DOCSLIB.ORG

GFMS GOLD SURVEY 2017 Q4 Update & Outlook 50

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
GFMS GOLD SURVEY 2017 Q4 Update & Outlook 50 50 YEARS GFMS GOLD SURVEY 2017 Q4 Update & Outlook TheThe covercover ofof thethe GFMSGFMS GoldGold Survey 2012017 6 is sponsored byby thethe followingfollowing companies:companies: TANAKA PRECIOUS METALS Tanaka Precious Metals is Japan’s leading precious metals refiner and manufacturer. Although best known internationally for its high specification industrial products, used in various applications ranging from semiconductors to communications, the company is also a producer and trader of a wide range of gold bullion bars and coins. Tanaka bars are acceptable “good delivery” on the London gold market. Valcambi is a leader in precious metals refining and operates one of the world’s largest and most efficient integrated precious metals plants situated on a 33 hectare site, at Balerna, Switzerland. We are one of the world’s largest manufacturers of minted ingots. Reacting to the demands of investors in different markets around the globe we are continuously carefully developing within the size range from 0.5 g to 1000 g, gold, silver, platinum and palladium minted bars in different forms and new designs. For our clients, according to their wishes we customize individually obverse and reverse of the bars, certificates and tailored packaging solutions. GFMSGFMS GoldGold MarketMarket Research All products produced in our foundry and minting facilities are certified by our laboratory, carefully inspected by our operators, individually packed and controlled before shipment. The Hallmark is not only a guarantee for quality of Swiss workmanship, it guarantees also the fineness of the most sought after bars in the world, desired by precious and Forecasts metals connoisseurs and investors alike. and Forecasts A Valcambi manufactured bar is not only sold at an outstanding price but is synonymous with unique craftsmanship, guaranteed fineness, transparency and reliability. SEEKSEEK MORE MORE Dig deeper into the gold market with GFMS research GFMS gold pages include: Dig deeper into the gold market with GFMS research GFMS gold pages include: and forecasts on Thomson Reuters Eikon. Use the • Historical supply and demand statistics andnew forecasts GFMS gold on Thomson pages to Reutersquickly understand Eikon. Use thethe key • • HistoricalForecasts supplyof supply, and demand demand and statistics price new GFMS gold pages to quickly understand the key drivers behind market movements. See which factors • Forecasts of supply, demand and price driversdrove behind price performance market movements. in the past, See what which will factors drive • Field research reports on key markets drovethe evolutionprice performance of these markets in the past, in the what future, will and drive what is • • FieldExclusive research analyst reports commentaries on key markets giving expert thehappening evolution inside of these various markets sectors in the of the future, industry and today.what is • Exclusiveinsight on analyst news and commentaries market developments giving expert happening inside various sectors of the industry today. insight on news and market developments To find out more contact us on [email protected] ToFor find more out informationmore contact visit us thomsonreuterseikon.com on [email protected] Cover designed by Valcambi and executed by BtoB Creativity, Coldrerio, Switzerland. For more information visit thomsonreuterseikon.com © 2015 Thomson Reuters. S019825 03/15. © 2015 Thomson Reuters. S019825 03/15. TheThe covercover ofof thethe GFMSGFMS GoldGold Survey 2012017 6 is sponsored byby thethe followingfollowing companies:companies: The GFMS Gold Survey 2017 and its Quarterly Updates have been kindly supported by the following companies MAJOR SPONSORS TANAKA PRECIOUS METALS Produits Artistiques Metaux Precieux YLG Bullion Tanaka Precious Metals is Japan’s leading precious metals refiner and manufacturer. Although best known internationally for its high specification industrial products, used in various applications ranging from semiconductors to communications, the company is also a producer and trader of a wide range of gold bullion bars and coins. Tanaka bars are acceptable “good delivery” on the London gold market. The Perth Mint Australia Italpreziosi SPA Valcambi is a leader in precious metals refining and operates one of the world’s largest and