【正文】 osals 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。 medals Source: GFMS (Gold Survey 2022) Gold Exchange Traded Funds Source: Respective issuers At 31/12/2022, 617t rise from 31/12/08 Nonmercial amp。 Palladium and Copper Surveys. Also, weekly, monthly, quarterly amp。 G233。 the mid $1,000s are a possible low over the next three months, with prices in that region most likely to be eventually pushed up again by bargain hunting and stock replenishment. ? Supply expected to rise fairly strongly in 2022, with growth in mine production, and, from a very low base, official sector sales, the latter also expected to be concentrated in the second half. Scrap supply has fallen yeartodate but should recover in the latter part of 2022 basis higher price conditions. These will also mean that there is only a moderate recovery in fabrication demand for the calendar year as a whole. ? Imbalances in the market suggest that at some point the gold price will have to retreat. Nevertheless, this is most unlikely to occur on a secular basis in 2022 and potentially not until well into 2022 given current economic conditions, which in an underlying sense still favour gold investment. GFMS Gold Price Forecast for 2022 Source: GFMS Forecast Average: $1,170 Forecast Range: $1,050$1,300 GFMS Forthing Events ? ? ? 22 April 2022: Platinum amp。 Cash Costs (in moneyoftheday terms) Source: GFMS (Gold Survey 2022) Australia YearonYear Changes to Cash Costs 464 Source: GFMS (Gold Survey 2022) 478 +10 +12 +6 +5 +5 +3 4 12 +21 33 2022 vs 2022 Mine Production 163 tonne increase equal to % yoy in 2022。 Thomson Reuters Real and Nominal Gold Prices (real US$ price in constant 2022 terms) New record nominal annual average reached in 2022, but in real terms today’s prices are still well short of historical peaks. 1980 average: $1,600 Real Price Nominal Price Source: GFMS, Thomson Reuters Supply 2022 2022 yoy Mine production 2,409 2,572 % Official sector sales 232 41 % Old scrap supply 1,316 1,674 % TOTAL SUPPLY 3,957 4,287 % Gold Supply in 2022 Source: GFMS (Gold Survey 2022) GFMS’ Mine Supply Database ? ? ? ? ? ? ? Over 100 panies analysed on a quarterly basis – production/costs/corporate activity Over 300 mines recorded on an annual basis – production/costs/reserves/grade Over 320 projects – projected production profile, startup date, capex, reserves, resources Informa