World Gold Council Primer

  • May 2020
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mêçÇìÅíáçå= Åçëíë= î~êó= ïáÇÉäóI= ~ÅÅçêÇáåÖ= íç= íÜÉ= å~íìêÉ= çÑ= íÜÉ= ãáåÉI= ÄÉ= áí= çéÉå= éáí= çê= ìåÇÉêÖêçìåÇ= ~åÇ= ~í= ïÜ~í= ÇÉéíÜI= íÜÉ= å~íìêÉ= ~åÇ= ÇáëíêáÄìíáçå= çÑ= íÜÉ= çêÉÄçÇó= E~åÇ= Äó= áãéäáÅ~íáçå= íÜÉ= ãÉí~ääìêÖó= ïÜáÅÜ= ~ÑÑÉÅíë= éêçÅÉëëáåÖ= íÉÅÜåáèìÉëF= ~åÇ= íÜÉ= Öê~ÇÉK= ^îÉê~ÖÉ= èìçíÉÇ= Å~ëÜ= Åçëíë= Ñçê= OMMS= ïÉêÉ= Éëíáã~íÉÇ= Äó= dcjp= ~í= rpAPNTLçìåÅÉ= ïáíÜ= íçí~ä= Å~ëÜ= Åçëíë= EáåÅäìÇáåÖ=ÇÉéêÉÅá~íáçåI=~ãçêíáë~íáçåI=êÉÅä~ã~íáçå=~åÇ=ãáåÉ= ÅäçëìêÉ=ÅçëíëF=~í=rpAQMNLçìåÅÉK= kçíÉ= ~äëç= íÜ~í= íÜÉëÉ= ÑáÖìêÉë= Çç= åçí= áåÅäìÇÉ= ÖêÉÉåÑáÉäÇ= Éñéäçê~íáçå= ~åÇ= çíÜÉê= ~åÅáää~êó= Åçëíë= ~åÇ= ëç= ãçëí= ãáåáåÖ= ~å~äóëíë=~ÇÇ=~=ÑìêíÜÉê=~åÇ=çÑíÉå=ëáÖåáÑáÅ~åí=ëìãI=ÇÉéÉåÇáåÖ= çå=íÜÉ=ãáåáåÖ=Åçãé~åó=ÅçåÅÉêåÉÇI=íç=ÅçãÉ=íç=~å=Éëíáã~íÉ= çÑ= íêìÉ= íçí~ä= ÅçëíëK= qÜáå= ã~êÖáåë= ã~ÇÉ= Äó= íÜÉ= ãáåáåÖ= Åçãé~åáÉë= áå= íÜÉ= ëÉÅçåÇ= Ü~äÑ= çÑ= íÜÉ= NVVMë= ãÉ~åí= íÜ~í= Éñéäçê~íáçå=ÉñéÉåÇáíìêÉ=íÉåÇÉÇ=íç=ëìÑÑÉêK= =

`Éåíê~ä=_~åâë= = `Éåíê~ä= Ä~åâë= ~åÇ= ëìéê~å~íáçå~ä= çêÖ~åáë~íáçåë= ÜçäÇ= ~êçìåÇ= çåÉ=ÑáÑíÜ=çÑ=ÖäçÄ~ä=~ÄçîÉJÖêçìåÇ=ëíçÅâë=çÑ=ÖçäÇ=~ë=~=êÉëÉêîÉ= ~ëëÉíI= ~= ÑáÖìêÉ= íÜ~í= áë= ÇÉÅêÉ~ëáåÖ= ëíÉ~Çáäó= çîÉê= íáãÉK= qÜÉ= ÑáÖìêÉ=çÑ=OUIRMM=íçååÉë=ëÜçïå=áå=íÜÉ= ^ÄçîÉJÖêçìåÇ=ëíçÅâë= ÅÜ~êí=~ÄçîÉ=ÉñÅäìÇÉë=ÖçäÇ=çïåÉÇ=Äó=ÅÉåíê~ä=Ä~åâë=~åÇ=çìí= çå=äç~åX=áÑ=ÖçäÇ=çìí=çå=äç~å=ïÉêÉ=áåÅäìÇÉÇ=íÜÉ=ÑáÖìêÉ=ïçìäÇ= ÄÉ=ëäáÖÜíäó=ÜáÖÜÉêK=qÜÉëÉ=ëíçÅâë=~êÉ=çïåÉÇ=ä~êÖÉäó=Äó=ÅÉåíê~ä= Ä~åâë= áå= bìêçéÉ= ~åÇ= kçêíÜ= ^ãÉêáÅ~= ~åÇ= ïÉêÉ= ~ÅèìáêÉÇ= éêÉÇçãáå~åíäó=áå=íÜÉ=ÅçåíÉñí=çÑ=íÜÉ=`ä~ëëáÅ~ä=dçäÇ=pí~åÇ~êÇK= lå= ~îÉê~ÖÉI= ÅçìåíêáÉë= ÜçäÇ= NMB= çÑ= íÜÉáê= êÉëÉêîÉë= áå= ÖçäÇI= ~äíÜçìÖÜ= íÜÉ= éêçéçêíáçå= î~êáÉë= ïáÇÉäó= Ñêçã= çåÉ= Åçìåíêó= íç= ~åçíÜÉêK== =

=P=

World Gold Holdings, 2006 Rest of World 12% Asia 6%

Euro area 38%

Other Western Europe 6%

BIS+IMF 11%

USA 27%

Data: IMF/World Gold Council

= kÉ~êäó= ~ää= ÅÉåíê~ä= Ä~åâë= êÉéçêí= íÜÉáê= ÖçäÇ= ÜçäÇáåÖë= ÉîÉêó= ãçåíÜ= íç= íÜÉ= fåíÉêå~íáçå~ä= jçåÉí~êó= cìåÇ= EfjcF= ~åÇ= íÜÉëÉ= ~êÉ=éìÄäáëÜÉÇ=ãçåíÜäó=áå=íÜÉ=cìåÇÛë=éìÄäáÅ~íáçå=fåíÉêå~íáçå~ä= cáå~åÅá~ä=pí~íáëíáÅëK=qÜìë=ÅÜ~åÖÉë=áå=íÜÉëÉ=ÜçäÇáåÖë=Å~å=É~ëáäó= ÄÉ= ãçåáíçêÉÇK= eçïÉîÉêI= ~= ëã~ää= åìãÄÉê= çÑ= ÅÉåíê~ä= Ä~åâë= Ü~îÉ= ÖçäÇ= ÜçäÇáåÖë= ïÜáÅÜ= ~êÉ= åçí= ÇÉÉãÉÇ= íç= ÄÉ= é~êí= çÑ= çÑÑáÅá~ä=êÉëÉêîÉë=~åÇ=~êÉ=íÜÉêÉÑçêÉ=åçí=êÉéçêíÉÇK=få=~ÇÇáíáçå= íÜÉêÉ= ~êÉ= ~äëç= ~= ÑÉï= èì~ëáJ= çê= ëÉãáJçÑÑáÅá~ä= ÄçÇáÉë= ïÜçëÉ= ÜçäÇáåÖë= ~êÉ= åçí= êÉéçêíÉÇK= jçåáíçêáåÖ= íÜÉëÉ= ÜçäÇáåÖë= áë= íÜÉêÉÑçêÉ=ãçêÉ=ÇáÑÑáÅìäíK== =

oÉÅóÅäÉÇ=ÖçäÇ=

gold scrap (tonnes)

gold price - US$/oz.