most efficient integrated precious metals plants situated on a 33 hectare site, at Balerna, Switzerland. We are one of the world’s largest manufacturers of minted ingots. Reacting to the demands of investors in different markets around the globe we are continuously carefully developing within the size range from 0.5 g to 1000 g, gold, silver, platinum and palladium minted bars in different forms and new designs. For our clients, according to their wishes we customize individually obverse and reverse of the bars, certificates and tailored packaging solutions. GFMSGFMS GoldGold MarketMarket Research All products produced in our foundry and minting facilities are certified by our laboratory, carefully inspected by our Tanaka Precious Metals valcambi suisse operators, individually packed and controlled before shipment. The Hallmark is not only a guarantee for quality of Swiss workmanship, it guarantees also the fineness of the most sought after bars in the world, desired by precious and Forecasts metals connoisseurs and investors alike. and Forecasts A Valcambi manufactured bar is not only sold at an outstanding price but is synonymous with unique craftsmanship, guaranteed fineness, transparency and reliability. SEEKSEEK MORE MORE Dig deeper into the gold market with GFMS research GFMS gold pages include: Dig deeper into the gold market with GFMS research GFMS gold pages include: and forecasts on Thomson Reuters Eikon. Use the • Historical supply and demand statistics andnew forecasts GFMS gold on Thomson pages to Reutersquickly understand Eikon. Use thethe key • • HistoricalForecasts supplyof supply, and demand demand and statistics price new GFMS gold pages to quickly understand the key drivers behind market movements. See which factors • Forecasts of supply, demand and price driversdrove behind price performance market movements. in the past, See what which will factors drive • Field research reports on key markets drovethe evolutionprice performance of these markets in the past, in the what future, will and drive what is • • FieldExclusive research analyst reports commentaries on key markets giving expert thehappening evolution inside of these various markets sectors in the of the future, industry and today.what is • Exclusiveinsight on analyst news and commentaries market developments giving expert happening inside various sectors of the industry today. insight on news and market developments Istanbul Gold Refinery Foretell Business Solutions To find out more contact us on [email protected] ToFor find more out informationmore contact visit us thomsonreuterseikon.com on [email protected] Cover designed by Valcambi and executed by BtoB Creativity, Coldrerio, Switzerland. For more information visit thomsonreuterseikon.com © 2015 Thomson Reuters. S019825 03/15. © 2015 Thomson Reuters. S019825 03/15. TABLE OF CONTENTS • Global Review and Outlook 5-6 • China 7-8 • Jewellery Consumption Table 9 • India 11-12 • United States 13 • Retail Investment Table (bars and coins) 14 • Mine Supply & Producer Hedging 16-18 • The Federal Reserve in 2017 and Outlook for 2018 19 • Switzerland 20 • UAE 21 • Bitcoin 22-23 • Thailand 24 • Vietnam 25 PRODUCED BY Rhona O’Connell, Head of Metals Research & Forecasts Cameron Alexander, Manager, Regional Demand Saida Litosh, Manager, Regional Demand Sudheesh Nambiath, Lead Analyst Johann Wiebe, Lead Analyst Samson Li, Senior Analyst Dante Aranda, Senior Analyst Natalie Scott-Gray, Analyst Zen Chan, Analyst GFMS GOLD SURVEY Q4 2017 GLOBAL REVIEW AND OUTLOOK • Gold prices slipped to a near five-month low by mid-December ahead of the FOMC meeting, where the U.S. Federal Reserve raised interest rates for the third time in a move widely expected by the markets. Gold recovered most of earlier losses in the second half of the month, helped by a weaker U.S. dollar, finishing the year on an upbeat note. GFMS GOLD SURVEY • Q4 physical demand increased over the previous quarter, although it was only slightly higher year-on-year. This, along with lower mine production, saw the physical surplus shrink to just three tonnes. In the final quarter of 2017 the gold market’s attention shifted to the FOMC December meeting and the U.S. tax reform. Gold prices came under renewed pressure amid dollar strength in the run up to the meeting, where the Fed was widely expected to lift its benchmark interest rate, sending gold to a five-month low of $1,241/oz (based on PM fix). The final weeks of the