by Alasdair MacLeod
Yesterday, the World Gold Council released its estimate of gold demand for the first quarter of 2016, which compared with supply estimated at 1,081 tonnes.
While the WGC collects its figures assiduously, the demand figures are only those that are known from trade associations, central banks, and ETFs. Drilling down into the figures, according to the WGC, Chinese demand for the quarter totalled 241.3 tonnes, whereas according to the Shanghai Gold Exchange, it delivered 516 tonnes to the public from its vaults. The substantial difference cannot be satisfactorily identified as far as the WGC is concerned, but this illustrates the difficulties in tracking down accurate figures.
One category that is easy to identify is ETF demand for physical metal, and this increased to 364 tonnes, the highest net inflow since 2009.