= ^äíÜçìÖÜ= ~= åìãÄÉê= çÑ= ÅÉåíê~ä= Ä~åâë= Ü~îÉ= áåÅêÉ~ëÉÇ= íÜÉáê= dçäÇ=áë=îáêíì~ääó=áåÇÉëíêìÅíáÄäÉ=ëç=íÜ~íI=ìåäÉëë=áí=Ü~ë=ÄÉÉå=äçëíI= ÖçäÇ= êÉëÉêîÉë= çîÉê= íÜÉ= é~ëí= ÇÉÅ~ÇÉI= íÜÉ= ëÉÅíçê= ~ë= ~= ïÜçäÉ= ~ää=íÜÉ=ÖçäÇ=ÉîÉê=ãáåÉÇ=ëíáää=ÉñáëíëK=fí=áë=~äëç=É~ëáäó=êÉÅçîÉê~ÄäÉ= Ü~ë=ÄÉÉå=~=åÉí=ëÉääÉêI=ÅçåíêáÄìíáåÖ=~å=~îÉê~ÖÉ=çÑ=ROT=íçååÉë= Ñêçã=ãçëí=çÑ=áíë=ìëÉë=~åÇ=Å~é~ÄäÉ=çÑ=ÄÉáåÖ=ãÉäíÉÇ=ÇçïåI=êÉJ íç= ~ååì~ä= ëìééäó= Ñäçïë= ÄÉíïÉÉå= OMMO= ~åÇ= OMMSK= páåÅÉ= êÉÑáåÉÇ= ~åÇ= êÉìëÉÇK= fí= Ñçääçïë= íÜ~í= íÜÉ= ëìééäó= çÑ= êÉÅóÅäÉÇ= pÉéíÉãÄÉê=NVVVI=íÜÉ=Äìäâ=çÑ=íÜÉëÉ=ë~äÉë=Ü~îÉ=ÄÉÉå=ÅçîÉêÉÇ= ÖçäÇI= çê= ëÅê~éI= áë= ~å= áãéçêí~åí= é~êí= çÑ= íÜÉ= Çóå~ãáÅë= çÑ= íÜÉ= ìåÇÉê= íÜÉ= `Éåíê~ä=_~åâ=^ÖêÉÉãÉåí=çå=dçäÇ=E`_d^FK= ^= åÉï= ÖçäÇ=ã~êâÉíK= `_d^I= ÅçîÉêáåÖ= íÜÉ= éÉêáçÇ= Ñêçã= pÉéíÉãÄÉê= OMMQ= íç= = pÉéíÉãÄÉê=OMMV=ï~ë=~ååçìåÅÉÇ=áå=j~êÅÜ=OMMQK= få=íÜÉ=ëí~íáëíáÅëI=ëÅê~é=áë=ÇÉÑáåÉÇ=~ë=ÄÉáåÖ=ÖçäÇ=íÜ~í=Ü~ë=ÄÉÉå= = ëçìêÅÉÇ= Ñêçã= çäÇ= Ñ~ÄêáÅ~íÉÇ= éêçÇìÅíë= íÜ~í= Ü~îÉ= ÄÉÉå= få= ~ÇÇáíáçå= íç= ÄìóáåÖ= ~åÇ= ëÉääáåÖI= ÅÉåíê~ä= Ä~åâë= ~äëç= ~ÑÑÉÅí= êÉÅçîÉêÉÇ= ~åÇ= êÉÑáåÉÇ= Ä~Åâ= áåíç= Ä~êëK= fí= ÇçÉë= åçí= áåÅäìÇÉ= íÜÉ= ÖçäÇ= ã~êâÉí= íÜêçìÖÜ= íÜÉáê= äÉåÇáåÖI= ëï~éë= ~åÇ= çíÜÉê= àÉïÉääÉêó=íÜ~í=Ü~ë=ëáãéäó=ÄÉÉå=íê~ÇÉÇ=áå=~åÇ=êÉëçäÇ=ïáíÜçìí= ÇÉêáî~íáîÉ= ~ÅíáîáíáÉëX= íÜÉó= ~êÉ= íÜÉ= ã~áå= E~äíÜçìÖÜ= åçí= íÜÉ= ÄÉáåÖ=êÉJêÉÑáåÉÇI=çê=êÉëçäÇ=áåîÉëíãÉåí=Ä~êë=~åÇ=ÅçáåëK= çåäóF= ëìééäáÉê= çÑ= äÉ~ëÉÇ= ÖçäÇ= íç= íÜÉ= ã~êâÉíK= _ìääáçå= Ä~åâë= = ïÜç=Äçêêçï=ëìÅÜ=ÖçäÇ=ã~ó=ëÉää=áí=áåíç=íÜÉ=ã~êâÉí=íç=ÜÉÇÖÉ= jçëí= êÉÅóÅäÉÇ= ÖçäÇ= ÖÉåÉê~íÉÇ= çêáÖáå~íÉë= Ñêçã= àÉïÉääÉêóK= íÜÉáê=çïå=íê~åë~ÅíáçåëI=Ñçê=Éñ~ãéäÉ=ïáíÜ=ãáåáåÖ=Åçãé~åáÉë= pã~ääÉê= ~ãçìåíë= ÅçãÉ= Ñêçã= êÉÅìéÉê~íÉÇ= ÉäÉÅíêçåáÅë= ïÜç=~êÉ=ëÉääáåÖ=ëìÅÜ=ÖçäÇ=Ñçêï~êÇK=tÜÉå=íÜÉ=äç~å=Ñêçã=íÜÉ= ÅçãéçåÉåíë=~åÇI=~í=íáãÉëI=Ñêçã=áåîÉëíãÉåí=Ä~êë=~åÇ=ÅçáåëK= ÅÉåíê~ä= Ä~åâ= Ñ~ääë= ÇìÉI= áí= ïáää= Supply of old gold scrap (1996 - 2006), tonnes ÄÉ=êÉé~áÇI=ìåÇÉê=~=Ä~ëáÅ=Ñêçã= 700 1200 çÑ= íê~åë~ÅíáçåI= ïáíÜ= íÜÉ= ÖçäÇ= Data: GFMS Ltd. Ñêçã= íÜÉ= Äìääáçå= Ä~åâÛë= 600 ÅçìåíÉêé~êíó= EÉKÖK= íÜÉ= ÖçäÇ= 1000 íÜ~í= ï~ë= ëçäÇ= Ñçêï~êÇ= Äó= íÜÉ= 500 ãáåáåÖ= Åçãé~åó= çåÅÉ= áí= Ü~ë= 800 ~Åíì~ääó= ÄÉÉå= ãáåÉÇFK= qÜáë= 400 ãÉÅÜ~åáëã= íÜìë= ~ÑÑÉÅíë= íÜÉ= 600 íáãáåÖ= çÑ= ÖçäÇ= ëìééäó= íç= íÜÉ= 300 ã~êâÉíK= råÇÉê= íÜÉ= `Éåíê~ä= 400 _~åâ= dçäÇ= ^ÖêÉÉãÉåí= íÜÉ= 200 ëìééäó= çÑ= ëìÅÜ= ÖçäÇ= íç= íÜÉ= ã~êâÉí= Äó= ëáÖå~íçêáÉë= ï~ë= 200 100 Å~ééÉÇ= ~í= íÜÉ= äÉîÉä= 0 0 çìíëí~åÇáåÖ= ~í= pÉéíÉãÄÉê= 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 NVVVK= =Q=