year, however, saw gold prices recover the bulk of previous losses as the dollar weakened against other major currencies after the Fed reiterated that a gradual path of rate increases remained appropriate even in light of the new tax reform. With improving economic sentiment, sustained equity market strength and growing risk appetite investors’ interest in gold remained relatively lacklustre in 2017, and the final quarter was not an exception in that sense. Western investors reduced their gold ETF holdings by five tonnes in Q4; while this was a much better performance compared to Q4 2016, net purchases for 2017, standing at 170 tonnes, were still considerably lower compared to a year earlier. Retail investment, comprising
Load more

Recommended publications
  • Determinant of the Development of The
    Original Research Article: (2018), «EUREKA: Social and Humanities» full paper Number 4 DETERMINANT OF THE DEVELOPMENT OF THE PRECIOUS METALS MARKET AND PECULIARITIES OF INVESTMENTS IN PRECIOUS METALS Oleksandr Ksenzhuk Department of International Economics Ternopil National Economic University 11 Lvivska str., Ternopil, Ukraine, 46020 [email protected] Abstract It is argued that precious metals function as an attractive investment means for hedging in the period of appearing high li- quidity risks of other financial assets. There was revealed the rationality of using precious metals not only for protecting from high risks and also for profit making. It was established, that favoring the development of the market of precious metals improves the financial-investment climate of a country. Precious metals function as a valuable asset that improves the credit trust level and prevent crises of efficiency, liquidity and default. There is grounded the influence of globalization on functioning of the world market of precious metals and their investment attractiveness. Factors that influence the development of the precious metals market are deter- mined. The role of price formation in functioning and stability of the precious metals market is determined. There was argued, that the mechanism of price formation – is a multi-factor process; precious metals are indicators of the general state of world economy: gold draws the greatest attention of investment-seeking economic agents; platinum price indicates the state of economic and financial processes to the date; silver and palladium are found to be not elastic and highly dependent of demand created by industrial economic entities; gold is regarded as the financial asset of the highest liquidity level in the structure of gold and currency reserves across countries worldwide, ten countries keep leading positions, most of them demonstrate stable indices.
    [Show full text]
  • China's Gold Market
    China’s gold market: progress and prospects About the World Gold Council Contents The World Gold Council is the market development organisation Executive summary 01 for the gold industry. Working within the investment, jewellery Introduction 01 and technology sectors, as well as engaging with governments Key conclusions 02 and central banks, our purpose is to provide industry leadership, China’s developing urban landscape 04 whilst stimulating and sustaining demand for gold. Economic development and the gold market 06 We develop gold-backed solutions, services and markets based Introduction 06 on true market insight. As a result we create structural shifts in Gold market control and de-regulation 07 demand for gold across key market sectors. Economic development and gold demand 09 Policy timeline 10 We provide insights into international gold markets, helping people to better understand the wealth preservation qualities of Jewellery 15 gold and its role in meeting the social and environmental needs Introduction 15 of society. Market and product structure 17 Factors driving demand 20 Based in the UK, with operations in India, the Far East, Europe Outlook 24 and the US, the World Gold Council is an association whose Investment 29 members comprise the world’s leading gold mining companies. Introduction 29 Factors driving demand 34 Methodology Outlook 38 The World Gold Council commissioned Precious Metals Insights Industrial demand 40 (PMI) to lead the research into the outlook for Chinese gold Overview 40 demand over the medium term (defined as 2014-2017 for the Electronics 41 purpose of this report) and to compose this report that details its Decorative uses 42 findings.
