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Demand for gold at an all-time high

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Paul Farrow
London Telegraph
Wednesday, November 19, 2008

The WGC said demand for gold reached an all-time quarterly record of $32bn between July and September as investors around the world sought refuge from the global financial meltdown. This was 45pc higher than the previous record in the second quarter of 2008.

Demand for gold via exchange traded funds (ETFs) and bars and coins was the biggest contributor to overall demand during the quarter.

The figures show investment demand from private investors rose by 121pc to 232 tonnes in the third quarter, with strong bar and coin buying reported in Swiss, German and US markets. The quarter also witnessed widespread reports of gold shortages among bullion dealers across the globe, as investors searched for a haven.

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Overall, the third quarter saw Europe reach an all-time record of 51 tonnes of bar and coin buying and France became a net investor in gold for the first time since the early 1980s.

Gold ETFs enjoyed a record quarterly inflow of 150 tonnes. The peak in inflows occurred in late September, triggered by the collapse of Lehman Brothers and a fear of banking sector failures. Net inflows surged by an unprecedented 111 tonnes during five consecutive trading days, equivalent to $7bn. Jewellery buyers also returned to the market in droves on a lower gold price.

  • A d v e r t i s e m e n t

James Burton, the chief executive of World Gold Council, said: “Gold’s universal role as a store of value has shone through during this quarter, helping attract investors and consumers to all forms of gold ownership. The rise in demand for gold bars and coins has been impressive, as has the record rise in gold ETF inflows.”

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This article was posted: Wednesday, November 19, 2008 at 10:37 am





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