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Gold Demand Trends Full Year 2013

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Gold Demand Trends Full Year 2013 Gold Demand Trends Full year 2013 February 2014 www.gold.org 2013 proved to be the year of the Contents consumer, with gold jewellery demand Executive summary 02 Global gold market – 2013 review 08 close to pre-crisis levels and investment Jewellery 08 in small bars and coins hitting a record Investment 10 Central banks 13 high. The result was annual gold demand Technology 14 of 3,756.1 tonnes, valued at US$170bn. Supply 14 However, outweighing the impressive Gold demand statistics 16 Appendix 24 consumer demand were the effects of Notes and definitions 29 ETF outflows and lower central bank Contributors buying, resulting in 2013 demand 15% Louise Street below the strong volumes recorded [email protected] Krishan Gopaul in 2012. Read more… [email protected] Alistair Hewitt [email protected] Gold demand by category (tonnes) and the gold price (US$/oz) Marcus Grubb Tonnes US$/oz 5,000 1,800 Managing Director, Investment Strategy 1,600 [email protected] 4,000 1,400 3,000 1,200 2,000 1,000 1,000 800 600 0 400 -1,000 200 -2,000 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Jewellery Total bar and coin demand ETFs and similar products Technology Central bank net purchases London PM fix (US$/oz, rhs) Source: LBMA, Thomson Reuters GFMS, World Gold Council Executive summary The gold market became polarised in 2013 as 21% growth in demand from consumers and value-seeking investors contrasted with large-scale outflows from ETFs. The net result was a 15% decline in full-year gold demand in a year where jewellery, bar and coin demand reached an all-time high. Chinese consumers set a new annual record, while India was resilient in the face of import restrictions. The sharp fall in the gold price in the second quarter elicited a strong and swift response from consumers in Asia and the Middle East, an effect that extended out to western markets in the final quarter of the year. Table 1: 2013 gold demand overview Tonnes US$mn 5-year 2013 vs 2012 5-year 2013 vs 2012 2012 2013* average % change 2012 2013* average % change Jewellery 1,896.1 2,209.5 1,983.3 17 101,745 100,248 87,617 -1 Technology 407.5 404.8 427.8 -1 21,864 18,365 18,836 -16 Investment 1,568.1 773.3 1,410.5 -51 84,144 35,085 62,462 -58 Total bar and coin demand 1,289.0 1,654.1 1,292.8 28 69,169 75,049 58,686 9 ETFs and similar products 279.1 -880.8 117.7 - 14,975 -39,964 3,776 - Central bank net purchases 544.1 368.6 282.6 -32 29,193 16,724 14,198 -43 Gold demand 4,415.8 3,756.1 4,104.3 -15 236,946 170,422 183,113 -28 *Provisional. Source: LBMA, Thomson Reuters GFMS, World Gold Council Q4 saw a similar pattern to much of 2013, with demand down The average annual gold price in a number of currencies 29% compared with the near-record Q4 in 2012. Annual gold – including the US dollar, euro, British pound and Chinese supply contracted by 2% for the second year running, as a renminbi – was around 16% lower than 2012. However, a drop in recycling activity exceeded moderate growth in mine number of key markets, notably Japan, India, and Turkey, production. experienced markedly different price moves, due to sizeable currency depreciation (Chart 1). The sharp drop in the gold price in the second quarter, and subsequent price weakness through the remainder of the year, had a marked impact on the value of gold demand in 2013. Scan with your mobile device to access our research app for investors Gold Demand Trends | Full year 2013 Chart 1: Gold price in different currencies % change 15 10 5 0 -5 -10 -15 -20 -25 -30 -35 Jan 2013 Mar 2013 May 2013 Jul 2013 Sep 2013 Nov 2013 US dollar Euro Japanese yen Indian rupee Chinese renmimbi Turkish lira • The US dollar price declined by 27% during 2013 following the sharp Q2 declines. • However, prices in India, Japan and Turkey diverged considerably due to domestic currency weakness. Source: LBMA, Thomson Reuters Datastream, World Gold Council Let’s get physical: record breaking year As we have detailed previously, this flow was a function of large-scale selling of more tactical ETF positions among western for consumer demand investors as macro sentiment in the US improved. Gold flooding Consumers put on an impressive show of strength last year, onto the market as a result was used to feed the voracious generating a 21% increase in