= qÜÉ= ëìééäó= çÑ= ëÅê~é= ÇÉéÉåÇë= ä~êÖÉäó= çå= ÉÅçåçãáÅ= ÅáêÅìãëí~åÅÉë=~åÇ=çå=íÜÉ=ÄÉÜ~îáçìê=çÑ= íÜÉ= ÖçäÇ= éêáÅÉK= fí=áë= Åçããçå=éê~ÅíáÅÉ=áå=íÜÉ=jáÇÇäÉ=b~ëí=~åÇ=^ëá~=Ñçê=ÅìëíçãÉêë= íç= íê~ÇÉ= áå= çåÉ= éáÉÅÉ= çÑ= àÉïÉääÉêó= áå= ÉñÅÜ~åÖÉ= Ñçê= ~åçíÜÉêI= ~åÇ= íÜÉ= éáÉÅÉ= íê~ÇÉÇ= áå= ã~ó= ÄÉ= ãÉäíÉÇ= Ççïå= ê~íÜÉê= íÜ~å= ëáãéäó=ÄÉáåÖ=êÉëçäÇK=_ìí=ÖçäÇ=Å~å=~äëç=ÄÉ=ëçäÇ=Ñçê=Å~ëÜ=ÉáíÜÉê= áÑ= íÜÉ= çïåÉê= Ü~ë= åÉÉÇ= çÑ= ãçåÉó= çê= áÑ= íÜÉ= çïåÉê= ï~åíë= íç= Å~ëÜ= áå= ~= éêçÑáí= ÑçääçïáåÖ= ~= êáëÉ= áå= íÜÉ= ÖçäÇ= éêáÅÉK= fí= Ñçääçïë= íÜ~í=ëÅê~é=ëìééäó=íóéáÅ~ääó=êáëÉë=áå=íáãÉë=çÑ=ÉÅçåçãáÅ=ÇáëíêÉëë= çê=ÑçääçïáåÖ=~=éêáÅÉ=êáëÉK= = qÜÉ=ÅÜ~êí=~ÄçîÉ=ëÜçïë=Üçï=íÜÉ=ëìééäó=çÑ=ëÅê~é=Ü~ë=ÅÜ~åÖÉÇ= çîÉê=íÜÉ=ä~ëí=íÉå=óÉ~êëK=qÜÉ=éÉ~â=áå=NVVU=ï~ë=íÜÉ=êÉëìäí=çÑ= ÇáëÜç~êÇáåÖ=ÇìêáåÖ=íÜÉ=^ëá~å=Åêáëáë=çÑ=NVVTJVUK=^êçìåÇ=PMM= íçååÉë= çÑ= íÜÉ= íçí~ä= Å~ãÉ= Ñêçã= pçìíÜ= hçêÉ~I= éêáã~êáäó= ~ë= ~= êÉëìäí=çÑ=íÜÉ=å~íáçå~ä=ÖçäÇ=ÅçääÉÅíáçå=Å~ãé~áÖå=áåëíáíìíÉÇ=áå= çêÇÉê= íç= ÜÉäé= ãÉÉí= ~= ëÜçêí~ÖÉ= çÑ= ÑçêÉáÖå= ÉñÅÜ~åÖÉK= fåÇáîáÇì~äë=ÅçåíêáÄìíÉÇ=íÜÉáê=ÖçäÇ=Ó=~å=~îÉê~ÖÉ=çÑ=SR=Öê~ãë= éÉê= ÜçìëÉÜçäÇ= Ó= áå= ÉñÅÜ~åÖÉ= Ñçê= ïçåJÇÉåçãáå~íÉÇ= ÄçåÇëK= qÜÉ= êáëÉ= áå= ëÅê~é= ÖÉåÉê~íáçå= áå= OMMN= ~åÇ= OMMOI= ~åÇ= ~Ö~áå= êÉÅÉåíäóI= ï~ë= éêáã~êáäó= ~= êÉëìäí= çÑ= éêçÑáí= í~âáåÖ= ëéìêêÉÇ= Äó= íÜÉ=êáëÉ=áå=íÜÉ=ÖçäÇ=éêáÅÉK= =

tçêäÇ=dçäÇ=`çìåÅáä=ëìééçêíë=íÜÉ=ã~êâÉíáåÖ=çÑ=ÖçäÇ=àÉïÉääÉêó= íÜêçìÖÜ= é~êíåÉêëÜáéë= ïáíÜ= êÉí~áäÉêëI= ã~åìÑ~ÅíìêÉêë= ~åÇ= ÇáëíêáÄìíçêë=áå=íÜÉ=ïçêäÇÛë=äÉ~ÇáåÖ=ã~êâÉíëK= = qÜÉêÉ= ~êÉ= ÄçíÜ= ÇáÑÑÉêÉåÅÉë= ~åÇ= ëáãáä~êáíáÉë= áå= àÉïÉääÉêó= éìêÅÜ~ëáåÖ= Ü~Äáíë= ~Åêçëë= ÅçìåíêáÉëK= aÉã~åÇ= áë= ~ÑÑÉÅíÉÇ= Äó= ÇáÑÑÉêÉåí=Åìäíìê~ä=~åÇ=ëçÅá~ä=Ñ~Åíçêë=Äìí=ã~êâÉí=êÉëÉ~êÅÜ=~äëç= ëÜçïë= íÜ~í= ÑÉÉäáåÖë= íçï~êÇë= ÖçäÇ= ~êÉ= îÉêó= ëáãáä~ê= ~åÇ= íÜ~í= íÜÉêÉ= ~êÉ= Åçããçå= ÅçêÉ= ~ííáíìÇÉë= íçï~êÇë= ÖçäÇ= ~Åêçëë= ÇáÑÑÉêÉåí= ã~êâÉíëK= cçê= áåëí~åÅÉI= íÜÉ= éìêÅÜ~ëÉ= çÑ= ÖçäÇ= àÉïÉääÉêó= áë= ~ëëçÅá~íÉÇ= ïáíÜ= ëéÉÅá~ä= çÅÅ~ëáçåë= ëìÅÜ= ~ë= s~äÉåíáåÉÛë= a~óI= ïÉÇÇáåÖëI= ~ååáîÉêë~êáÉë= ~åÇ= ÄáêíÜÇ~óë= íÜêçìÖÜçìí=íÜÉ=ïçêäÇK=j~êâÉí=êÉëÉ~êÅÜ=êÉëéçåëÉë=ëÜçï=íÜ~í= íÜÉêÉ= ~êÉ= ÅçåëìãÉê= “ëÉÖãÉåíëÒ= ïÜáÅÜ= Éñáëí= áå= ~ää= ÅçìåíêáÉë= ~äíÜçìÖÜ= íÜÉ= áãéçêí~åÅÉ= çÑ= É~ÅÜ= ëÉÖãÉåí= Å~å= î~êó= Ñêçã= Åçìåíêó=íç=ÅçìåíêóK=

