【正文】 cts Average size of “investor” long. 2022 135k contracts European amp。 Scrap Supply Source: GFMS (Gold Survey 2022) Jewellery Fabrication Scrap Supply AboveGround Jewellery Stocks by Region, end2022 Source: GFMS (Gold Survey 2022) CBGA and Other Gold Sales Other CBGA “CBGA” refers to signatories to the Central Bank Gold Agreement “Other” refers to all other countries Source: GFMS (Gold Survey 2022) Demand 2022 2022 yoy Fabrication Jewellery 2,193 1,759 % Other 696 658 % Total Fabrication 2,889 2,417 % Bar hoarding 386 187 % Net producer dehedging 352 254 % Implied investment 330 1,429 % TOTAL DEMAND 3,957 4,287 % Gold Demand in 2022 Source: GFMS (Gold Survey 2022) World Gold Fabrication Developing Countries Industrialised Countries 2022 down 472t or 16% yoy Source: GFMS (Gold Survey 2022) Indian SC Europe East Asia Other Jewellery Fabrication: Winners and Losers (Figures represent yearonyear change, . 2022 less 2022) Latin America North America Middle East Source: GFMS (Gold Survey 2022) Fabrication Demand in 2022 A sharp decline in jewellery demand was the principal driver of the 16% or 472t fall in fabrication demand to 2,417 t. Full year jewellery fabrication dropped by 20% or 434 tonnes, with higher gold prices and the economic downturn the primary reasons for the fall. Other fabrication fell by just % yoy to 658 tonnes in 2022. However, with all coins excluded, the drop reaches 15%. ? Electronics demand dropped by16%, largely due to the economic crisis, particularly in the first half. GFMS’ Hedging Analysis ? ? ? ? GFMS enter all hedging transactions into our hedging database and the Brady Trinity system. Trades are input on a quarterly basis by pany, instrument, year of expiry and currency. Using detailed market data, accurate deltas and other sensitivities are calculated. Comprehensive global hedge book analysis is published once per quarter by GFMS, in association with Soci233。 Programme Presentation Outline ? ? ? ? Gold Prices Supply Demand Outlook US Dollar Gold Price Weekly Averages DOLLAR Average IntraYear YearonYear 2022 % % 2022 % % Q1 2022 1, % % US$/oz 26week moving average Source: GFMS。 steel. The GFMS Group’s Unique Research Capabilities amp。 Official Sales Flat trend since 2022? Net Official Sector Sales Hedging Supply Scrap Secular increase in supply 198799 Source: GFMS Change in Supply from AboveGround Stocks 2022 pared to 2022 Source: GFMS (Gold Survey 2022) Regional Changes in Scrap Supply 2022 pared to 2022 Source: GFMS (Gold Survey 2022) Jewellery Fabrication amp。 nonreportable positions in Comex a