全球黄金投资行业市场前景及投资研究报告-培训课件外文版2024.6

INDUSTRIES

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MARKETSGoldasaninvestmentCHAPTER

01OverviewLeadingmajorfinancialassetsworldwidefromJanuraytoDecember2023,byaveragedailytradingvolume(inbillionU.S.dollars)Leadingmajorfinancialassetsworldwide2023,byaveragedailytradingvolumeAveragedailyvolumeinbillionU.S.dollars050100150200250300S&P500(allstocks)Gold**252.9162.6161.1U.S.T-BillsEuro/sterling*Euro/yen*154103DJIA44.5GermanBundsU.S.corporatebondsUKGilts31.12821.93Description:ThisstatisticshowstheleadingmajorfinancialassetsworldwidebetweenJanuaryandDecember2023,byaveragedailytradingvolume.Goldhadthesecondhighestaveragedailytradingvolumeat162.2billionU.S.dollars.

ReadmoreNote(s):Worldwide;JanuarytoDecember2023;*DataforcurrenciesorrespondtoApril2022volumesduetodataavailability.**Goldliquidityincludesestimatesonover-the-counter(OTC)transactions,and*publishedstatisticsonfutures[...]

ReadmoreSource(s):BankforInternationalSettlements;Bloomberg;DebtManagementOffice;DeutscheFinanzagentur;JapanSecuritiesDealersAssociation;LondonBullionMarketAssociation;Nasdaq;WorldGoldCouncilMineproductionofgoldworldwidefrom2010to2023(inmetrictons)Globalproductionofgoldmines2010-20233,5003,3003,3003,2303,1003,1103,0903,0603,0302,9903,0003,0002,5002,0001,5001,0005002,8002,6902,6602,560020102011201220132014201520162017201820192020202120222023*4Description:In2023,worldwidegoldproductionstoodat3,000metrictons.Goldisatransitionmetalknownforitsbrightlustrousyellowcoloring.Forindustrialpurposes,itsmalleability,ductility,andresistancetocorrosionandmanychemicalreactionsmakesitidealforapplicationssuchaselectricalconnectors,infraredshielding,andgoldleafing.ReadmoreNote(s):Worldwide;2010to2023;*Estimated.

Figuresarerounded.Thisstatisticwasassembledusingseveraleditionsofthereport.

ReadmoreSource(s):USGeologicalSurveyLeadinggoldminingcountriesworldwidein2023(inmetrictons)Goldproductionrankedbymajorcountries2023Productioninmetrictons050100150200250300350400ChinaAustraliaRussia370310310Canada200UnitedStatesKazakhstanMexico170130120IndonesiaSouthAfricaUzbekistanPeru1101001009090GhanaBurkinaFaso605Description:In2023,China'sminesproducedanestimated370metrictonsofgold.Accordingly,Chinaisthelargestgoldproducerintheworld.ReadmoreNote(s):Worldwide;2023Source(s):USGeologicalSurveyGoldreservesoflargestgoldholdingcountriesworldwideasof2ndquarter2023(inmetrictons)Volumeofgoldreservesbycountry2023Goldreservesinmetrictons3,000

4,000

5,00001,0002,0006,0007,0008,0009,000UnitedStatesGermanyItaly8,133.533,352.672,451.862,436.9FranceRussianFederationChina2,329.652,113.48SwitzerlandJapan1,040.01845.98797.44IndiaTurkeyNetherlandsTaiwan669.81612.46423.63382.63Portugal6Description:Thisstatisticpresentsthegoldreservesoflargestgoldholdingcountriesworldwideasofthesecondquarterof2023.Atthattime,thecentralbankoftheUnitedStatesheldapproximately8,133.5metrictonsofgold.