tonnes

Seasonality gÉïÉääÉêó= ÇÉã~åÇ= áë= ëÉ~ëçå~ä= EëÉÉ= íÜÉ= Öê~éÜ= ÄÉäçïFK= qÜÉ= ÑçìêíÜ= èì~êíÉê= áë= íÜÉ= ëíêçåÖÉëí= èì~êíÉê= ÇìÉ= íç= aáï~äáI= `Üêáëíã~ë= ~åÇ= çíÜÉê= ÉåÇ= çÑ= óÉ~ê= ÑÉëíáî~äë= ïÜÉå= àÉïÉääÉêó= ÖáÑíë=~êÉ=ÅçããçåK=qÜÉ=äçåÖ=ÜçäáÇ~óë=~êçìåÇ=Nëí=j~ó=Ei~Äçìê= a~óFI= k~íáçå~ä=a~ó= ~åÇ= `ÜáåÉëÉ= kÉï=vÉ~ê=áå= `Üáå~=~êÉ=~äëç= çÅÅ~ëáçåë=~ëëçÅá~íÉÇ=ïáíÜ=íÜÉ=éìêÅÜ~ëÉ=çÑ=ÖçäÇ=àÉïÉääÉêóK= = qÜÉ= Ñáêëí= èì~êíÉê= áë= åçêã~ääó= íÜÉ= ëÉÅçåÇ= ëíêçåÖÉëí= èì~êíÉê= gÉïÉääÉêó=aÉã~åÇ= ÇìÉ= íç= íÜÉ= `ÜáåÉëÉ= kÉï= vÉ~êI= íÜÉ= fåÇá~å= ïÉÇÇáåÖ= ëÉ~ëçå= = ~åÇI=íç=~=äÉëëÉê=ÉñíÉåíI=s~äÉåíáåÉÛë=Ç~óK= gÉïÉääÉêó=ÅçåëáëíÉåíäó=~ÅÅçìåíë=Ñçê=íÜÉ=ä~êÖÉëí=ëÜ~êÉ=çÑ=Ñáå~ä= = ÇÉã~åÇ= ~í= ~êçìåÇ= TMB= çÑ= íçí~ä= ÇÉã~åÇ= Ó= ïçêíÜ= ~êçìåÇ= qÜÉ= ëÉÅçåÇ= ~åÇ= íÜáêÇ= èì~êíÉêë= ~êÉ= ìëì~ääó= ëÉ~ëçå~ääó= äçï= rpA= QQ= Äáääáçå= ~í= íÜÉ= ~ååì~ä= ~îÉê~ÖÉ= ÖçäÇ= éêáÅÉ= áå= OMMSK= ïáíÜ= ~= êÉä~íáîÉ= ~ÄëÉåÅÉ= çÑ= ã~àçê=ÖçäÇ=ÖáîáåÖ=çÅÅ~ëáçåëK= Gold jewellery demand: quarterly, by country qÜÉ= ëí~êí= çÑ= íÜÉ= ëÉÅçåÇ= 800.0 Hong Kong èì~êíÉê= åÉîÉêíÜÉäÉëë= ëÉÉë= Taiw an 700.0 Vietnam ïÉÇÇáåÖ= ëÉ~ëçåë= áå= é~êíë= çÑ= Japan fåÇá~= ïÜáäÉ= j~ó= ëÉÉë= íÜÉ= 600.0 Other Gulf ^âëÜ~ó~= qêáíÜó~= ÑÉëíáî~ä= áå= Indonesia 500.0 fåÇá~K= qçìêáëí= ÇÉã~åÇ= áë= ~í= Egypt UAE áíë=éÉ~â=áå=qìêâÉó=áå=íÜÉ=íÜáêÇ= 400.0 Saudi Arabia èì~êíÉêK=få=Åçåíê~ëí=íÜÉ=íÜáêÇ= UK 300.0 èì~êíÉê= ëÉÉë= íÜÉ= pÜê~Ç= Ó= ~= Italy ÑçêíåáÖÜí= ïÜçëÉ= êÉäáÖáçìë= Turkey 200.0 China ëáÖåáÑáÅ~åÅÉ=áë=åçí=éêçéáíáçìë= Greater China Ñçê=ÖçäÇ=ÄìóáåÖ=Äó=eáåÇìëK 100.0 USA

India

06.Q1 06.Q2 06.Q3 06.Q4

05.Q2 05.Q3 05.Q4

03.Q3 03.Q4 04.Q1 04.Q2 04.Q3 04.Q4 05.Q1

03.Q1 03.Q2

00.Q3 00.Q4 01.Q1 01.Q2 01.Q3 01.Q4 02.Q1 02.Q2 02.Q3 02.Q4

00.Q1 00.Q2

-

Source: GFMS Ltd.

