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世界黄金年鉴2014更新报告1.pdf

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GOLD SURVEY 2014 UPDATE 1 TABLE OF CONTENTS 1. Summary and Market Outlook 5 Supply 7 Demand 7 Market Outlook 8 2. Gold Prices in 2014 9 Price Outlook 10 3. Investment 13 Exchange Traded Funds 14 Activity on Commodities Exchanges 15 Over-the-Counter Market 15 Physical Bar Investment 17 Official Coin Sales and Fabrication 18 Medals and Imitation Coins 19 4. Mine Supply 20 Mine Production 20 Production Costs 24 Producer Hedging 26 5. Official Sector 27 6. Scrap Supply 29 7. Fabrication Demand 31 Europe 31 North America 33 South America 34 Middle East 34 Indian Sub-Continent 36 East Asia 37 8. Price Appendix 40 Focus Boxes Supply and Demand Methodology 6 Pricing of Asset Classes, Tapering and the Potential Effects for Gold 16 Corporate Activity 23 CBGA 4; The Implications 28 Industrial Demand 39 1. SUMMARY AND MARKET OUTLOOK Demand in the first half of 2014 was down 26% year- investment-grade jewellery to lower-carat pieces, often S

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