ReadmoreNote(s):Worldwide;Q22023Source(s):IMFLargestgoldminesworldwideasof2022,byproductionvolume(inmillionounces)Globallargestgoldmines2022,byproductionvolumeProductioninmillionounces0.4

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0.80.0Muruntau(Uzbekistan)0.21.01.21.41.61.82.01.8CarlinTrend(UnitedStates)Olimpiada(Russia)1.571.04ShaxiCopperMine(China)0.96GrasbergBlockCaveMine(Indonesia)BatuHijauMine(Indonesia)Kibali(DemocraticRepublicoftheCongo)Boddington(Australia)0.930.810.80.79PuebloViejo(DominicanRepublic)CortezMine(UnitedStates)0.730.737Description:Asof2022,thelargestgoldmineoperationintheworldbasedonproductionvolumewastheMuruntauminecomplex,locatedinUzbekistan.Productionthereamountedto1.8millionouncesthatyear.ReadmoreNote(s):Worldwide;2022Source(s):GlobalData;MiningTechnologyCHAPTER

02DemandGolddemandworldwidefrom2010to2023(inmetrictons)Golddemandglobally2010-20235,0004,5004,0003,5003,0002,5002,0001,5001,0005004,746.34,740.84,713.44,518.24,4454,448.34,394.64,357.54,350.94,354.64,283.74,200.34,012.83,6780201020112012201320142015201620172018201920202021202220239Description:Worldwidegolddemandamountedto4,448.3metrictonsin2023,anincreasefrom4,740.8metrictonsinthepreviousyear.Also,2020wasthefirsttimedemandforgoldwaslowerthan4,000metrictonsthroughouttheperiodconsidered,andthedrivingforcebehindthatdropwasthecoronaviruspandemic.ReadmoreNote(s):WorldwideSource(s):GFMS;WorldGoldCouncilDemandforgoldworldwidein2023,bysector(inmetrictons)Golddemandvolumeworldwide2023,bysectorDemandinmetrictons05001,0001,5002,0002,500JewelryCentralbanksInvestment2,1681,037.4945.1Technology297.810Description:In2023,goldforjewelryfabricationaccountedfor2,168metrictonsoftheoverallgolddemandworldwide.Globalgolddemandforinvestmentsthatyearamountedtoabouthalfthatamount,at1,037.4metrictons.

ReadmoreNote(s):Worldwide;2023Source(s):GFMS;LondonGoldFixing;WorldGoldCouncilDistributionofgolddemandworldwidein2023,bysectorGlobalgolddemandshare2023,bysectorShareofglobaldemand0%5%10%15%20%25%30%35%40%45%50%55%JewelryInvestment48.74%23.32%CentralbanksTechnology21.25%6.69%11Description:Thejewelryindustryaccountedfora48.7percentshareofglobalgolddemandin2023,whichamountedtoabout2,168metrictons.Jewelrywasthelargestgolddemandingindustryworldwideinmostrecentyears,althoughin2020itwasthesecondafterinvestmentdemand.ReadmoreNote(s):Worldwide;2023Source(s):GFMS;LondonGoldFixing;WorldGoldCouncilDemandforgoldworldwidefrom1stquarter2016to4thquarter2023,bypurpose(inmetrictons)Globaldemandforgoldbypurposequarterly2016-2023JewelryTechnologyInvestmentCentralbanksandotherinstitutions1,4001,2001,0008006004002000-20012Description:Thedemandofgoldforjewelrypurposesamountedtoapproximately581.5metrictonsintheforuthquarterof2023.Thiswasthepurposewiththehighestdemandinthatquarter,aheadofinvestment,technologyandcentralbanks.ꢀGoldasaninvestment–additionalinformationThroughouthistory,goldhasbeendesirableandindemandandhasbeencharacterizedasahighvaluecommodity.Wheninvestinginanycommodity,riskassessmentsneedtobetakenintoconsideration.[...]

