami has reached the peak of 2008 quarter 10.3 tons of them. Jewellery consumption in the third quarter of this year despite the region fell, but investment demands continue to rise more than offset by the negative effects of the foregoing considerations. And the growth of investment demand, that came from investors on expectations of further gains in gold, as well as on regional and global economyWorried about the situation of uncertainty. In all countries in the Middle East, Egypt for growth in demand for gold is the highest, gold demand rose to 60% in the country, while the total demand is still only a paltry 0.8 ton, equivalent value of $ 261 million Egypt pounds. In addition, in the United Arab Emirates, gold demand growth 12% ton, while other GulfGroup of gold demand increased to 0.9 tonnes, an increase of 21%. Saudi Arabia as the biggest gold market in the Middle East, in the third quarter of this year demand 4.8 tonnes of gold, and 2010 was flat over the same period, compared with the historical general status, this value is very gratifying. From the third quarter of 2007 to the second quarter of 2011,The average one-quarter gold demand to 3.1 tons. Europe as a whole, and that its spot gold demand accounts for as much as 30% in the world, demand growth as high as 135%. Gold demand 118.1 tons in the third quarter of this year in the region, discount � 4.6 billion. Gold demand is so strong in Europe, because the more play moreStronger euro-zone debt crisis has forced almost all investors is the bow, had to choose to buy gold to hedge. Particularly sharp increase in the demand for gold bullion in the European region, resulting in many bullion dealers in the region were recorded turnover of one of the largest-ever quarter. Throughout Europe, the biggest increase in demand for gold is the State of France, the country's investmentGold holdings increase reached 4.9 tons in the third quarter of 2011, and only 0.3 tonnes over the same period a year ago. In particular is important to note that, in view of France with the accumulation of huge amounts of gold reserve history, investors sell gold arbitrage is commonplace on the market of the country, however, the report shows the country in July this year without large-scale gold selling, the originalIs that investors in the process of owning gold benefited, thus smooth selection of Lisp in numbers to take continued to hold the gold spot. Germany with 59.3 tons of demand, continue to be the largest gold spot market in the European region. When quarterly gold demand in the country to 24.1 tons over the same period a year ago more than doubled, the second-highest on recordQuarter demand. Because of the increasing demand for investors has further increased the share of investment in the gold market. In Switzerland, spot gold demand has more than doubled, is associated with the precious metal commodity with an across-the-Board pick-up in demand. The spot gold surge in demand in the third quarter of the year 121% to 37.2 tonnes, discount 1.7 billionThe Swiss franc. Demand caused this increase occurs because the following a series of factors: rising gold prices and investor concerns about the eurozone countries prospects for financial stability, as well as Switzerland's Central Bank unexpectedly move Euro/Swiss franc exchange rate and lower limits (the initiative enables Swiss francs coins of this currency risk inhibited). Gold demand in other European countries at the sameGrowth for the period up to 83%, at 16.7 tonnes. Although growth still gratifying, but the market's contribution to the overall gold demand in Europe, compared with the previously mentioned three main markets to be less of a lot. In addition, the United States investors in Europe debt crisis demonstrated sense of urgency on the issue, it is far from its European counterparts were so significant. AlthoughUnited States United States gold investment demand during the third quarter compared to the previous quarter rose by 9% to 21.5 tons, but reduces the 13% compared with the same period last year. United States gold coins appeared in the September decline in demand, because in silver at the end of the quarter represents a significant decline, investors favored more silver investment products, sales soared and crowding outTotal gold demand. Although the United States State of uncertainty remains in our economic prospects on the supporting role of gold was steady, but previous stage high gold prices have made investors selling arbitrage operation and enable consumer demand to look sigh. Global Gold supply supply conditions in the third quarter of this year reached 1034.4 tons, compared with a year earlier to increase2%. From all sides of the supply situation compared to a year ago with a rise, but because of the world's central banks are buying gold for the supplementary reserve, flows from the Treasury market instead of the gold supply has been reduced. Global mine output in the third