demand for jewellery, small bars appetite for physical metal among consumers in India, China and coins (collectively referred to as ‘consumer demand’) to and numerous Asian and Middle Eastern markets. These a historic high of 3,863.5 tonnes (t). Much of the growth was shifts resulted in the shipment and transformation – on an epic concentrated in the first half of the year, unsurprisingly given the scale – of 400oz London Good Delivery (LGD) bars into smaller sharp declines in the price in April and June, which prompted a denominations more suitable for consumers’ pockets. swift and strong reaction from consumers in the more price- ETFs generated further outflows in the fourth quarter, taking sensitive markets such as India and China. The second half of the total for the year to 880.8t. Three quarters of these outflows the year saw this trend continue as the impact of lower prices were absorbed by growth in annual consumer demand of 678.4t was felt more globally, particularly in the jewellery sector. – the largest year-on-year increase since our records began No review of 2013 would be complete without a mention of and a demonstration of the strength of physical demand for the unprecedented flow of gold from western vaults to eastern jewellery, bars and coins. markets, via refiners in North America, Switzerland, and Dubai. 02_03 Table 2: Annual and quarterly average price 2013 Q4’13 vs vs 2012 Q4’12 2012 2013 % change Q4’12 Q1’13 Q2’13 Q3’13 Q4’13 % change US$/oz 1,669.0 1,411.2 -15.4 1,721.8 1,631.8 1,414.8 1,326.3 1,276.2 -26 €/oz 1,298.7 1,063.8 -18.1 1,328.8 1,235.6 1,083.2 1,001.5 937.8 -29 £/oz 1,053.0 903.8 -14.2 1,072.6 1,051.6 921.4 855.5 789.2 -26 CHF/kg 50,323.7 42,090.3 -16.4 51,603.7 48,792.5 42,865.7 39,744.2 37,072.3 -28 ¥/g 4,278.2 4,410.4 3.1 4,478.6 4,834.7 4,492.5 4,216.8 4,107.1 -8 Rs/10g 28,639.4 26,440.2 -7.7 29,964.7 28,420.8 25,381.0 26,503.5 25,452.4 -15 RMB/g 338.5 279.2 -17.5 345.7 326.5 280.0 261.2 250.0 -28 TL/g 96.6 86.0 -11.0 99.3 93.6 83.6 84.0 82.8 -17 Source: LBMA, Thomson Reuters Datastream, World Gold Council China sets the pace… Following the supply squeeze that hit the market in the middle Demand for gold in China set a remarkable new record of of the year, with a massive drain of inventories mobilised to 1,065.8t, exceeding our expectations for the year. Previous meet demand, there was a consensus that the supply chain issues of Gold Demand Trends have discussed the strength of must adapt to accommodate any future gold rush of similar the response among Chinese consumers to the price action in magnitude. To that end, recent months have been characterised Q2, and it was that quarter which had the strongest impact on by a sizable build up of stocks along the pipeline, a factor that the annual demand numbers. While some slowdown naturally was magnified by the expansion of the pipeline itself. followed such a powerful surge, demand picked up again Indications are that demand for consumer gold items has been throughout the fourth quarter as attention turned to the Chinese healthy during the January Chinese New Year celebrations. New Year, a traditional occasion for gift-giving. However, price expectations have stabilised, with the result The impact on the Chinese gold industry of the extraordinary that Chinese demand will establish a steadier pace – in the growth in 2013 demand has been marked, with significant short term at least. growth in both manufacturing and retail network capacity. Gold Demand Trends | Full year 2013 …while India hurdles import restrictions… Official statistics1 show a 63% year-on-year decline in gold Indian consumers again expressed their strong affinity with imports between July and October (latest data available), gold in 2013: demand of 974.8t was the third highest annual following the introduction of the government’s measures to volume. This was in spite of the government introducing a range limit gold imports. However, the Indian gold market is fed of measures to limit demand. Higher import duties, strict import by a number of alternative sources, including recycled gold, quotas and restrictions on gold-related lending and coin sales domestic production and unofficial imports. As the underlying led to a contraction of supply to the domestic market as the level of demand among Indian consumers remained robust, the government attempted to reduce the current account deficit.
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