Monday, August 21, 2006

Gold Market Overview

Gold supply demand analysis papers

Two reports, the first is by the World Gold Council (WGC) and GFMS, published each quarter.

Gold supply demand analysis report I

The second report, the Yellow Book by Virtual metals / Fortis bank, published twice a year.

Gold supply demand analysis report II

The reports are worth reading and basically present the same information. However, each rely on different data and the numbers are not quite the same. In my opinion the data is not so accurate to say the least. It is impossible to track the complete supply demand of gold, some kind of gold transactions are taking place in each and every country and some markets are not very transparent.

Read this reports with a grain of salt , this is as good as it gets but take in to account that all analysts and entities have their own agenda , market sentiment , position and so forth.


Gold miners hedging

The Hedge Book by Mitsui Global Precious Metals, Virtual Metals and Haliburton Mineral Services – This report analyze the hedging practice (forward gold transactions) of the gold miners industry - I assume that this report is relatively accurate when compared with the supply demand reports. This report is tracking the gold mining industry and most of the hedge practice is concentrated with few big miners.

Gold miners hedging report


Gold over the counter derivatives report by the Bank for International Settlements (BIS)

The Semiannual Over-The-Counter (OTC) Derivatives Markets Statistics is comprehensive and provide some information on the size and structure of derivatives markets in the G10 countries and Switzerland. Gold OTC Derivatives are just a small fraction of total OTC derivatives, gold derivatives represents less then 1% of total Over-The-Counter derivatives contracts. Even tough, the numbers related to gold are running at hundreds of billions USD for notional amounts and tens of billions USD for gross market values.

This report is the least mentioned by gold commentators but it is the most important of all in my opinion, the reason? - The sums of money involved in the OTC gold derivatives market dwarfs both total supply demand annual volume and the full impact of gold hedging.

The OTC derivatives report is insightful for the reason it reveals the extremely large size of gold obligations, the numbers are so big that you can be assured that the gold bull market will last many years.

Gold over the counter derivatives report by BIS


CHEUVREUX Gold Report

This report by investment analyst Paul Mylchreest is not less then ground breaking. The report which was published early this year, carry the sub title - "Start Hoarding" and clearly present the bullish case for gold. – Well worth reading.

CHEUVREUX Gold Report



Entities mentioned


The Bank for International Settlements (BIS) is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks.

The World Gold Council (WGC), a commercially-driven marketing organization, is funded by the world’s leading gold mining companies.

GFMS is a precious metals consultancy, specializing in research of the global gold, silver, platinum and palladium markets.

Virtual Metals is a group of analysts specializing in precious and base metals, energy and soft commodities.

Mitsui Global Precious Metals is part of the Mitsui group and conducts its business in the precious metal market; it is also Japan's largest manager of commodity funds.

Fortis is an international provider of banking and insurance services to personal, business and institutional customers.

Haliburton Mineral Services Inc. is a private mining research and advisory business based in Toronto, Canada.


CHEUVREUX - equity broking and investment firm, subsidiary of Calyon and a member of the Crédit Agricole SA group.


 35 years price history of gold - log chart

5 comments:

Anonymous said...

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Anonymous said...

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Anonymous said...

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Anonymous said...

[quote]Gold supply demand analysis papersTwo reports, the first is by the World Gold Council (WGC) and GFMS, published each quarter.Gold supply demand analysis report IThe second report, the Yellow Book by Virtual metals / Fortis bank, published twice a year.Gold supply demand analysis report IIThe reports are worth reading and basically present the same information. However, each rely on different data and the numbers are not quite the same. In my opinion the data is not so accurate to say the least. It is impossible to track the complete supply demand of gold, some kind of gold transactions are taking place in each and every country and some markets are not very transparent.Read this reports with a grain of salt , this is as good as it gets but take in to account that all analysts and entities have their own agenda , market sentiment , position and so forth.Gold miners hedgingThe Hedge Book by Mitsui Global Precious Metals, Virtual Metals and Haliburton Mineral Services – This report analyze the hedging practice (forward gold transactions) of the gold miners industry - I assume that this report is relatively accurate when compared with the supply demand reports. This report is tracking the gold mining industry and most of the hedge practice is concentrated with few big miners.Gold miners hedging reportGold over the counter derivatives report by the Bank for International Settlements (BIS)The Semiannual Over-The-Counter (OTC) Derivatives Markets Statistics is comprehensive and provide some information on the size and structure of derivatives markets in the G10 countries and Switzerland. Gold OTC Derivatives are just a small fraction of total OTC derivatives, gold derivatives represents less then 1% of total Over-The-Counter derivatives contracts. Even tough, the numbers related to gold are running at hundreds of billions USD for notional amounts and tens of billions USD for gross market values.This report is the least mentioned by gold commentators but it is the most important of all in my opinion, the reason? - The sums of money involved in the OTC gold derivatives market dwarfs both total supply demand annual volume and the full impact of gold hedging.The OTC derivatives report is insightful for the reason it reveals the extremely large size of gold obligations, the numbers are so big that you can be assured that the gold bull market will last many years.Gold over the counter derivatives report by BISCHEUVREUX Gold Report This report by investment analyst Paul Mylchreest is not less then ground breaking. The report which was published early this year, carry the sub title - "Start Hoarding" and clearly present the bullish case for gold. – Well worth reading.CHEUVREUX Gold ReportEntities mentionedThe Bank for International Settlements (BIS) is an international organization which fosters international monetary and financial cooperation and serves as a bank for central banks.The World Gold Council (WGC), a commercially-driven marketing organization, is funded by the world’s leading gold mining companies.GFMS is a precious metals consultancy, specializing in research of the global gold, silver, platinum and palladium markets.Virtual Metals is a group of analysts specializing in precious and base metals, energy and soft commodities.Mitsui Global Precious Metals is part of the Mitsui group and conducts its business in the precious metal market; it is also Japan's largest manager of commodity funds.Fortis is an international provider of banking and insurance services to personal, business and institutional customers.Haliburton Mineral Services Inc. is a private mining research and advisory business based in Toronto, Canada.CHEUVREUX - equity broking and investment firm, subsidiary of Calyon and a member of the Credit Agricole SA group.[Image][/quote]

wow, seriously?!

ANY QUESTIONS???

Anonymous said...

Water-based metalworking fluids often cause irritant contact dermatitis in exposed workers; surfactants in these fluids are the main culprit.

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