    [Show full text]
  • Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K Filed March 31, 2017, Both on File with the U.S
    THE HIGH MARGIN PRECIOUS METALS COMPANY January 2020 15 YEARS OF STREAMING CAUTIONARY STATEMENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The information contained in this Presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of Canadian securities legislation. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are strongly cautioned to carefully review the cautionary notes to this Presentation and in particular: Note 1 at the end of this Presentation contains our cautionary note regarding forward-looking statements and sets out the material assumptions and risk factors that could cause actual results to differ, including, but not limited to, fluctuations in the price of commodities, the outcome of the challenge by the CRA of Wheaton Precious Metal’s tax filings, the absence of control over mining operations from which Wheaton Precious Metal purchases silver or gold, and risks related to such mining operations and continued operation of Wheaton Precious Metal’s Counterparties. Readers should also consider the section entitled “Description of the Business – Risk Factors” in Wheaton Precious Metal’s Annual Information Form and the risks identified under “Risks and Uncertainties” in Management's Discussion and Analysis for the period ended December 31, 2016, both available on SEDAR and in Wheaton Precious Metals' Form 40-F and Wheaton Precious Metals' Form 6-K filed March 31, 2017, both on file with the U.S.
    [Show full text]
  • Gfms Gold Survey 2017 50
    GFMS GOLD SURVEY 2017 2017 GFMS GOLD SURVEY THOMSON REUTERS 50 YEARS GFMS GOLD SURVEY 2017 © 2017 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters. Gold Survey Cover 2017 Sponsor and Branding.indd 1 09/03/2017 12:42:11 GFMS GOLD SURVEY 2017 BY: Rhona O’Connell, Head of Metals Research & Forecasts Cameron Alexander, Manager Ross Strachan, Manager Bruce Alway, Manager Sudheesh Nambiath, Lead Analyst Johann Wiebe, Lead Analyst Samson Li, Senior Analyst Dante Aranda, Analyst PUBLISHED MARCH 2017 BY THOMSON REUTERS The Thomson Reuters Building, 30 South Colonnade London, E14 5EP, UK E-mail: [email protected] Web: http://financial.thomsonreuters.com/en/products/tools-applications/trading-investment-tools/ eikon-trading-software/metal-trading.html THETHE GFMS GFMS TEAM TEAM AT AT THOMSON THOMSON REUTERS REUTERS GRATEFULLYGRATEFULLY ACKNOWLEDGES THETHE GENEROUS GENEROUS SUPPORT SUPPORT FROM FROM THETHE FOLLOWING FOLLOWING COMPANIES COMPANIES FOR FOR THIS THIS YEAR’S YEAR’S GFMSGFMS GOLD SURVEYSURVEY AND AND ITS ITS QUARTERLY QUARTERLY UPDATES UPDATES www.pamp.com Italpreziosi SPA TANAKA PRECIOUS METALS www.valcambi.com www.ylgbullion.co.th www.goldconvention.in www.perthmint.com.au www.igr.com.tr TABLE OF CONTENTS The Gold Survey - Whence it Came, Where it Went 7 1. Summary and Price Outlook 11 • Supply 12 • Demand 13 • Price and Market Outlook 14 • The Gold Survey’s Golden Anniversary 15 2. Investment 17 • A Look at Investment Patterns 17 • Activity on Commodity Exchanges 18 • Exchange Traded Funds 19 • Physical Bar Investment 20 • Official Coins 21 • Medals and Imitation Coins 21 • OTC vs COMEX 22 • A New Shariah Standard for Gold - Will it Influence Demand any Time Soon? 25 3.
