DOCSLIB.ORG

Gold Survey 2010 Philip Klapwijk Executive Chairman, GFMS Ltd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Gold Survey 2010 Philip Klapwijk Executive Chairman, GFMS Ltd Gold Survey 2010 Philip Klapwijk Executive Chairman, GFMS Ltd. Denver Gold Group –European Gold Forum 2010 Zurich, 15th April 2010 GFMS gratefully acknowledge the generous support from the following comp anies for this year’s Gold Survey and its two Updates Commerzbank Global www.pamp.com Precious Metals Tanaka Precious Metals Group Valcambi sa World Gold Council Dubai Multi Commodities Barrick Gold Corporation JPMorgan Chase Bank Centre www.IBKCapital.com ScotiaMocatta www.standardbank.com www.newmont.com www.nyse.com/nyseliffeus Johnson Matthey www.ljgold.com www.commodities.sgcib.com Kinross Gold Corporation www.natexiscm.com www.randrefinery.com INTL Commodities, INC. The GFMS Group’s Unique Research Capabiliti es & P rogramme Large and experienced team of 25 Analysts + Consultants. Not just desk-based: Over 300 companies and organisations in 36 countries visitedbd by our personnel in th e l ast 12 month s. Annual Gold, Silver, Platinum & Palladium and Copper Survey s. Also, weekly, monthly, quarterly & bi-annual reports plus forecasts and a wide range of consultancy services across all the precious and base metals & steel. For more information visit: www.gfms .co . uk or email: [email protected] Presentation Outline • GldPiGold Prices • SlSupply • Demand • Outlook US Dollar Gold Price Weekly Averages 1300 DOLLAR 2008 2009 Q1 2010 Average 871.96 972.35 1,109.12 1100 Intra-Year 2.7% 24.4% -0.5% Year-on-Year 25.4% 11.5% 22.1% zz 900 US$/oz US$/o 700 500 2626--weekweek moving average 300 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Source: GFMS; Thomson Reuters Euro Gold Price Weekly Averages 850 EURO 2008 2009 Q1 2010 Euro/oz Average 593. 09 696. 94 802. 51 IntraIntra--YearYear 6.9% 21.5% 6.1% 650 YearYear--onon--YearYear 17.0% 17.5% 15.0% uro/oz EE 450 2626--weekweek moving average 250 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Source: GFMS; Thomson Reuters Gold Prices in Different Currencies Indexed Daily Series 140 US$/oz ) 00 130 120 Rupee 10g/g 2009=10 Euro/kg 110 4th Jan (( 100 Index 90 Rand/kg 80 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 Source: GFMS; Thomson Reuters Real and Nominal Gold Prices (($preal US$ price in constant 2009 terms) 1800 1980 average: $1,600 New record nominal 1500 annual average reached in 2009, but in real terms today’s prices are still well 1200 short of historical peaks. z oo 900 Real Price US$/ 600 300 Nominal Price 0 Source: GFMS, Thomson Reuters Suppl y GFMS’ Mine Supply Database • Over 100 companies analysed on a quarterly basis – production/costs/corporate activity • Over 300 mines recorded on an annual basis – production/costs/reserves/grade • Over 320 projects – projected production profile, startstart--upup date, capex, reserves, resources • Informal mine production measured on a countrycountry--byby-- country basis • Costs measured at 70% of Western World gold production • BottomBottom--upup cost analysis methodology to assess $/tonne mining, ore processing and on -site administration costs , plus benchmarking of fuel, power, labour productivity and other key inputs • Glbllobal anal ysis and df forecasting of mine suppl y, b reakd own of industry cost structures and trends, benchmarking Gold Mine Production Latin America Other 2009 up 163t North America China 3000 South Africa Australia or 6.8% yoy 2500 2000 nes nn 1500 to 1000 500 0 1981 1985 1989 1993 1997 2001 2005 2009 Source: GFMS (Gold Survey 2010) Mine Production: Winners and Losers (Figures represen t year-on-year chihange, i.e. 2009 less 2008) 70 Indonesia 60 50 40 China 30 nnes oo RiRussia Argentina t 20 Ghana 10 0 -10 Mongolia -20 SthSouth UitdUnited Africa States Source: GFMS (Gold Survey 2010) Major Western World Mines' Cash Costs (in money-of-the-day terms) 800 700 Australia 600 500 South Africa S$/oz North UU 400 America Other 300 Latin America 200 100 Q1-05 Q1-06 Q1-07 Q1-08 Q1-09 Source: GFMS (Gold Survey 2010) YearYear--onon--YearYear Changes to Cash Costs 540 +3 +5 +5 +6 520 --44 +12 S$/oz) --1212 UU 500 +10 +21 Costs ( 480 hh --3333 460 464 478 otal Cas 2009 vs 2008 TT 440 Source: GFMS (Gold Survey 2010) Mine Production 163 tonneincrease equal to 6.8% y-y-oo--yy in 2009; the first annual increase for three years. Strong growth from a suite of new projects and operating mines. Major country gains in Indonesia, China, Russia, Argg,entina, Brazil and Mexico. All regions posted growth, except for North America. Two largest falls at the mine level were seen in the United States. US dollar denominated total cash costs increased by an average 3%, or $14/oz, to $478/oz in 2009. GFMS’ propr ietary ‘All-I’CIn’ Costs measure i ncreased db39% by 3.9% to $717/oz. AboveAbove--GroundGround Stocks of Gold, end-end-20092009 Gold is not “consumed” like most commodities; stocks can be available at the right price… Above-ground Stocks, end 2009 = 166,000t Jewellery 52% Lost & Unaccounted Official Holdings 2% 16% Other Fabrication 12% Private Investment 18% Source: GFMS (Gold Survey 2010) Supply from Scrap, Hedging & Official Sales Net Official Sector Sales Flat trend since 2000? Hedging Supply 2000 Scrap 1800 1600 Secular increase in supply 19871987--9999 1400 1200 1000 onnes TT 800 600 400 200 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: GFMS Change in Supply from AboveAbove--GroundGround Stocks 2009 compared to 2008 400 300 200 100 tonnes 0 -100 -200 -300 Official Sector Scrap Source: GFMS (Gold Survey 2010) Regional Changes in Scrap Supply 2009 compared to 2008 80 70 60 50 40 tonnes 30 20 10 0 Middle East Asia Other Indian Europe North Latin East SC America America Source: GFMS (Gold Survey 2010) Jewellery Fabrication & Scrap Supply 1700 1500 Jewellery Fabrication 1300 1100 900 Tonnes 700 500 300 SSlScrap Supply 100 04. H1 05. H1 06. H1 07. H1 08. H1 09. H1 Source: GFMS (Gold Survey 2010) AboveAbove--GroundGround Jewellery Stocks by Region, end-2009 Indian Sub- Continent 16% North America Europe 17% 20% Other 9% East Asia Middle East 25% 12% Source: GFMS (Gold Survey 2010) CBGA and Other Gold Sales Other 700 CBGA 600 500 400 300 tonnes 200 100 0 -100 2000 2002 2004 2006 2008 “CBGA” refers to signatories to the Central Bank Gold Agreement “Other” refers to all other countries Source: GFMS (Gold Survey 2010) Demand World Gold Fabrication 4500 Developing Countries 2009 down 472t 4000 Industrialised Countries or 16% yoy 3500 3000 2500 tonnes 2000 1500 1000 500 0 1980 1984 1988 1992 1996 2000 2004 2008 Source: GFMS (Gold Survey 2010) Jewellery Fabrication: Winners and Losers (Figures represent year-on-year change, i.e. 2009 less 2008) 0 Latin America -50 North Other East America Asia Indian nnes -100 Europe S-C oo t -150 -200 Middle East Source: GFMS (Gold Survey 2010) Fabrication Demand in 2009 A sharp decline in jewellery demand was the principal driver of the 16% or 472t fall in fabrication demand to 2,417 t. Full year jewellery fabrication dropped by 20% or 434 tonnes,,ggp with higher gold prices and the economic downturn the primary reasons for the fall. Other fabrication fell by just 5.4% y-o-y to 658 tonnes in 2009. However, with all coins excluded, the drop reaches 15%. • Electronics demand dropped by 16%, largely due to the economic crisis, particularly in the first half. GFMS’ Hedging Analysis • GFMS enter all hedging transactions into our hedging database and the Brady Trinity system. • Trades are input on a quarterly basis by company, instrument, year of expiry and currency. • Using detailed market data, accurate deltas and other sensitivities are calculated. • Comppggrehensive global hedge book analy ypsis is published once per quarter by GFMS, in association with Société Générale. Net Market Impact of Producer Hedging 150 50 -50 tonnes -150 -250 -350 Source: GFMS ( Su 00.Q1 pp y ly 01.Q1 Gold Survey 2010) 02.Q1 2010) 03.Q1 Demand 04.Q1 05.Q1 06.Q1 07.Q1 08.Q1 09.Q1 Total Accelerated Supply from Producer Hedging* 4 rr Outstanding hedge book just 3 236 tonnes at end-end-20092009 end-yea 2 tonnes, )) 1 (1000s 0 1995 1997 1999 2001 2003 2005 2007 2009 * outstanding forward sales, loans and net delta hedge against positions Source: GFMS (Gold Survey 2010) Investment in 2009 • World Investment (which includes the implied figure, bar hoarding and all coins) nearly doubled in 2009 to over 1,900 tonnes and reached an approximate value of $60 billion. • The first few months of 2009 saw a record level of investment demand. Fears about financial stability and economic depression triggered a wave of safe haven buying, particularly in the forms of gold ETFs and physical bullion products. • After a summer lull, investor activity, especially in the OTC and futures markets, picked up strongly from September onwards, ppyrimarily driven by a weaker dollar, ,gpp higher price expectations and growing concerns regarding future trends in inflation. This surge in investment demand drove prices above $1,200, before a loss of momentum and some profit taking brought about a price correction in the final weeks of 2009. World Investment* 2000 70 Value of World 60 IttInvestment 1500 50 U S 40 $ Billion 1000 30 Tonnes s 20 500 10 0 0 2000 2002 2004 2006 2008 *World Investment is the sum of Implied Net ((DisDis)Investment,)Investment, Bar Hoarding and all Coins & Medals.
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]
  • 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.
    [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]