(Mineweb) – the World Gold Council says in its newest Gold Demand tendencies publication, gold demand dropped 21 percent in volumes to 868.5 tonnes during the third quarter of 2013, driven smaller by continued outflows from ETFs. This converted, in value terms to $37 billion, down 37 percent on the quarter.
Over the course of the last nine months, the WGC said, gold exchange-traded funds (ETFs) have glimpsed nearly 700 tonnes of outflows. But, while these outflows are significant they are actually being absorbed by growing demand for jewellery, bars and coins, especially in Asia.
Although, lately “We have nearly glimpsed a cessation of outflows and, in fact, we had some net inflows globally in the last two to three weeks into November, which could bode well for charges in 2014,” according to Marcus Grubb, MD Investments at the World Gold Council.
Citing Bank of Atlanta President Dennis Lockhart, Bloomberg described that saying, “Talks on a slash in bond purchases by the centered bank could well take place next month.”
Before pointing out that “Even as industrial utilization for the metal advances, “surplus supply and the vulnerability of shareholder demand will introduce considerable downside dangers to silver prices,”
On Mineweb, Dorothy Kosich looks at Kinross’s newest set of profits, and accounts that, as Rio Tinto and BHP move ahead to allow the Resolution Copper task, the U.S. House has stalled on a ballot to accept a contentious land swap to accommodate the development.
Lawrence Williams presents analysis proposing that China is construction its gold reserves and at the current rate of development could match the U.S. gold reserve position in ten years and in South Africa AMCU has been granted consent from the government mediator to strike over wages at Anglo American Platinum, a union spokesman said on Wednesday.