    [Show full text]
  • The Power of Copper-Gold: a Leading Indicator for the 10-Year Treasury Yield
    The Power of Copper-Gold: A Leading Indicator for the 10-Year Treasury Yield Jeffrey M. Mayberry Co-Portfolio Manager, DoubleLine Strategic Commodity Fund The Power of Copper-Gold: A Leading Indicator for the 10-Year Treasury Yield Introduction The distinct roles of copper versus gold – the red metal’s industrial necessity, the popular perception of the yellow metal as a safe haven – can embed useful information in their market prices, particularly in relationship to each other. Broadly speaking, the ratio of copper to gold can serve as an indicator of the market’s appetite for risk assets versus the perceived safety of Treasuries. More specifically, the ratio of copper to gold can serve as a leading indicator of the direction of the yield on the 10-year U.S. Treasury note. Smelted from mineral ore for over 10,000 years, copper became the first metal worked by humans. Around 6,500 years ago, someone mixed a secondary metal with copper to invent bronze. An alloy with such useful properties as hardness, ductility and corrosion-resistance, bronze ended the Stone Age, giving its name to the next great technological era of civilization.1 Its ancient pedigree notwithstanding, copper is indispensable to our modern economy. On a mass scale, generation and transmission of electricity, electrical devices and electronics would be impossible without the red metal. From the Bronze Age into our own Information Age, copper and its alloys have ranked among the foremost commodity inputs to industrial activity. Gold’s credentials are not industrial but financial. Five thousand years ago, the ancient Egyptians organized the first large- scale gold mines.
    [Show full text]
  • Annual Report for the Year Ended 31 December 2015 Gold Fields Integrated Annual Report for the Year Ended 31 December 2015
    Integrated Annual Report for the year ended 31 December 2015 Gold Fields Integrated Annual Report for the year ended 31 December 2015 To be the global leader in sustainable gold mining The Gold Fields Integrated Annual Report 2015 1.1 About this report Our 2015 Integrated Annual Report About Gold Fields comprises the following volumes: ❯ The Integrated Annual Report (IAR) 2015, Gold Fields Limited is an unhedged, which examines the integrated nature of globally diversified producer of gold with our operational, financial and sustainability eight operating mines in Australia, Ghana, performance ❯ The Annual Financial Report 2015, which Peru and South Africa with attributable fulfils our statutory financial reporting annual gold production of approximately requirements ❯ The Mineral Resources and Mineral 2.2 million ounces. It has attributable Reserves Overview 2015, which provides Mineral Reserves of around 46 million detailed technical and operational ounces and Mineral Resources of around information on our mines and growth projects 102 million ounces. Attributable copper ❯ Gold Fields Global Reporting Initiative Mineral Reserves total 532 million pounds (GRI) Content Index for the IAR 2015 and Mineral Resources 910 million The aim of our integrated approach is pounds. Gold Fields has a primary listing to enable our stakeholders, including investors, to make a more informed on the JSE Limited, with secondary assessment of the value of Gold Fields and listings on the New York Stock Exchange its prospects. The IAR also forms part of our (NYSE) and the Swiss Exchange (SWX). Communication on Progress to the United Nations Global Compact. A summary of our adherence to the GRI, the 10 Principles of the United Nations Global Compact and the 10 Principles of the International Council on How to read this Integrated Annual Report: Mining & Metals (ICMM) and its mandatory GOLD FIELDS AR 2015 PROOF 2_3 MARCH 2016 requirements of the position statements are presented online.
    [Show full text]
  • An Interview with Shayne Mcguire
    December 2012 • An Interview with Shayne McGuire • Dillon Gage Releases New Mobile App • Silver ETF Introduced at Hong Kong Stock Exchange • BMO Launches Physical Silver Deposit Program • Silver Demand Forecast to Hit Record in 2014 • China is World’s Second Largest Silver Fabricator; Poised to Become Second Largest Producer • Bath Tub Sports Silver Ion Circulation Components Shayne McGuire manages the $800 million GBI Gold Fund and is the Head of Global An Interview with Research at Teacher Retirement System of Texas (TRST), one of the world’s largest pension funds. Prior to holding these positions, Mr. McGuire managed a $2 billion European equity Shayne McGuire portfolio and was ranked among the best Latin American analysts by Institutional Investor in 1995 and 1996. He has written two books on gold investing, and his forthcoming book is The Silver Bull Market: Investing in the Other Gold (John Wiley & Sons, April, 2013). We talked to Mr. McGuire about his new book and his views on silver. His comments represent personal views and not those of the TRST. Silver News: Explain why you changed the precious metals mix in the GBI Gold Fund that you manage to accommodate the purchase of silver. Mr. McGuire: Although the metal exhibits more volatility, silver is more highly correlated with gold than anything else. For example, although silver declined during the 2008 crisis, it outperformed all commodities and equity markets, showing that the market regards it more as a precious metal, like gold (which rose in that year), than an industrial one. Yet, silver has outperformed gold over the last decade in part because of its dual nature, being both a precious metal and also one that has multiple applications in industry and medicine.