ReadmoreNote(s):Worldwide;Q12016toQ42023Source(s):GFMS;LondonBullionMarketAssociation;WorldGoldCouncilLeadinggoldimportingcountriesworldwidein2022,basedonvalue(inbillionU.S.dollars)Globalgoldimportvalue2022,byleadingcountryImportsinbillionU.S.dollars40

50010203060708090100110SwitzerlandChina98.576.7UnitedKingdomHongKongIndia423836.6Turkey20.4SingaporeUnitedArabEmiratesThailand17.715.511.410.69.68.17.26.44.8GermanyUnitedStatesCanadaItalyAustriaAustralia13Description:In2022,goldimportstoSwitzerlandwerevaluedatnearly99billionU.S.dollars,makingittheworld'sleadinggoldimportingnationbasedonvalue.ReadmoreNote(s):Worldwide;2022Source(s):CIA(TheWorldFactbook);TradeMap;WTExRetailinvestmentdemandforphysicalgoldinEuropefrom1stquarterof2016to4thquarterof2023(intons)RetailinvestmentdemandforphysicalgoldEuropeQ12016-Q420239080706050403020100Q1

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Q42016201620162016201720172017201720182018201820182019201920192019202020202020202020212021202120212022202220222022202320232023202314Description:DemandforphysicalgoldinvestmentamongretailinvestorsinEuropevariedyearonyear.Investmentdemandthenexperiencedthreepeaksabove70tonsfrom2020to2022.Nonetheless,thedemandhasdecreasedtoitslowestvaluesforthelasttwoquartersof2023recording29.7tonsinthefourthquarter.Thedemandforphysicalgoldinvestmentispartlyinfluencedbythelevelofuncertaintyinthemarket.Duringtimesofhigherinflation,forexample,investorsopttoholdtheircashin[...]ReadmoreNote(s):Europe;Q22018toQ42023Source(s):MetalsFocus;WorldGoldCouncilCHAPTER

03PricePriceofgoldpertroyouncefrom1990to2023(inU.S.dollars)Priceofgoldpertroyounce1990-20232,5002,0001,5001,000500016Description:Thepriceofgoldpertroyounceincreasedconsiderablybetween1990and2023,despitesomefluctuations.Atroyounceistheinternationalcommonunitofweightusedforpreciousmetalsandisapproximately31.3grams.Attheendof2023,atroyounceofgoldcost1,940.5.ꢀPriceof–additionalinformationIn2000thepriceofgoldwasatitslowestsince1990,withatroyounceofgoldcosting274.5U.S.dollarsinthatyear.Sincethengoldpriceshavebeenrisingandaftertheeconomiccrisis[...]

ReadmoreNote(s):Worldwide;1990to2023;Year-endvaluesSource(s):FastMarkets;ICEBenchmarkAdministration;ThomsonReuters;WorldGoldCouncilMonthlypricesforgoldworldwidefromJanuary2014toJanuary2024(innominalU.S.dollarspertroyounce)MonthlypricesforgoldworldwidefromJanuary2014toJanuary20242,1501,9501,7501,5502,034.042,026.181,999.771,992.131,984.111,968.631,921.921,947.831,936.861,856.31,848.51,7851.2,7890.431

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'2417Description:ThisstatisticdepictstheaveragemonthlypricesforgoldworldwidefromJanuary2014throughJanuary2024.InJanuary2024,theaveragemonthlypriceforgoldworldwidestoodat2,034.04nominalU.S.dollarspertroyounce.

ReadmoreNote(s):Worldwide;2014to2024Source(s):Varioussources;WorldBankAveragepricesforgoldworldwidefrom2014to2022withaforecastto2025(innominalU.S.dollarspertroyounce)Averagepricesforgoldworldwide2014-20252,0001,9001,8001,8011,8001,7701,8001,6001,4001,2001,0008001,7001,3921,2661,2581,2691,2491,16160040020002014201520162017201820192020202120222023*2024*2025*18Description:Thisstatisticdepictstheaverageannualpricesforgoldfrom2014to2022withaforecastuntil2025.In2022,theaveragepriceforgoldstoodat1,801U.S.dollarspertroyounce,thehighestvaluerecordedthroughouttheperiodconsidered.

ReadmoreNote(s):Worldwide;2014to2022Source(s):WorldBankPriceforanounceoffinegold(averageprice)inLondon(morningfixing)fromJanuary2011toMarch2024(inU.S.dollars)Monthlypricesforgoldworldwide2011-202419Description:AsofMarch2024,theLondon(morningfixing)priceofanounceofgoldcostanaverageof2142.58U.S.dollars,anincreasecomparedtotheaveragemonthlymorningfixingpriceof2025.66dollarsperounceinthepreviousmonth.

