New Feature on US Debt Clock - Budget Estimates Compared 2016

The popular "real-time" debt clock webpage at Usdebtclock.org has been updated with a new feature page comparing the 2016 budget estimates from the four following sources:

• Congressional Budget Office (CBO), 
• Office of Management and Budget (OMB), 
• House Committee on the Budget (GOP), 
• and the US Debt Clock mathematical extension of the current rates in to 2016. 

In addition to comparing the debt totals for each of the four budget estimates "on this day in 2016", the new feature include a breakdown of the 2016 running totals for revenues, outlays, and GDP.

To see the US Debt Clock budget comparison feature, select the option called "Budget Showdown" in the upper right hand corner of the Debt Clock website homepage or go directly to the budget comparison webpage HERE.

 Global precious metal holdings can be viewed by selecting the "Gold/Precious Metals" feature tab on the bottom right of the Debt Clock interface or by going directly to the webpage HERE.  The metals tracking feature shows estimated global  production and holdings by national central banks/governments. The World Gold Council publishes the "Latest World Official Gold Reserves" report which can be downloaded by registering on their website for free, and the PDF report is available at no cost HERE.

AuCanary

Gold Returns in 2012 will Beat Last Year, WGC Says

http://www.bloomberg.com/video/83596472/

Updated official sector gold reserve stats show no Central Bank sales - only purchases

New issue of Gold Demand Trends full year 2010

World Gold Council 

We have recently published the latest issue of Gold Demand Trends full year 2010. This sets out the key factors that drove gold demand in 2010, together with expectations for 2011.


Global gold demand in 2010 reached a 10 year high in tonnage and an all time high in value, with strong demand across all sectors. Gold demand for the year reached a ten year high with annual demand of 3,812.2 tonnes worth approximately US$150 billion. On 9 November 2010, this demand led to a new record gold price of US$1,421.00/oz on the London PM fix.

Key factors:

• The jewellery sector enjoyed a strong recovery in 2010, with annual demand 17% higher than in 2009. Asian consumers drove jewellery demand, particularly in China and India. Chinese demand is expected to continue to increase rapidly during 2011 as economic growth in China remains strong, while Indian gold jewellery demand is likely to remain resilient and grow.
• Asian consumers led demand with the revival of the Indian market and strong momentum in Chinese gold demand, which together constituted 51% of total jewellery and investment demand during the year.
• A structural shift in central bank policy towards gold meant that in 2010 central banks became net buyers of gold for the first time in 21 years, removing a significant source of supply to the market.
• Investment demand was down 2% compared with 2009, but was the second highest year on record at 1,333 tonnes, which equated to US$52 billion. Investment demand for gold as a foundation asset in portfolios is likely to remain strong, fuelled by ongoing uncertainty surrounding global economic recovery and fiscal imbalances, as well as fear of impending inflationary pressures and currency tensions.

Gold Demand Statistics for full year 2010:

• Gold demand in 2010 reached a 10 year high of 3,812.2 tonnes. Demand was up 9% year-on-year, and marginally above the previous peak of 2008 despite a 40% increase in the annual average price level between 2008 and 2010. In value terms, total annual gold demand surged 38% to a record of US$150 billion.
• Jewellery demand was remarkably robust in the face of record prices in the majority of currencies. Annual demand for gold jewellery rose 17% from 1760.3 tonnes in 2009 to 2059.6 tonnes. The rise in annual average prices over the same period was 26%. In value terms, this resulted in record annual jewellery demand of US$81 billion.
• Investment demand, comprising bar and coin demand, ETFs and similar products, but excluding OTC investment demand, remained stable in 2010, down just 2% from the exceptional levels seen in 2009. This equated to a 23% rise in value terms from US$43 billion in 2009 to US$52 billion in 2010. Physical bar demand was particularly strong during the year, recording an annual gain of 56% at 713.2 tonnes.
• Demand for gold ETFs and similar products totalled 338.0 tonnes during 2010 or 9% of total demand. Although this was 45% below the 2009 peak of 617.1 tonnes, it was nevertheless the second highest annual figure on record. As at the end of 2010, total gold holdings in ETFs and similar products stood at 2,175 tonnes with a US$ value of $96 billion.
• Demand for gold used in technology was 419.6 tonnes, 12.4% higher than in 2009 as the electronics segment fuelled recovery in the sector, with demand returning to long-term trend levels. Demand soared by 41% year-on-year in US$ terms to a record US$17 billion.
• India was the strongest growth market in 2010. Total annual consumer demand of 963.1 tonnes registered growth of 66% relative to 2009, which was largely driven by the jewellery sector. In value terms this was worth US$38 billion.
• China was the strongest market for investment demand growth. Annual demand for small bars and coins increased by 70% year-on-year, totalling 179.9 tonnes, which is worth approximately US$7 billion.
• Total supply is estimated to have increased marginally, 2% higher year-on-year for the full year 2010, with a number of new projects across a range of countries and regions contributing to higher levels of mine supply. Within total supply, recycled gold, which accounts for 40%, fell 1% compared with the previous year to 1,653 tonnes.