    [Show full text]
  • Gfms Copper Survey 2016
    GFMS COPPER SURVEY 2016 2016 SURVEY GFMS COPPER THOMSON REUTERS GFMS COPPER SURVEY 2016 © 2016 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters. Copper Survey Front and Back Cover 2016.indd 1 16/03/2016 10:53:36 THE GFMS COPPER SURVEY 2016 HAS BEEN KINDLY SUPPORTED BY THE FOLLOWING COMPANIES Cesco is an independent and plural non-profit organization based in Santiago, Chile, whose main purpose is to contribute to increasing knowledge, social legitimacy and trust in mining and its crucial support to the country’s development. It considers the continuous growth and progress of the sector essentials in order to keep its international leadership and to renew the dialogue between people from the field and civil society to continue fostering development, innovation and sustainability. Thus, it follows up and contributes with information and quality analysis in original formats, supports other activities and encourages the disclosure of mining information. It also organizes well known events distinguished by its high quality and call such as Cesco Week in Santiago and Asia Copper Week in Shanghai. El Centro de Estudios del Cobre y la Minería, CESCO, es un espacio independiente y pluralista con sede en Santiago, cuyo propósito es contribuir al conocimiento, la legitimidad social y la confianza del país en su minería y su aporte crucial al desarrollo nacional. Para ello, consideramos indispensable que la minería siga creciendo y progresando para que Chile mantenga su liderazgo internacional.
    [Show full text]
  • Gfms Gold Survey 2016 Thomson Reuters Thomson Gfms Gold Survey 2016
    GFMS GOLD SURVEY 2016 2016 GFMS GOLD SURVEY THOMSON REUTERS www.valcambi.com www.tanaka.co.jp GFMS GOLD SURVEY 2016 © 2016 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and the Kinesis logo are trademarks of Thomson Reuters. cover sponsors cover Gold Survey Cover 2016.indd 1 04/03/2016 11:44:59 The cover of the GFMS Gold Survey 201 6 is sponsored by the following companies: TANAKA PRECIOUS METALS Tanaka Precious Metals is Japan’s leading precious metals refiner and manufacturer. Although best known internationally for its high specification industrial products, used in various applications ranging from semiconductors to communications, the company is also a producer and trader of a wide range of gold bullion bars and coins. Tanaka bars are acceptable “good delivery” on the London gold market. Valcambi is a leader in precious metals refining and operates one of the world’s largest and most efficient integrated precious metals plants situated on a 33 hectare site, at Balerna, Switzerland. We are one of the world’s largest manufacturers of minted ingots. Reacting to the demands of investors in different markets around the globe we are continuously carefully developing within the size range from 0.5 g to 1000 g, gold, silver, platinum and palladium minted bars in different forms and new designs. For our clients, according to their wishes we customize individually obverse and reverse of the bars, certificates and tailored packaging solutions.
    [Show full text]
  • A Review of Global Silver Supply Trends
    J.P. Morgan Center for Commodities at the University of Colorado Denver Business School A Review of Global Silver Supply Trends Thomas Brady, Ph.D. Executive Director, J.P. Morgan Center for Commodities, University of Colorado Denver Business School; and Managing Director and Editor, Commodities Report, Capitalight Research, Canada Chantelle Schieven Managing Director and Research Head, Capitalight Research, Canada This article provides a broad sweep review of both the long-term trends in global silver mining supply and in global silver supply concentration. The authors anticipate mine supply growth to remain challenged and for industry consolidation to marginally increase. Long-Term Global Silver Mine Supply Trends In this section, we review global silver mine supply trends. Figure 1 displays global silver mine supply since 1900 and the various drivers that buoyed growth including technology advancements, economies of scale and relatively new sources of supply (namely from China). As shown, global silver mine supply totaled slightly under 175M ounces in 1900. Aside from declines resulting from the Mexican Revolution that began in 1910, the First World War and the Great Depression, by 1940 global mine supply increased by approximately 60 percent to 275M ounces (or 1.2 percent annually). Silver mine production, along with that of other metals, benefited from increased adoption of open pit mining methods, improved ore separation techniques (such as froth flotation) as well as cyanidation processing. In the midst of the Great Depression, global mine supply declined by 35 percent, and the value of silver was nearly cut in half to average $0.28 per ounce in 1933.
