CPM Gold Yearbook 2011

CPM Group, March 2011

CPM Group's Gold Yearbook 2011 is the most comprehensive source of information, statistics, and analysis on the international gold market. The report begins with a thorough review of gold market trends and fundamentals. It continues by assessing the impact of economic and financial market trends on the gold market. The Yearbook concludes with an in-depth analysis of each gold market segment, including mine production, secondary recovery, bullion and futures market activity, central bank holdings and transactions, fabrication demand, investment demand, prices, and other important aspects of the gold market.

This year's report includes a new special section on China's gold market, including domestic mine production, secondary recovery, fabrication demand and investment demand statistics.

The CPM Gold Yearbook 2011 is used by active gold market participants globally as both a statistical reference guide and a tool for understanding the fundamentals and expectations for the international gold market.

Review and Outlook
Chart: The Price of Gold
Chart: Supply/Demand Balance
Table: Gold Statistical Position
Chart: Investment Demand’s Effect on Gold Prices
Chart: Official Transactions
Chart: Annual Total Supply
Chart: Annual Total Demand
Chart: World GDP
Table: Long-Term Supply and Demand
Table: Real and Nominal Gold Prices
Chart: Cumulative World Production and Distribution

Fundamentals
Investment Demand
Chart: Investment Demand’s Effect on Gold Prices
Table: Long-Term Correlation of Gold with Other Assets
Table: Annual Correlation of Gold with Other Assets
Table: Correlation between Gold Prices & Gold Equities
Table: Correlation between S&P 500 Inved & Gold Equities
Table: Average Returns: Gold Equities, Gold, and S&P 500 Index
Chart: Returns: Gold Equities, Gold, and S&P 500 Index
Table: Estimated Value of Investor Gold Holdings
Chart: Global Financial Assets
Table: Global Financial Assets
Chart: Gold as a Percent of Global Financial Assets
Chart: Net Additions to Combined Gold ETF Holdings
Chart: Exchange Traded Funds’ Physical Gold Holdings
Table: Exchange Traded Funds’ Physical Gold Holdings
Chart: Gold and U.S. Inflation
Chart: Gold and the U.S. Dollar
Chart: The Gold/CRB Ratio
Chart: Gold and the CRB
Chart: The Gold/Oil Ratio
Chart: Gold and Oil Price
Chart: Investment Demand’s Share of the Gold Market
Chart: Annual Average Returns: S&P 500 Index and Gold Prices
Chart: Gold and U.S. T-Bonds
Chart: Real and Nominal T-Bill Rates and Gold Prices
Chart: Gold and the S&P 500
Chart: Gold Prices and the XAU

Supply
Chart: Net Position of Large Non-Commercials & Gold Prices
Chart: Non-Commercial Gross Long and Short Positions
Chart: Monthly Gold American Eagle Sales
Table: Official Gold Coin Fabrication
Table: U.S. Eagle Gold Coin Sales
Table: World Gold Investment
Chart: Annual Total Supply
Chart: Mine Output in Major Gold Producing Market Economies
Chart: Global Gold Discoveries by Size
Chart: Estimated Total Worldwide Exploration Spending
Chart: Average Grades of Discoveries
Chart: Average Grade of Gold Mined
Chart: Discovery Cost
Chart: The Price of Gold and Cash Operating Costs of Production
Chart: The Price of Gold and Cash Operating Costs of Production
Chart: The Price of Gold and Cash Operating Costs of Production, Quarterly
Chart: Margin Between the Price of Gold and Cash Operating Costs
Chart: Gold Cash Costs in Third Quarter of 2010
Chart: Global Mining Capital Expenditure
Table: Major Market Economy Gold Producers
Chart: Eskom Electricity Reserve Margin
Table: Gold Mine Production by Company
Table: Mine Production by Country
Table: Near-term Gold Mine Development Projects
Chart: Estimated Gold Production Additions
Chart: Gold Reserves and Reserve Base
Chart: Annual Gold Recovery and Average London Gold Price
Table: Secondary Supply
Table: Production Costs in South Africa by Mine
Chart: Gold Mine Output in South Africa
Chart: Average Quarterly South African Working Costs and Ore Grade
Chart: Average Quarterly South African Working Costs in U.S. Dollars
Chart: Quarterly South African Gold Production - Ore Milled
Chart: Rand Price and Ore Grade
Chart: Refined Production
Table: Global Production Since 1800
Table: Mine Production by Country

