Mine production, recycling, jewellery, investment, industry and the official sector — the components behind published market balances.
Supply has two main components
Newly mined production is relatively inelastic in the short term, because mine development runs on multi-year timescales. Recycled supply responds far more quickly to price and economic conditions, which makes it the more variable component year to year.
Demand is more fragmented
Jewellery, bar and coin investment, exchange-traded products, industrial and technology use, and official-sector purchases each behave differently and respond to different conditions. Aggregate demand figures can conceal significant divergence between them.
Reading published figures carefully
Market data is published with a lag, is subject to revision and depends on the methodology of the body publishing it. Any figure worth citing carries a source, a reporting period and a revision status.
Sources and references
- — Figures should be taken from recognised market bodies with a stated reporting period
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