Competition bñÅÉéí= áå= íÜÉ= ãçêÉ= íê~Çáíáçå~ä= ã~êâÉíëI= ÖçäÇ= =R=

àÉïÉääÉêó=ÄìóáåÖ=Ñ~ÅÉë=áåÅêÉ~ëáåÖ=ÅçãéÉíáíáçå=Ñçê=áíë=ëÜ~êÉ=çÑ= ÅçåëìãÉêëÛ= ÇáëÅêÉíáçå~êó= éìêÅÜ~ëáåÖK= qÜáë= ÅçãÉë= áå= é~êí= Ñêçã= çíÜÉê= àÉïÉääÉêó= Äìí= ~äëçI= ~åÇ= ãçêÉ= áãéçêí~åíäóI= Ñêçã= ÉäÉÅíêçåáÅëI= ÜçãÉ= áãéêçîÉãÉåíëI= ÜçäáÇ~óëI= ÄÉ~ìíó= íêÉ~íãÉåíë= ~åÇ= äìñìêó= ÖççÇë= ~åÇ= ëÉêîáÅÉëK= j~êâÉíáåÖI= íÜÉ= ÇáëíêáÄìíáçå= çÑ= èì~äáíó= éêçÇìÅíë= ~åÇ= íÜÉ= éêçãçíáçå= çÑ= çÅÅ~ëáçåë= çå= ïÜáÅÜ= íç= Äìó= ÖçäÇ= Ü~îÉ= íÜÉêÉÑçêÉ= ÄÉÅçãÉ= áåÅêÉ~ëáåÖäó= áãéçêí~åí= áå= ëíáãìä~íáåÖ= éìêÅÜ~ëÉK= fãéêçîÉãÉåíë=áå=áåÅçãÉ=äÉîÉäë=~åÇ=ÑìåÇ~ãÉåí~ä=ÅÜ~åÖÉë=áå= ÅçåëìãÉê= ~ííáíìÇÉë= íç= ÖçäÇ= Ü~îÉ= êÉîÉêëÉÇ= íÜÉ= ÇÉÅäáåÉë= áå= ÖçäÇ=ÇÉã~åÇ=çÑ=íÜÉ=ä~íÉ=NVVMë=~åÇ=É~êäó=OMMMëK=få=íÜÉ=Ñáêëí= Ü~äÑ= çÑ= OMMSI= éêáÅÉ= îçä~íáäáíó= éìëÜÉÇ= íÜÉ= îçäìãÉ= çÑ= ÖçäÇ= àÉïÉääÉêó= Ççïå= íç= OIUMM= íçååÉëI= ~= óÉ~êJçåJóÉ~ê= ÇÉÅäáåÉ= çÑ= NSBK= mêáÅÉ= îçä~íáäáíó= Ü~ë= ~= åÉÖ~íáîÉ= áãé~Åí= çå= ÅçåëìãÉê= ÇÉã~åÇ= ~ë= áí= áåíêçÇìÅÉë= ~= äÉîÉä= çÑ= ìåÅÉêí~áåíó= áåíç= ã~êâÉí= î~äì~íáçåëI= ã~âáåÖ= ÅçåëìãÉêë= ï~êó= ~Äçìí= éìêÅÜ~ëáåÖ= àÉïÉääÉêó=áå=Å~ëÉ=íÜÉó=Å~å=Äìó=áí=ÅÜÉ~éÉê=ä~íÉê=çåK=eçïÉîÉêI= íÜ~åâë= íç= íÜÉ= ~ëÅÉåÇ~åí= ÖçäÇ= éêáÅÉI= íÜÉ= î~äìÉ= çÑ= àÉïÉääÉêó= ÇÉã~åÇ= êÉ~ÅÜÉÇ= ~= êÉÅçêÇ= ÜáÖÜ= çÑ= AQQ= ÄáääáçåI= ~= NQB= áåÅêÉ~ëÉ=çå=íÜÉ=éêÉîáçìë=óÉ~êK==^åÇ=çåÅÉ=ÖçäÇ=éêáÅÉ=îçä~íáäáíó= êÉíìêåÉÇ= íç= áíë= ãçêÉ= åçêã~äI= êÉä~íáîÉäó= äçï= äÉîÉäëI= àÉïÉääÉêó= ÇÉã~åÇ=ëí~ÖÉÇ=~=ëíêçåÖ=êÉÅçîÉêóI=ïáíÜ=ëìÄëí~åíá~ä=ÖêçïíÜ=áå= É~êäó=OMMTK

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Source: GFMS, WGC

tonnes

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2005

2006

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áåÅäìÇáåÖ= Å~í~äóëíë= áå= ÑìÉä= ÅÉääëI= ÅÜÉãáÅ~ä= éêçÅÉëëáåÖ= ~åÇ= ÅçåíêçääáåÖ=éçääìíáçåK=^=åìãÄÉê=çÑ=Åçãé~åáÉë=~êÉ=âåçïå=íç= ÄÉ= ÇÉîÉäçéáåÖ= áåÇìëíêá~ä= Å~í~äóëíë= Ä~ëÉÇ= çå= ÖçäÇ= ~åÇ= íÜáë= ÅçìäÇ=äÉ~Ç=íç=áãéçêí~åí=åÉï=ÇÉã~åÇ=Ñçê=íÜÉ=ãÉí~äK=få=íÜÉ= ê~éáÇäó= ÇÉîÉäçéáåÖ= ÑáÉäÇ= çÑ= å~åçíÉÅÜåçäçÖó= íÜÉêÉ= ~êÉ= ã~åó= éçëëáÄäÉ= ìëÉë= áåÅäìÇáåÖ= áãéêçîÉÇ= i`a= Çáëéä~óë= ìëáåÖ= ÖçäÇ= å~åçêçÇëI= Ñçê= Éñ~ãéäÉ= áå= ãçÄáäÉ= éÜçåÉë= ~åÇ= ä~éíçéëK= qÜÉ= ìëÉ= çÑ= ÖçäÇ= áå= Åç~íÉÇ= ëìéÉêÅçåÇìÅíçêë= ÅçìäÇ= ~äëç= ÅêÉ~íÉ= ëáÖåáÑáÅ~åí=åÉï=áåÇìëíêá~ä=ÇÉã~åÇ=Ñçê=ÖçäÇK== == qÜÉ= tçêäÇ= dçäÇ= `çìåÅáä= çêÖ~åáëÉë= ~= ÅçåÑÉêÉåÅÉ= çå= åÉï= áåÇìëíêá~ä= ~ééäáÅ~íáçåë= Ñçê= ÖçäÇ= ÉîÉêó= íÜêÉÉ= óÉ~êëK= `çåí~Åí= áåÇìëíêó]ÖçäÇKçêÖ=Ñçê=ÑìêíÜÉê=áåÑçêã~íáçåK=

