Chart 14: Holdings in Exchange Traded Funds (tonnes)

and the gold price (US$/oz)

2,000

1,600

1,600

1,400

1,200

1,200

800

1,000

400

800

Q308

Q109

Q309

ETFs (ex GLD)

Q110

GLD

Q310

Q111

Q311

600

London PM fix (US$/oz, rhs)

% change
40
30
20
10
0
-10
-20
-30
-40
-50
In
di
Ch a
on in
a
g
Ko
Ta ng
iw
a
Ja n
In pa
So don n
ut es
h
i
K a
Th ore
ai a
la
V n
Sa iet d
ud na
iA m
ra
bi
Eg a
yp
t
O U
th AE
er
G
u
Tu lf
rk
e
Ru y
ss
ia
U
SA
Ita
ly
U
K

US$/oz
1,800

Tonnes
2,400

Chart 15: Jewellery demand by country, % change

(Q3 2011 vs Q3 2010, tonnage basis)

Source: LBMA, Thomson Reuters GFMS, www.exchangetradedgold.com,

World Gold Council

Source: Thomson Reuters GFMS, World Gold Council

Chart 16: Jewellery demand in tonnes

(Q3 2011 vs Q2 2011)

Chart 17: Jewellery demand by country, % change

(Q3 2011 vs Q3 2010, US$ basis)

Tonnes
160

% change
100

140

80

120

60

100

40

80
20

60

40

-40

Q211

In

di
a
H Ch
on in
a
g
Ko
Ta ng
iw
a
Ja n
In pa
So don n
ut es
h
i
K a
Th ore
ai a
la
Vi nd
Sa et
ud na
iA m
ra
bi
Eg a
yp
t
O U
th AE
er
G
u
Tu lf
rk
e
Ru y
ss
ia
U
SA
Ita
ly
U
K

-20

In
di
a
H Ch
on in
g a
Ko
Ta ng
iw
a
Ja n
In pa
So don n
ut es
h
i
K a
Th ore
ai a
la
Vi nd
Sa et
ud na
iA m
ra
b
Eg ia
yp
t
O U
th AE
er
G
u
Tu lf
rk
e
Ru y
ss
ia
U
SA
Ita
ly
U
K

20

Q311

Source: Thomson Reuters GFMS, World Gold Council

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Source: Thomson Reuters GFMS, World Gold Council