INTERNATIONAL INFORMATION

Supplement 2012

THOMSON REUTERS GFMS

AN INTRODUCTION TO THE GLOBAL GOLD MARKET

This section provides a broad indication of trends in world gold supply and end use consumption since 2001 with a focus on the growth in identifiable gold investment. Thomson Reuters GFMS (London), whose annual Gold Survey is the bible for the gold industry, has kindly authorized the inclusion of some of its copyright statistics. GOLD SUPPLY Annual mine production increased in 2011 by 78 tonnes (3%) over 2010 to reach a record of 2,818 tonnes. In 2011, the official sector was not a source of supply, but again a major net purchaser (455 tonnes). In recent years, the annual dishoarding of old gold scrap has been particularly high, due mainly to the rise in the gold price.
Category Mine production Old gold scrap Official sector sales* Net producer hedging Implied net disinvestment Total Supply 2001 Tonnes 2,646 749 520 3,915 2011 Tonnes 2,818 1,661 6 4,486 % Split 63 37 <1 100

Thomson Reuters GFMS is the worlds foremost precious metals consultancy. In recent years, the GFMS team has visited over 50 countries. Its data base includes information provided by 15,000 industry entities.

Statistics: Copyright: Reuters Ltd, 2012. Source: Thomson Reuters GFMS. *Official sector: central banks and institutions such as IMF. Moab Khotsong mine

END USE GOLD CONSUMPTION Over the past decade, the key trend has been the growth in annual Identifiable Investment, which has increased from 370 tonnes (2001) to 1,705 tonnes (2011). In 2011, it accounted for approximately 41% of end use gold consumption.
Category Jewellery Consumption Industrial & Dental Electronics Other Industrial & Decorative Dentistry Identifiable Investment Physical Bar Investment Investment in Exchange Traded Funds and Related Products* Official Coin Medals & Imitation Coin Total 2001 Tonnes 3,009 363 197 97 69 370 259 83 29 3,742 Tonnes 1,973 453 320 90 43 1,705 1,209 162 246 88 4,131 2011 % Split 48 11 8 2 1 41 29 4 6 2 100

AngloGold Ashanti South Africa Gold mine production increased by 3% to reach a record level of 2,818 tonnes in 2011.

Heraeus Germany Dishoarded old gold scrap remained high at 1,661 tonnes in 2011.

Statistics: Copyright: Reuters Ltd, 2012. Source: Thomson Reuters GFMS.

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It can be noted that jewellerys share of end use consumption has fallen from 80% (2001) to 48% (2011).
*Thomson Reuters GFMS refers to 25 specified Exchange Traded Funds and Related Products.

PHYSICAL GOLD BAR INVESTMENT In recent years, physical gold bar investment worldwide has grown substantially, notably China, India and Europe (particularly, Germany).
Country East Asia Europe Indian Sub-Continent Middle East North America Oceania Latin America CIS Total 2001 Tonnes 146.8 (3.9) 91.4 21.2 1.6 1.5 258.6 2011 Tonnes 448.3 317.3 304.4 100.7 17.7 12.5 5.4 2.8 1,209.2 % Split 37 26 25 8 1 1 <1 <1 100
Johnson Matthey USA Identifiable gold investment increased to 1,705 tonnes in 2011.

Statistics: Copyright: Reuters Ltd, 2012. Source: Thomson Reuters GFMS. Thomson Reuters GFMS Caveat: The above estimates should be regarded as broadly indicative rather than truly definitive given the subjects opaque nature.

Industrial and Commercial Bank of China Physical gold bar investment increased to 1,209 tonnes in 2011.

Tanaka Japan The official sector was a substantial net purchaser of gold 455 tonnes in 2011.

Australian Kangaroo Australia Investment in official coins increased to 246 tonnes in 2011.

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Alukkas India Gold jewellery consumption continued to fall 1,973 tonnes in 2011, a decline of 34% over 2001.

THOMSON REUTERS GFMS ANNUAL GOLD SURVEY To obtain supply, fabrication and other market statistics, broken down by individual countries for each category and for each year over the past 10 years as well as an extensive commentary and analysis refer to the Gold Survey, which is published in April each year. To order a copy, visit: www.gfms.co.uk

STATISTICS IN THIS DOCUMENT Reuters Ltd, 2012. All rights reserved. No statistics may be reproduced without the written permission of Thomson Reuters GFMS.

Refer to disclaimer on website: www.goldbarsworldwide.com

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