fåîÉëíãÉåí=aÉã~åÇ = dçäÇÛë=ìëÉ=~ë=~å=áåîÉëíãÉåí=áë=êççíÉÇ=áå=Üáëíçêó=~åÇ=ÇÉêáîÉë= Ñêçã= áíë= êçäÉë= ~ë= ~= ë~ÑÉ= Ü~îÉåI= ~= ëíçêÉ= çÑ= î~äìÉ= ~åÇ= ~= ãçåÉí~êó= ~ëëÉíK= páåÅÉ= ÖçäÇ= áë= åçí= ~= äá~Äáäáíó= çÑ= ~åó= ÖçîÉêåãÉåí= çê= Åçêéçê~íáçå= áí= ÇçÉë= åçíI= ìåäáâÉ= ÅìêêÉåÅáÉëI= ÄçåÇë= ~åÇ= ÉèìáíáÉëI= êìå= ~åó= êáëâ= çÑ= ÄÉÅçãáåÖ= ïçêíÜäÉëë= íÜêçìÖÜ= íÜÉ= ÇÉÑ~ìäí= çÑ= íÜÉ= áëëìÉêK= få= ãçêÉ= êÉÅÉåí= íáãÉë= áíë= êçäÉ= ~ë= ~å= ÉñÅÉääÉåí= éçêíÑçäáç= ÇáîÉêëáÑáÉê= ~ë= ~= êÉëìäí= çÑ= íÜÉ= ÖçäÇ=éêáÅÉÛë=ä~Åâ=çÑ=ÅçêêÉä~íáçå=ïáíÜ=ã~áåëíêÉ~ã=áåîÉëíãÉåíë= ~åÇ=áíë=êçäÉ=~ë=~=ÅìêêÉåÅó=~åÇ=áåÑä~íáçå=ÜÉÇÖÉ=Ü~îÉ=~äëç=ÄÉÉå= êÉÅçÖåáëÉÇK= = cçê= ãçêÉ= áåÑçêã~íáçå= çå= íÜÉ= áåîÉëíãÉåí= Å~ëÉ= Ñçê= ÖçäÇI= ~ë= ïÉää= ~ë= Üçï= íç= áåîÉëí= áå= ÖçäÇ= ~åÇ= ÅçìåíêóJëéÉÅáÑáÅ= áåÑçêã~íáçå=çå=ïÜÉêÉ=íç=áåîÉëíI=éäÉ~ëÉ=îáëáí=çìê=fåîÉëíáåÖ=áå= dçäÇ=ïÉÄëáíÉ=EïïïKáåîÉëíKÖçäÇKçêÖFK== World Investment 2001-2005

New uses of gold oÉëÉ~êÅÜ= çîÉê= íÜÉ= ä~ëí= ÇÉÅ~ÇÉ= Ü~ë= ìåÅçîÉêÉÇ= ~= åìãÄÉê= çÑ= éçëëáÄäÉ= åÉï= éê~ÅíáÅ~ä= ìëÉë= Ñçê= ÖçäÇ= ëçãÉ= çÑ= ïÜáÅÜ= ~ééÉ~ê= íç= Ü~îÉ= ëìÄëí~åíá~ä= éçíÉåíá~ä= áå= áåÅêÉ~ëáåÖ= íÜÉ= áåÇìëíêá~ä= ìëÉ= çÑ= íÜÉ= ãÉí~äK= qÜáë= áåÅäìÇÉë= íÜÉ= ìëÉ= çÑ= ÖçäÇ= ~ë= ~= Å~í~äóëí=

tonnes

800 600 400 200

0 -200

2001

2002

Implied Net Investment*

2003 Official Coins

2004 Medals/Imitation Coin

2005 Bar Hoarding

2006 Gold ETFs

Data: GFMS Ltd. * Implied net investment is the residual from combining all of the other GFMS data on supply and demand.

=U=

jìÅÜ= àÉïÉääÉêó= ÄçìÖÜí= áå= ^ëá~= ~åÇ= íÜÉ= jáÇÇäÉ= b~ëí= áë= ~äëç= ÄçìÖÜí=~ë=~å=áåîÉëíãÉåí=çê=ãÉ~åë=çÑ=ë~îáåÖK=fåîÉëíãÉåí=~ë= ëìÅÜI=ÜçïÉîÉêI=áë=åçêã~ääó=ìåÇÉêëíççÇ=íç=áåÅäìÇÉ=íÜÉ=Ñçêãë= ÇÉëÅêáÄÉÇ= áå= çìê= ëÉÅíáçå= çå= eçï= íç= _ìó= ÖçäÇI= ïÜáÅÜ= ê~åÖÉ= Ñêçã= ÇáêÉÅí= éìêÅÜ~ëÉ= çÑ= Ä~êë= ~åÇ= Åçáåë= çÑ= ÇáÑÑÉêÉåí= ëÜ~éÉë= ~åÇ=ëáòÉëI=áåîÉëíãÉåí=áå=ÖçäÇJÄ~ÅâÉÇ=ëÉÅìêáíáÉëI=ÉñéçëìêÉ=íç= íÜÉ= ÖçäÇ= ëÉÅíçê= íÜêçìÖÜ= áåîÉëíãÉåí= áå= ãáåáåÖ= ÉèìáíáÉë= çê= ÅçääÉÅíáîÉ= áåîÉëíãÉåí= ÑìåÇë= áåîÉëíáåÖ= áå= íÜÉëÉI= ï~êê~åíëI= ÑìíìêÉëI= çéíáçåë= ~åÇ= çíÜÉê= ëíêìÅíìêÉÇ= éêçÇìÅíë= íÜ~í= ~êÉ= Ä~ëÉÇ= çå= ÖçäÇK= qÜÉ= áåîÉëíãÉåí= ÇÉã~åÇ= åìãÄÉêë= êÉéçêíÉÇ= çå=íÜáë=ïÉÄëáíÉ=êÉä~íÉ=çåäó=íç=áåîÉëíãÉåí=áå=Åçáåë=~åÇ=ëã~ää= Ä~êë=~åÇ=çíÜÉê=áÇÉåíáÑá~ÄäÉ=êÉí~áä=áåîÉëíãÉåíX=~åÇ=áåîÉëíãÉåí= áå= íÜÉ= ÉñÅÜ~åÖÉ= íê~ÇÉÇ= ÖçäÇ= ÑìåÇë= íÜ~í= ~êÉ= äáëíÉÇ= áå= ~= åìãÄÉê=çÑ=ÅçìåíêáÉëK= = fåîÉëíãÉåí=éêçÑÉëëáçå~äë=íÉåÇ=íç=Çê~ï=~=ÇáëíáåÅíáçå=ÄÉíïÉÉå= êÉí~áä=áåîÉëíãÉåí=EéìêÅÜ~ëÉë=Äó=áåÇáîáÇì~äëF=~åÇ=áåëíáíìíáçå~ä= áåîÉëíãÉåí= EéìêÅÜ~ëÉë= Äó= áåîÉëíãÉåí= ÑìåÇë= ~åÇ= çíÜÉê= Åçêéçê~íÉ=ÉåíáíáÉë=ëìÅÜ=~ë=éÉåëáçå=ÑìåÇëFK=få éê~ÅíáÅÉI=áí=Å~å= ÄÉ= ÇáÑÑáÅìäí= íç= ÇáëíáåÖìáëÜ= ÄÉíïÉÉå= íÜÉëÉ= íïç= Å~íÉÖçêáÉëI= é~êíáÅìä~êäó= ÖáîÉå= íÜ~í= ëçãÉ= éêáî~íÉ= áåîÉëíçêë= ã~ó= Ü~îÉ= ÅçåëáÇÉê~ÄäÉ= ÜçäÇáåÖëK= fåîÉëíãÉåí= ÜçäÇáåÖëI= çê= éêáî~íÉ= áåîÉëíçê=ëíçÅâëI=~ÅÅçìåí=Ñçê=NSB=çÑ=íÜÉ=íçí~ä=ëíçÅâë=çÑ=ÖçäÇK= lîÉê=íÜÉ=ä~ëí=ÑáîÉ=óÉ~êë=çê=ëçI=~=“èìáÉí=êÉîçäìíáçåÒ=Ü~ë=ÄÉÉå= í~âáåÖ= éä~ÅÉ= áå= íÜÉ= ïçêäÇ= çÑ= áåîÉëíãÉåíI= ïÜáÅÜ= Ü~ë= ëÉÉå= áÇÉåíáÑá~ÄäÉ= áåîÉëíãÉåí= ÇÉã~åÇ= ëç~ê= Ñêçã= ~= äçï= çÑ= Q= éÉê= ÅÉåí= çÑ= íçí~ä= ÉåÇJìëÉ= ÇÉã~åÇ= áå= OMMM= íç= NV= éÉê= ÅÉåí= áå= OMMSK= tÜÉå= çîÉêJíÜÉJÅçìåíÉê= Ñäçïë= íÜ~í= ~êÉ= äÉëë= êÉ~Çáäó=