ReadmoreNote(s):UnitedKingdom(GreatBritain);January2011toMarch2024;AveragefiguresareasoftheendofthemonthSource(s):LondonBullionMarketAssociationMonthlypriceofgoldfuturescontractsintheUnitedStatesfromJanuary2019toMarch2024,withforecastsfromApril2024toDecember2029(inU.S.dollarspertroyounce)GoldfuturescontractspriceintheU.S.bymonth2019-2024,withforecaststo20292,8002,6002,4002,2002,0001,8001,6001,4001,2001,00020Description:AsofMarch18,2024,goldfuturescontractstobesettledinDecember2029weretradingonU.S.marketsataround2,537U.S.dollarspertroyounce.Thisisabovethepriceof2,153.9U.S.dollarspertroyounceforcontractstobesettledinMarch2024,indicatingthatgoldtradersexpectthepriceofgoldtoriseoverthenextfiveyears.Goldfuturesarecontractsthateffectivelylockinapriceforanamountofgoldtobepurchasedatatimeinthefuture,whichcanthenbetradedonmarkets.[...]

ReadmoreNote(s):Worldwide,UnitedStates;January2019toMarch2024Source(s):IMonthlyclosepriceofonekilogramofgoldinLondon(UK)fromJanuary2018toMarch2024(inGBP)MonthlyclosepriceofgoldinLondon2018-202460,00055,00050,00045,00040,00035,00030,00025,00021/statistics/1340922/monthly-price-of-gold-in-londonThemonthlyclosepriceofgoldinLondon(UK)fluctuatedsignificantlyinrecentyears,beginningatroughly30,500BritishpoundsinJanuary2018tothecurrentmarketpriceof54,540BritishpoundsinMarch2024whichhasbeenthepeakvalueovertime.ReadmoreNote(s):UnitedKingdom;January2018toMarch2024Source(s):BullionVaultCHAPTER

04ReturnAnnualreturnofgoldandotherassetsworldwidein2023Annualreturnofgoldandotherassetsworldwide2023Annualreturn-15%Nikkei225-10%-5%0%5%10%15%20%25%30%30.1%35%S&P500STOXX5024.2%17.3%S&PSmallCap600Gold13.9%13.1%S&P/TSX8.1%7.8%7.1%5.8%DowJonesRealEstateIndexMSCIEEMS&PU.S.WTIOil-11.5%S&PGSCI

-12.2%S&PChina500

-12.5%23Description:In2023,goldgeneratedpositiveinvestmentreturns.Thatyear,thereturnongoldwasaround13percent.Moreover,thehighestreturnwasachievedbytheJapanesestockmarketindex,Nikkei225,withareturnofover30percent.

ReadmoreNote(s):Worldwide;2023Source(s):VisualCapitalistAverageannualreturnofgoldandotherassetsworldwidefrom1971to2024Averageannualreturnofgoldandotherassetsworldwide1971-202412%10.7%10%8.01%7.98%8%6%4%2%0%6.39%5.9%4.24%USstocksCommoditiesGoldEMstocksUSbondaggregateUScash24/statistics/1061434/gold-other-assets-average-annual-returns-globalBetweenJanuary1971andMarch2024,goldhadaverageannualreturnsof7.98percent,whichwasonlyslightlybehindthereturnofcommodities,withanannualaverageofeightpercent.Theannualaveragereturnofgoldin2023was13.1percent.ReadmoreNote(s):Worldwide;January1971toMarch8,2024Source(s):Bloomberg;ICEBenchmarkAdministration;WorldGoldCouncil10-yearaveragereturnofgoldandotherassetsworldwideasof202310-yearaveragereturnofgoldandotherassetsworldwide202314%12.75%12%10%8%6%4.96%4.57%3.85%4%1.42%1.36%2%0%-2%-4%-1.64%USstocksDMexUSstocksGoldEMstocksUSbondaggregateUScashCommodities25Description:AsofDecember2023,U.S.stockshadanaverage10-yearreturnrateof12.75percent,whereasgoldhadareturnrateof4.57percent.GoldminingoverviewInlightofrecenttechnologicaladvancementsshapingthegoldminingmarket,globalgoldproductionhasbeenratherstableinthelastfewyears,hoveringaround3,000metrictonssince2020.Amongnations,Australiaholdsthehighestminereservesworldwide,followedbyRussiaandSouthAfrica.However,itisnoteworthythatChina[...]

