GOLD MARKET


With emerging market central banks buying gold as it becomes available on top of other buyers in the market, the supply of gold at 4,000 tons or so (around 1,600 in scrap and the balance in newly-mined gold) is barely sufficient to meet current demand. Gold-buying is quite efficient as its price has soared almost 400% since 2000 making it a reliable asset. Analysts expect gold to advance again, to $1,825 by the end of 2013.


While Russia and other emerging markets are buying gold, developed nations are liquidating. Switzerland unloaded the most in the past decade, 877 tons, an amount now worth about $48 billion, according to International Monetary Fund data through November. France was second with 589 tons, while Spain, the Netherlands and Portugal each sold more than 200 tons.

Increased output by Russia could see it surpass the United States as the world's third largest gold miner by 2015. Russia has the world's second largest gold reserves after South Africa, an estimated 10% of global reserves. In 2012, Russia was the fourth largest gold producer with output of 226 tons, up 7%.




GOLD PRODUCTION


Worldwide gold production was flat because increases in production from Canada, China, Ghana, Mali, Mexico, Russia, and Tanzania were offset by production losses in Argentina, Australia, Papua New Guinea, and South Africa. Gold production in China continued to increase, and the country remained the leading gold-producing nation, followed by Australia, the United States, Russia, and South Africa.

Total mine production in 2012: 2,700 metric tons.

GOLD IMPORTS


Economic growth in China, the world’s largest gold producer, has boosted the country’s consumption of everything including gold. China imported 834.5 tons of gold in 2012, including scrap and coins, compared with about 431,2 tons in 2011. Imports in December rose to a monthly record of 114,4 kilograms. Central banks bought more gold in 2012 than at any time in the past 50 years, a net 536 tons. The main buyers were Russia, China and Turkey. Overall demand for gold in India for 2012 was 864.2 tons and is expected to rise 11% in 2013 to reach 965 tons. India and China are the world's two largest gold consumers, accounting for about 45% of gold demand in 2012.

SOME GOLD TRENDS

Turkish gold exports rose to $12.7bn in 2012 compared to the $1.47bn exported in the whole of the previous year due to soaring sales to Iran and the trade will continue, despite tightening U.S. sanctions on Tehran. The U.S. Senate in November approved expanded sanctions on global trade with Iran's energy and shipping sectors and U.S. officials fear the "gold-for-gas" trade is providing a financial lifeline to Iran. Trade in Turkish gold bars to Iran via Dubai is now drying up as banks and dealers increasingly refuse to buy the bullion to avoid sanctions risks associated with the trade.

Any Gold related question?

 Our representatives in the United States and Netherlands are standing by for any question.
* required fields







Anti-spam question (Please answer the simple question below. This to prevent spam bots from submitting this form)



FAIR TRADE


We Support Fair Trade

Most imports of unwrought gold, including bullion and doré, enter the United States duty free. Only gold bullion is subject to a U.S. tariff duty of 4.1%. However, that duty does not apply to countries with a preferential tariff agreement.

  • The estimated gold price in 2012 was 8% higher than the price in 2011.
  • Sources of US gold imports: Mexico, 57%; Canada, 20%; Colombia, 9%; Peru, 3%; and other, 11%.
  • While gold production is dominated by multi-national companies, small-scale mining operations that are often unregistered (and sometimes illegal) have accounted for a significant amount of gold production in Africa.
  • Dutch airline KLM, Germany’s Lufthansa, Australia’s Qantas, American Airlines, FedEx, and DHL handle most valuable cargo from Africa. Valuable cargo items are those that have a declared value of $5,000 USD (or more) OR the declared value is more than $1,000 USD per gross kilogram and originates in a non-U.S. country. Regardless of the value declared by a shipper, gold items are considered to be valuable cargo.
[Most Recent Quotes from www.kitco.com]
itbholdings Contact Us

  • 1. We expect all sellers and buyers of commodities and their representatives to be registered and licensed companies.
  • 2. Once a company meets these requirements, discussion will then focus on the quality of the commodities and the seller's ability to follow international and standard procedure.