ãÉ~ëìêÉÇ=~êÉ=í~âÉå=áåíç=~ÅÅçìåíI=~å=Éëíáã~íÉÇ=íçí~ä=çÑ=rpA= NPKO= Äáääáçå= çÑ= áåîÉëíçê= ãçåÉó= ÑçìåÇ= áíë= ï~ó= áåíç= ÖçäÇ= áå= OMMSK = qÜÉ= êÉåÉï~ä= çÑ= áåîÉëíãÉåí= áåíÉêÉëí= áå= ÖçäÇ= áë= êççíÉÇ= áå= ~= ê~åÖÉ= çÑ= Ñ~ÅíçêëW= ÅçåÅÉêåë= ~Äçìí= Ççää~ê= îçä~íáäáíó= ~åÇ= áåÑä~íáçå~êó= ÉñéÉÅí~íáçåëI= ÅçåíáåìáåÖ= ÜáÖÜ= äÉîÉäë= çÑ= ÖÉçéçäáíáÅ~ä= ìåÅÉêí~áåíó= ~åÇ= áåÅêÉ~ëÉÇ= ~ÅÅÉéí~åÅÉ= çÑ= íÜÉ= êçäÉ=ÖçäÇ=Å~å=éä~ó=~ë=~=éçêíÑçäáç=ÇáîÉêëáÑáÉê=