ReadmoreNote(s):Worldwide;2023Source(s):Bloomberg;ICEBenchmarkAdministration;WorldGoldCouncil20-yearaveragereturnofgoldandotherassetsworldwideasof202320-yearaveragereturnofgoldandotherassetsworldwide202312%10.17%10%8.86%8%6%4%2%0%-2%6.99%2.94%1.51%1.41%-0.47%USstocksGoldEMstocksUSbondaggregateUScashDmexUSstocksCommodities26Description:AsofDecember2023,goldhadanaverage20-yearreturnrateof8.86percent,whichwasonlyslightlybehindU.S.stockswitharateof10.27returnrate.

ReadmoreNote(s):Worldwide;2023Source(s):Bloomberg;ICEBenchmarkAdministration;WorldGoldCouncilRateofreturnofgoldasaninvestmentfrom2002to2023(basedonthelastLondonGoldFixingoftheyearinU.S.dollars)Rateofreturnofgoldasaninvestment2002-202340%30%20%10%0%-10%-20%-30%-40%2002

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202327Description:Goldisthemostpopularpreciousmetalintheinvestmentindustry.Therateofreturnforgoldinvestmentsfluctuatedsignificantlyduringtheperiodfrom2002to2023butgeneratedpositivereturnsinmostyearsoftheobservedperiod.Thereturnofgoldasaninvestmentreachedalmost25percentin2020,andtheannualaveragepriceofgoldincreasedoverallsince2015.Therateofreturnwas4.09percentin2023.

ReadmoreNote(s):Worldwide;2002to2023Source(s):WorldGoldCouncilCHAPTER

05HoldingsbycountryTotalweightofgoldholdingsbyUnitedStatesfrom2000to2023(inmetrictons)TotalweightofgoldholdingsbyUnitedStates2000-20238,1558,1508,1458,1408,1358,1302000

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202329Description:ThetotalreportedgoldholdingsbytheUnitedStatesdidnotchangeforthelastfifteenyears.Theamountwas8,133.5tonsasoffourthquarter2023,whichwasthesameamountsince2006.TheUnitedStatesisthecountrywiththelargestgoldholdingsworldwide.ReadmoreNote(s):UnitedStates;2000to2023Source(s):WorldGoldCouncilTotalweightofgoldholdingsinGermanyfrom2000to2023(inmetrictons)TotalweightofgoldholdingsGermany2000-20233,4803,468.63,456.563,445.83,4603,4403,4203,4003,3803,3603,3403,3203,3003,439.523,433.243,427.793,422.513,417.373,412.583,406.773,400.953,396.293,391.343,387.143,384.193,380.983,377.943,373.643,369.723,366.493,362.453,359.093,355.143,352.652000

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202330Description:DespiteGermanyhavingthelargestconcentrationofgoldholdinginEurope,therewasasteadydecreaseinthetotalreportedgoldholdingsinthecountryfrom2000to2023.Asofthefourthquarterof2023,theweightofgoldholdingsownedbyGermanyamountedto3,352metrictons.ReadmoreNote(s):Germany;2000to2023Source(s):IMF;St.LouisFed;Varioussources(CentralBanks);WorldBank;WorldGoldCouncilTotalweightofgoldholdingsinItalyfrom2014to2023(inmetrictons)TotalweightofgoldholdingsinItaly2014-20233,0002,451.82,451.82,451.82,451.82,451.82,451.82,451.82,451.82,451.82,451.82,5002,0001,5001,00050002014