quarter of this year grew 5%, 746.2 tonnes, some of the world's largest Miner, or new projects are put into production, or adding to existing mines locatedEffects of output. World's major grain producing areas, such as the African and CIS countries, and increased production have emerged in the Americas region. In the African region, Essakne gold mine in Burkina Faso in the middle of 2010 after production, has greatly facilitated the increase in gold production. At the same time, Inata gold production facilities has also appeared in the country must be increased. WhileMining giant Randgold Resources in the development of West African States in C?te d ' Ivoire Tongon mine output rose sharply, but also makes the country's gold-producing capacity increase occurred. Despite the recent political situation continuing instability in the country, but those normal operation of the mining facilities were largely intact. In addition, a number of other countries in Africa, Such as Eritrea (Bisha mine facilities in the country has just been put into production), Ghana and the gold production has increased in countries such as Sudan. While in the CIS countries, gold production main contributions came from Russia (Blagodatnoye and Malomir two major mining facilities contribute the vast majority of increasing yield) and Kazakhstan (increasing productionOutput from Altyntau Kokshetau facilities). Some other countries such as Mexico, Peru and Canada increased production in countries such as, but the United States, Australia and Indonesia and other countries output fell. In the third quarter of this year, the major gold producers hedge operations is very small, and last yearThe same period, the producers were relatively small opposition punching operation. Quarters of hedge lines and 10 tons, and three quarters of last year's reverse hedge amount when compared with 54.4 tons. Since the beginning of the year, miners total hedge amount of 21.9 tonnes, while shipments to oil hedging projects has slightly more than the number of total new hedging projects. While the official isAcquires 148.4 tonnes in the third quarter of this year, because of the world's leading central banks have increased the proportion of its assets, the gold reserves. Russia this year, the Central Bank is still in the implementation of its plan to buy their gold output, the country's Central Bank acquires 15 tonnes of gold in the third quarter, bringing its gold reserves to 852 tonnes by then. While in BoliviaGold reserves in the third quarter increased by 14 tons, the Central Bank in August and September this year in two bought 7 tonnes of gold. At the same time, the country also adopted a new Bill, asked the Government to buy their gold production by mining facilities. Over the past 5 years, the country's average annual production of 8 tons of gold, most of them for export. Thailand Government collectionPurchase more strongly, the country's gold reserves in the third quarter increased to 25 tons. While other central banks also appeared to increase the amount of reserves, but due to various factors limit to the number and no way of knowing. End of the third quarter amid global Central Bank Gold Agreement also coincided with the third period in the second year of the end of the period of implementation. All States parties to the agreement the Bank in the third quarterWhen barely sell any gold, since the beginning of the year the total amount sold only 1.1 tons. This year, total sales of 53.3 tons of gold in the market, 52.2 tons of these are the International Monetary Fund (IMF) through its gold selling limited items sold. Due to the influence of economic and financial crisis in Europe, European gold selling liveAlmost fully come to an end, and to intensify the expansion of the gold reserves. Gold recovery volume of 426.5 tons in the third quarter, per cent, to 13%, given nearly a year in the gold price rose as high as 39%, and create a record, this is only a general increase in recovery. Recovery supplies are not increased the number of gold, also means that investmentGold prices continue higher, second-hand gold supply and because the market has been rather limited. At the same time, also had obvious evidence, after gold prices continue to rise, there will be a new round of selling wave of recovery. While the global recovery status appears in the States will have different, in China, the Middle East and Northern Europe and other places, gold recovery volume basicLimit. However, the gold recovery activities in the United States and southern European countries are fairly active. (Compiled by global exchange network team of translation of this article) "panoramic network special statement" articles, data and other content contained in this channel are filled by the media (corporate) provided, does not represent our views. Content contained in this Web for investor use only and does not constitute investment advice, operations, riskYour own.