aáëÅä~áãÉê= qÜáë=êÉéçêí=áë=éìÄäáëÜÉÇ=Äó=íÜÉ=tçêäÇ=dçäÇ=`çìåÅáä=E“td`ÒFI=RR=läÇ=_êç~Ç=píêÉÉíI=içåÇçå=b`Oj=NouI=råáíÉÇ=háåÖÇçãK=`çéóêáÖÜí=«=OMMTK=^ää= êáÖÜíë=êÉëÉêîÉÇK=qÜáë=êÉéçêí=áë=íÜÉ=éêçéÉêíó=çÑ=td`=~åÇ=áë=éêçíÉÅíÉÇ=Äó=rKpK=~åÇ=áåíÉêå~íáçå~ä=ä~ïë=çÑ=ÅçéóêáÖÜíI=íê~ÇÉã~êâ=~åÇ=çíÜÉê=áåíÉääÉÅíì~ä= éêçéÉêíó= ä~ïëK= qÜáë= êÉéçêí= áë= éêçîáÇÉÇ= ëçäÉäó= Ñçê= ÖÉåÉê~ä= áåÑçêã~íáçå= ~åÇ= ÉÇìÅ~íáçå~ä= éìêéçëÉëK= qÜÉ= áåÑçêã~íáçå= áå= íÜáë= êÉéçêí= áë= Ä~ëÉÇ= ìéçå= áåÑçêã~íáçå=ÖÉåÉê~ääó=~î~áä~ÄäÉ=íç=íÜÉ=éìÄäáÅ=Ñêçã=ëçìêÅÉë=ÄÉäáÉîÉÇ=íç=ÄÉ=êÉäá~ÄäÉK=td`=ÇçÉë=åçí=ìåÇÉêí~âÉ=íç=ìéÇ~íÉ=çê=~ÇîáëÉ=çÑ=ÅÜ~åÖÉë=íç= íÜÉ=áåÑçêã~íáçå=áå=íÜáë=êÉéçêíK=bñéêÉëëáçå=çÑ=çéáåáçå=~êÉ=íÜçëÉ=çÑ=íÜÉ=~ìíÜçê=~åÇ=~êÉ=ëìÄàÉÅí=íç=ÅÜ~åÖÉ=ïáíÜçìí=åçíáÅÉK== qÜÉ= áåÑçêã~íáçå= áå= íÜáë= êÉéçêí= áë= éêçîáÇÉÇ= ~ë= ~å= “~ë= áëÒ= Ä~ëáëK= td`= ã~âÉë= åç= ÉñéêÉëë= çê= áãéäáÉÇ= êÉéêÉëÉåí~íáçå= çê= ï~êê~åíó= çÑ= ~åó= âáåÇ= ÅçåÅÉêåáåÖ= íÜÉ= áåÑçêã~íáçå= áå= íÜáë= êÉéçêíI= áåÅäìÇáåÖI= ïáíÜçìí= äáãáí~íáçåI= EáF= ~åó= êÉéêÉëÉåí~íáçå= çê= ï~êê~åíó= çÑ= ãÉêÅÜ~åí~Äáäáíó= çê= ÑáíåÉëë= Ñçê= ~= é~êíáÅìä~ê=éìêéçëÉ=çê=ìëÉI=çê=EááF=~åó=êÉéêÉëÉåí~íáçå=çê=ï~êê~åíó=~ë=íç=~ÅÅìê~ÅóI=ÅçãéäÉíÉåÉëëI=êÉäá~Äáäáíó=çê=íáãÉäáåÉëëK=táíÜçìí=äáãáíáåÖ=~åó=çÑ= íÜÉ=ÑçêÉÖçáåÖI=áå=åç=ÉîÉåí=ïáää=td`=çê=áíë=~ÑÑáäá~íÉë=ÄÉ=äá~ÄäÉ=Ñçê=~åó=ÇÉÅáëáçå=ã~ÇÉ=çê=~Åíáçå=í~âÉå=áå=êÉäá~åÅÉ=çå=íÜÉ=áåÑçêã~íáçå=áå=íÜáë=êÉéçêí= ~åÇI= áå= ~åó= ÉîÉåíI= td`= ~åÇ= áíë= ~ÑÑáäá~íÉë= ëÜ~ää= åçí= ÄÉ= äá~ÄäÉ= Ñçê= ~åó= ÅçåëÉèìÉåíá~äI= ëéÉÅá~äI= éìåáíáîÉI= áåÅáÇÉåí~äI= áåÇáêÉÅí= çê= ëáãáä~ê= Ç~ã~ÖÉë= ~êáëáåÖ=ÑêçãI=êÉä~íÉÇ=çê=ÅçååÉÅíÉÇ=ïáíÜ=íÜáë=êÉéçêíI=ÉîÉå=áí=åçíáÑáÉÇ=çÑ=íÜÉ=éçëëáÄáäáíó=çÑ=ëìÅÜ=Ç~ã~ÖÉëK== kç=é~êí=çÑ=íÜáë=êÉéçêí=ã~ó=ÄÉ=ÅçéáÉÇI=êÉéêçÇìÅÉÇI=êÉéìÄäáëÜÉÇI=ëçäÇI=ÇáëíêáÄìíÉÇI=íê~åëãáííÉÇI=ÅáêÅìä~íÉÇI=ãçÇáÑáÉÇI=Çáëéä~óÉÇ=çê=çíÜÉêïáëÉ=ìëÉÇ= Ñçê=~åó=éìêéçëÉ=ïÜ~íëçÉîÉêI=áåÅäìÇáåÖI=ïáíÜçìí=äáãáí~íáçåI=~ë=~=Ä~ëáë=Ñçê=éêÉé~êáåÖ=ÇÉêáî~íáîÉ=ïçêâëI=ïáíÜçìí=íÜÉ=éêáçê=ïêáííÉå=~ìíÜçêáò~íáçå=çÑ= td`K=qç=êÉèìÉëí=ëìÅÜ=~ìíÜçêáò~íáçåI=Åçåí~Åí=êÉëÉ~êÅÜ]ÖçäÇKçêÖK=få=åç=ÉîÉåí=ã~ó=td`=íê~ÇÉã~êâëI=~êíïçêâ=çê=çíÜÉê=éêçéêáÉí~êó=ÉäÉãÉåíë=áå=íÜáë= êÉéçêí=ÄÉ=êÉéêçÇìÅÉÇ=ëÉé~ê~íÉäó=Ñêçã=íÜÉ=íÉñíì~ä=ÅçåíÉåí=~ëëçÅá~íÉÇ=ïáíÜ=íÜÉãX=ìëÉ=çÑ=íÜÉëÉ=ã~ó=ÄÉ=êÉèìÉëíÉÇ=Ñêçã=áåÑç]ÖçäÇKçêÖK== qÜáë=êÉéçêí=áë=åçíI=~åÇ=ëÜçìäÇ=åçí=ÄÉ=ÅçåëíêìÉÇ=~ëI=~å=çÑÑÉê=íç=Äìó=çê=ëÉääI=çê=~ë=~=ëçäáÅáí~íáçå=çÑ=~å=çÑÑÉê=íç=Äìó=çê=ëÉääI=ÖçäÇI=~åó=ÖçäÇ=êÉä~íÉÇ= éêçÇìÅíë=çê=~åó=çíÜÉê=éêçÇìÅíëI=ëÉÅìêáíáÉë=çê=áåîÉëíãÉåíëK=qÜáë=êÉéçêí=ÇçÉë=åçíI=~åÇ=ëÜçìäÇ=åçí=ÄÉ=ÅçåëíêìÉÇ=~ë=~ÅíáåÖ=íçI=ëéçåëçêI=~ÇîçÅ~íÉI= ÉåÇçêëÉ=çê=éêçãçíÉ=ÖçäÇI=~åó=ÖçäÇ=êÉä~íÉÇ=éêçÇìÅíë=çê=~åó=çíÜÉê=éêçÇìÅíëI=ëÉÅìêáíáÉë=çê=áåîÉëíãÉåíëK== qÜáë=êÉéçêí=ÇçÉë=åçí= éìêéçêí=íç= ã~âÉ= ~åó=êÉÅçããÉåÇ~íáçåë=çê= éêçîáÇÉ=~åó=áåîÉëíãÉåí=çê=çíÜÉê= ~ÇîáÅÉ=ïáíÜ=êÉëéÉÅí=íç=íÜÉ=éìêÅÜ~ëÉI= ë~äÉ= çê= çíÜÉê=Çáëéçëáíáçå=çÑ=ÖçäÇI=~åó=ÖçäÇ=êÉä~íÉÇ=éêçÇìÅíë=çê=~åó=çíÜÉê=éêçÇìÅíëI=ëÉÅìêáíáÉë=çê=áåîÉëíãÉåíëI=áåÅäìÇáåÖI=ïáíÜçìí=äáãáí~íáçåI=~åó=~ÇîáÅÉ=íç= íÜÉ= ÉÑÑÉÅí= íÜ~í= ~åó= ÖçäÇ= êÉä~íÉÇ= íê~åë~Åíáçå= áë= ~ééêçéêá~íÉ= Ñçê= ~åó= áåîÉëíãÉåí= çÄàÉÅíáîÉ= çê= Ñáå~åÅá~ä= ëáíì~íáçå= çÑ= ~= éêçëéÉÅíáîÉ= áåîÉëíçêK= ^= ÇÉÅáëáçå=íç=áåîÉëí=áå=ÖçäÇI=~åó=ÖçäÇ=êÉä~íÉÇ=éêçÇìÅíë=çê=~åó=çíÜÉê=éêçÇìÅíëI=ëÉÅìêáíáÉë=çê=áåîÉëíãÉåíë=ëÜçìäÇ=åçí=ÄÉ=ã~ÇÉ=áå=êÉäá~åÅÉ=çå=~åó=çÑ= íÜÉ= ëí~íÉãÉåíë= áå= íÜáë= êÉéçêíK= _ÉÑçêÉ= ã~âáåÖ= ~åó= áåîÉëíãÉåí= ÇÉÅáëáçåI= éêçëéÉÅíáîÉ= áåîÉëíçêë= ëÜçìäÇ= ëÉÉâ= ~ÇîáÅÉ= Ñêçã= íÜÉáê= Ñáå~åÅá~ä= ~ÇîáëÉêëI= í~âÉ=áåíç=~ÅÅçìåí=íÜÉáê=áåÇáîáÇì~ä=Ñáå~åÅá~ä=åÉÉÇë=~åÇ=ÅáêÅìãëí~åÅÉë=~åÇ=Å~êÉÑìääó=ÅçåëáÇÉê=íÜÉ=êáëâë=~ëëçÅá~íÉÇ=ïáíÜ=ëìÅÜ=áåîÉëíãÉåí=ÇÉÅáëáçåK= i~ëí=êÉîáëÉÇW=^ìÖìëí=OMMT=

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