    [Show full text]
  • Silver Investment Report.Indd
    The Silver Investment Market Prepared by GFMS Ltd for the Silver Institute April 2009 © Copyright April 2009. The Silver Institute and GFMS Limited. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the prior written permission of the copyright owner. Brief extracts (excluding tables or graphs) may be reproduced only for the purpose of criticism or review and provided that they are accompanied by a clear acknowledgement as to their source and the name of the copyright owner. The data on which this report is based has been obtained by The Silver Institute and GFMS Limited from sources which are generally believed to be reliable. However, this does not guarantee complete accuracy in the information presented here. It is in the nature of the precious metals markets that estimates for a number of components must be made on the basis of incomplete information. The opinions expressed here represent those of the authors of the report at the time of writing. Disclaimer While every effort has been made to ensure the accuracy of the information in this document, The Silver Institute and GFMS Ltd cannot guarantee such accuracy. Furthermore, the material contained herewith has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient or organization. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any commodities, securities or related financial instruments. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein.
    [Show full text]
  • World Silver Survey 2019 WORLD SILVER 1400 I Street, NW, Suite 550 Washington, D.C
    THE SILVER INSTITUTE World Silver Survey 2019 World WORLD SILVER 1400 I Street, NW, Suite 550 Washington, D.C. 20005 SURVEY 2019 Tel: +1-202-835-0185 Email: [email protected] www.silverinstitute.org The Silver Institute / Refinitiv THE SILVER INSTITUTE (major funding companies of The Silver Institute) Asahi Refining Cia. de Minas Buenaventura, S.A.A. Coeur Mining, Inc. Endeavour Silver Corp. First Majestic Silver Corp. Fresnillo plc Hecla Mining Company Hochschild Mining plc Industrias Peñoles, S.A.B. de C.V. Pan American Silver Corp. Wheaton Precious Metals Front Cover Image: Macro close up of a pure silver bullion coin © Michael Turner - Dreamstime.com Back Cover Image: Sterling Silver Dazzle Pendant Necklace by Nambé Printed by Park Communications, London 28769 WORLD SILVER SURVEY 2019 Produced for The Silver Institute by the GFMS team at Refinitiv BY Cameron Alexander, Director of Precious Metals Research Bruce Alway, Director of Base Metals Research Saida Litosh, Manager of Metals Research Johann Wiebe, Lead Analyst Wenyu Yao, Lead Analyst Debajit Saha, Senior Analyst Karen Norton, Senior Analyst Samson Li, Senior Analyst Federico Guy, Senior Analyst Natalie Scott-Gray, Senior Analyst Seema Goenka, Analyst OTHER CONTRIBUTORS: IFR Production, Refinitiv Refinitiv The Silver Institute The Refinitiv Building, 30 South Colonnade 1400 I Street, NW, Suite 550 London, E14 5EP, UK Washington, D.C., 20005 E-mail: [email protected] Telephone: +1-202-835-0185 Web: financial.tr.com/eikon-metals [email protected] www.silverinstitute.org ABOUT THE MAJOR SPONSORS OF WORLD SILVER SURVEY 2019 Coeur Mining, Inc. Coeur Mining, Inc. is a well-diversified, growing precious metals producer with five mines in North America employing approximately 2,000 people.
    [Show full text]