Read more:
Gold Demand Trends full year 2010
The next issue of Gold Demand Trends is scheduled for mid-May 2011.

10+ Tons of China Gold in ICBC/WGC GAP Accounts

10/16/2010 Beijing


Press releases


The World Gold Council keeps the press informed of its activities, events, products and initiatives through the publication of press releases, which provide detailed and relevant information in a timely manner.

This is not intended for distribution outside of China

World Gold Council and ICBC launch first gold accumulation plan in China

16th December, 2010, Beijing
One million accounts already opened

The Industrial and Commercial Bank of China (ICBC), the world’s largest commercial bank, together with the World Gold Council (WGC), the market development organisation for the gold industry, today jointly launched a new gold investment product for Chinese investors – the ICBC Gold Accumulation Plan (ICBC GAP). Through this product, ICBC is the first commercial bank to provide investors in mainland China with a way to accumulate gold through a daily dollar averaging scheme with payments as little as RMB 10 per day. The product will enhance the current gold investment market in China and marks a milestone for the strategic partnership between ICBC and the WGC.
A totally new gold investment product

In China, there are currently various ways to invest in gold, including physical gold bars, gold saving accounts, leveraged gold trading accounts, structured gold products and gold futures. ICBC GAP is the latest addition to the product range, and caters for the retail investor who wants to accumulate gold on a daily basis over a long period of time. This scheme also reduces concerns regarding volatility in the gold price.

“The new ICBC GAP was developed in association with the WGC. After opening an account, investors can start to accumulate gold on a daily basis according to the pre-set monthly amount. They are also able to top up their GAP on an ad hoc basis at any time. At maturity, they can renew the contract, convert it into cash or exchange it for physical gold at designated branches of the ICBC network. ICBC GAP has already been pilot tested in key cities over the past few months, resulting in one million accounts having already been opened and over ten tonnes of gold accumulated” said Zheng Zhiguang, General Manager of the Precious Metals Business Department, ICBC.

A further feature of the product is the low minimum entry level, as ICBC GAP has been designed with a minimum required investment of either RMB 200 per month or 1 gram per day, compared to a gold savings account, which is based on a minimum investment of 10 grams.

“Gold investment has been booming in recent years but individual investors had been hesitant in entering the market. ICBC GAP is a very practical way for individual investors across China to start buying gold as a means of protecting their wealth as well as diversifying their portfolio. With its unmatched benefits coupled with ICBC’s nationwide branch network, this GAP product is an ideal solution for individuals who have a long term strategy to accumulate gold and are looking to preserve wealth.” said Albert Cheng, Managing Director for the Far East at the World Gold Council.
A win-win partnership

small Chinese gold ingots

ICBC is a pioneer and an undisputed leader in precious metals in China following the launch of its Precious Metals Department back in September 2009. On April 1, 2010, ICBC and the World Gold Council signed a strategic partnership agreement to jointly develop gold investment opportunities in China. The scope of the co-operation ranges from training and market research to product development.

Mr Cheng continued: “China is one of the biggest gold producers and consumers in the world. Together with ICBC, we are committed to developing further gold solutions for investors, as well as helping ICBC expand their offering in the domestic and international precious metals markets.”
For further information please contact:

David Zhang
AcrossChina Communications
T: +86 1370-114-3397

Shi Xudong
ICBC Precious Metals Department
T: +86 21 6329 9010

World Gold Council Releases New Report on Gold Market in India

Key findings from this report include the following:
• In 2009, total Indian gold demand reached US$19 billion, or Rs974 billion, which accounts for 15% of the global gold market.
• Over the past ten years, the value of gold demand in India has increased at an average rate of 13% per year, outpacing the country’s real GDP, inflation and population growth by 6%, 8% and 12% respectively.
• The country currently has one of the highest saving rates in the world, estimated at around 30% of total income, of which 10% is already invested in gold.
• Based on WGC estimates, the nation owns over 18,000 tonnes of above ground gold stocks worth approximately US$800 billion at today’s gold price and representing at least 11% of global stock.
• This is equivalent to nearly half an ounce of gold ownership per capita, a figure which is significantly below consumption in western markets, representing scope for additional future growth. gold stocks worth approximately US$800 billion at today’s gold price and representing at least 11% of global stock.




The full report can be downloaded by registering with the Gold Council here.

Gold Council Report:

GOLD: Hedging Against Tail Risk


Gold Council Video:



World Gold Council Web Site: www.gold.org