goldsurvey20xxpresentation20xx全球黃金市場(chǎng)調(diào)研(完整版)
【正文】 s appropriate for all investment objectives, financial situations or particular needs. Prior to making any investment decisions investors should seek advice from their advisers on whether any part of this presentation is appropriate to their specific circumstances. This presentation is not, and should not be construed as, an offer or solicitation to buy or sell gold or any gold related products. Expressions of opinion are those of GFMS Ltd only and are subject to change without notice. Producer Hedging in 2022 ? ? ? ? Producer dehedging generated 254 tonnes of demand in 2022. Net supply from the mining industry increased 13% to a four year high. The deltaadjusted hedge book, at end2022, stood at just 236 tonnes, equivalent to one month of annual mine supply. Major dehedging undertaken by several key participants: Dominated by Barrick in the second half of 2022, though well supported by AngloGold Ashanti. Outlook: Given the now very limited volume (historically) of the producer book, and its concentration among few producers, GFMS expect a further slowing of the rate of dehedging in 2022. World Investment Jewellery Fabrication (excluding scrap supply) Jewellery Fabrication and World Investment Demand (Excluding Scrap, Quarterly) Source: GFMS。 North American Retail Investment Europe North America Source: GFMS (Gold Survey 2022) Price Outlook Gold Supply 20222022F Mine Production Official Sector Scrap Source: GFMS Supply in 2022 Mine Production forecast to increase this year but at a slower pace, just over 2%, pared to the nearly 7% yearonyear growth seen in 2022. Official Sales expected to recover in 2022, mainly driven by 191 tonnes onmarket sales by the IMF. Disposals from current CBGA members to be subdued while other countries to be small scale buyers. Scrap forecast to be lower yearonyear in first half but higher in second half, with full year total little changed. Overall supply growth in 2022 to slow to perhaps around 5% pared to 2022’s rapid 8% pace. Gold Demand 20222022F Producer DeHedging Other Fabrication *World Investment is sum of Implied Net Investment, Bar Hoarding and all Coins amp。t233。 Thomson Reuters Euro Gold Price Weekly Averages Euro/oz EURO Average IntraYear YearonYear 2022 % % 2022 % % Q1 2022 % % 26week moving average Source: GFMS。 biannual reports plus forecasts and a wide range of consultancy services across all the precious and base metals amp。 stocks can be available at the right price… Source: GFMS (Gold Survey 2022) Supply from Scrap, Hedging amp。 nonreportable positions in futures taken as proxy for investors? positions. Source: CFTC Investors? positions in gold futures in 2022 (nonmercial amp。 *the sum of implied, investment, bar hoarding, all coins 。 CBOT futures) Gold Price 2022 2022 2022 157k contracts 177k contracts 219k contra
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