Official Transactions
Chart: Official Transactions
Chart: Central Bank Changes in Gold Holdings
Chart: Central Bank Changes in Gold Holdings in 2009 and 2010
Table: Changes in Central Bank Gold Reserves in 2009
Table: Changes in Central Bank Gold Reserves in 2010
Chart: Official Sector Gold Reserve Levels
Chart: Central Bank Gold Holdings in Developed and Developing Countries
Chart: Currency Composition of Official Foreign Exchange Reserves
Table: Composition of Global Monetary Reserves
Chart: Gross Government Debt as Percentage of GDP
Chart: Official ForEx Reserves in Developed & Developing Countries
Chart: Gross Domestic Product in Developed and Developing Economies
Chart: Foreign Exchange Reserves and Gold Reserves in U.S. Dollars
Chart: Gold Reserves as a Percentage of Total Monetary Reserves
Chart: Bank for International Settlements Gold Holdings
Chart: International Monetary Fund Gold Holdings
Chart: Russian Central Bank Gold Holdings
Table: Status Report of U.S. Treasury-owned Gold
Chart: Gold Prices and Shifts in Central Bank Gold Reserves
Chart: Gold Held at the New York Federal Reserve Bank
Table: Gold Held at the New York Federal Reserve Bank
Table: Reported Central Bank Gold Reserves by Country and Region
Chart: Central Bank Reserves Since 1920
Chart: U.S. as a Percent of Total Gold Reserves
Chart: Composition of Global Monetary Reserves
Chart: Gold as a Percent of Total Reserves
Table: Official Gold Transactions
Table: Top 15 Central Banks by Gold Holdings
Table: Top 15 Central Banks by Foreign Exchange Holdings
Table: IMF Gold Transactions, 1976-1980
Table: IMF Gold Sales
Table: IMF Gold Sales, Non-Competitive Bids, 1978-1979
Table: IMF Gold Restitution, 1977-1980

Fabrication Demand
Chart: Annual Total Demand
Chart: Gold Jewelry Demand and Gold Prices
Table: Fabrication Demand by Country and Region
Chart: Annual Indian Gold Demand
Chart: Annual Thai Gold Demand
Chart: Annual U.S. Gold Demand
Chart: Annual Japanese Gold Demand
Chart: Annual European Gold Demand
Chart: Annual Italian Fabrication Demand
Table: Annual Gold Use
Table: Fabrication Demand by Country and Region
Table: Indian Fabrication Demand Table: Thai Gold Market
Table: U.S. Gold Fabrication Demand
Table: Japanese Gold Fabrication Demand
Table: Total European Fabrication Demand
Table: Italian Fabrication Demand
Table: German Fabrication Demand
Table: United Kingdom Fabrication Demand
Table: French Fabrication Demand
Table: Swiss Fabrication Demand
Table: Spanish Fabrication Demand
Table: Greek Fabrication Demand
Table: Other European Fabrication Demand
China’s Gold Market Chart: Chinese Gold Supply and Demand
Chart: Gold Mine Production in China

Markets
Chart: Top Chinese Gold Mining Provinces
Table: Mine Development Projects
Table: Mine Expansion Projects
Chart: Gold Mine Production and Secondary Recovery in China
Chart: Chinese Fabrication Demand
Chart: Chinese Gold and Silver Jewelry Sales
Chart: Chinese Gold and Silver Jewelry Sales & Retail Price Index
Chart: Chinese Gold Jewelry Demand and Gold Prices
Chart: Chinese Next Exports of Gold Jewelry and Jewelry Parts
Chart: Chinese Yuan Exchange Rate
Chart: Chinese Imports and Exports of Unwrought Gold
Table: Chinese Gold National Metal Account
Chart: The Gold Market 1997-2010
Table: The Gold Market 1997-2010
Chart: Trading Volume in the Futures Markets
Chart: Open Interest in the Futures Markets
Table: Trading Volume of Gold at Five Major Commodities Exchanges
Table: Gold Futures Launches
Chart: London Bullion Market Association - Average Trade Size
Chart: Comex Gold Stocks in 2000-2010
Table: London Bullion Market Clearing Turnover
Chart: London Bullion Market Association - Daily Activity
Ounces of Gold Transferred
Value of Gold Transferred
Number of Transfers
Chart: Large Non-Commericial Comex Gold Positions
Table: Exchange Activity
Prices
Table: Multi Commodity Exchange Gold Open Interest
Table: Multi Commodity Exchange Gold Trading Volume
Table: Shanghai Futures Exchange Gold Open Interest
Table: Shanghai Futures Exchange Gold Trading Volume
Chart: Comex Trading Activity - Trading Volume
Chart: Comex Trading Activity - Open Interest
Chart: Tocom Trading Volume
Chart: Tocom Open Interest
Table: Comex Trading Activity - Trading Volume
Table: Comex Trading Activity - Open Interest
Table: Tocom Trading Volume
Table: Tocom Open Interest
Chart: Comex Options Trading Volume - Puts and Calls
Chart: Comex Options Open Interest - Puts and Calls
Chart: Put/Call Ratio
Table: Annual Comex Gold Options Activity
Chart: High, Low, and Settlement Gold Prices
Chart: Real and Nominal Gold Prices
Chart: Monthly Gold Price Volatility
Chart: High, Low, and Average Gold Prices
Chart: Weekly London Gold Prices
Chart: Gold Prices Seasonality
Chart: Real & Nominal London Gold Prices since 1700
Chart: Real & Nominal U.S. Gold Prices since 1800
Table: London Gold Prices

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