The real economy shrinks The proportion of gold investment demand exceeds 50% for the first time

The "World's Second Quarter Gold Demand Trends Report" released by the World Gold Council yesterday revealed a significant rise in global gold investment demand, driven by ongoing uncertainties surrounding public debt and economic recovery. In the second quarter of 2010, investment demand accounted for 51% of the identifiable total gold demand during that period—marking the first time it surpassed both jewelry and industrial demand combined. Zheng Lianghao, Managing Director of the Far East Region at the World Gold Council, stated in Shanghai that the bull market for gold, which began in 2001, has now spanned a decade but is far from over. According to the latest figures from the World Gold Council, global gold demand reached an impressive 1,050.3 tons in Q2 2010, representing a 36% year-on-year increase. In U.S. dollar terms, this amounted to $40.4 billion—an impressive 77% growth compared to the same period last year. Gold investment demand alone hit 534.4 tons in the second quarter, a staggering 118% increase from 245.4 tons in the same period the previous year. This marked a further 159% rise compared to the previous quarter. Retail and ETF-based gold investments were the main drivers behind this surge. Global retail gold investment rose by 29% year-on-year, while ETF demand surged by an eye-popping 414%. The total gold ETF demand reached a record high of 291.3 tons. Notably, Europe saw a dramatic spike in retail gold demand due to the ongoing debt crisis. In Q2 2010, retail gold purchases in Europe jumped 115% month-on-month to 84.8 tons—the largest increase since late 2008 and early 2009. Europe accounted for 35% of the global gold, silver, and bullion demand market during the quarter. Historically, the European gold market had seen much lower levels of physical demand. Over the past decade, the average annual physical gold demand in Europe was just 2–3 tons. Between 2003 and 2008, the average annual demand did not exceed 10 tons. However, in 2009, demand soared to 243 tons, and by 2010, it reached 293 tons. Retail gold demand in Europe accounted for 40% of the global sector’s total, up from just 7% two years prior. The financial crisis has reinforced gold’s role as a safe-haven asset, prompting many investors to seek protection through gold. Following a more than 50% surge in 2009, gold prices hit a record high of $1,264.80 per ounce this year, with gains exceeding 20% at one point. After a period of volatility, gold prices have since rebounded from a low of $1,156.90 per ounce, only falling on four trading days in the past month.

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