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Supply and Demand

  • 2009 saw a significant increase in supply from recycled gold, due to high prices
  • Demand for investment purposes increased significantly in 2008 due to global recession
  • In 2009 demand fell for Jewellery and Industrial uses, but grew for investment purposes as prices soared
  • Both China and Russia have been increasing their gold holdings since 2005/2006.

Gold Demand

Demand Type

2007 tonnes

2008 tonnes

2009 tonnes

Jewellery consumption

2,405

2,187

1,747

Identifiable investment

686

1,184

1,271

Industrial and dental

462

436

368

Total demand

3,552

3,806

3,386

Source World Gold Council

Gold Investment

Investment Type

2003

2004

2005

2006

2007

2008

2009

Total Gold investment tonnes

331

475.3

594.8

649.7

685.8

1183.4

1270.9

Total Gold investment million dollars

3867

6253

11473

17661

15293

32487

38926

London pm fix, $/oz

363.32

409.17

444.45

603.77

695.39

871.96

972.35

Source World Gold Council

Gold Supply

Supply Type

2007 tonnes

2008 tonnes

2009 tonnes

Mine supply

2,031

2,060

2,296

Recycled Gold

956

1,217

1,549

Official sector sales

484

236

44

Total supply

3,471

3,513

3,890

Source World Gold Council