WGC: Global Gold demand fell 21 percent in 2013 Q3

Gold Holdings

(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,”

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