Where are we in this gold bull run? - Ross Norman, Sharps Pixley
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Where are we in this gold bull run? - Ross Norman, Sharps Pixley

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Where are we in this gold bull run?

Where are we in this gold bull run?
Ross Norman, CEO, Sharps Pixley, London

Mining On Top: Helsinki
16-17 September 2013 | Helsinki

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Where are we in this gold bull run? - Ross Norman, Sharps Pixley Presentation Transcript

  • 1. Where are we in this gold bull run ? Ross Norman
  • 2. 2
  • 3. 3 H1 Strong Fundamentals ... H2 The Economy ...
  • 4. 4 Gold Production Flat … Discoveries Falling ...
  • 5. 5 Production Costs Providing A Price Floor ? Source : RBC Capital Markets
  • 6. 6 Western Investors Selling Out ...
  • 7. 7 Chinese Gold Demand – Positively Rampant
  • 8. 8 Indian Demand Remains Surprisingly Robust
  • 9. 9 Indian Government At War With Gold ?
  • 10. 10 Central Bank Gold Buying At A 48 Year High
  • 11. 11 Demand Weakening
  • 12. 12 Gold Mirrors Monetary Expansion – To A Point
  • 13. 13 SUMMARY
  • 14. 14 SUMMARY Attractive FUNDAMENTALS set the stage for a sustainable gold rally between 2000 and 2008 The ECONOMIC CRISIS accelerated the rate of price increase between 2008 and 2011 2011 to 2013 – Western Investors SELL Gold 2013+ Gold is in transition and becoming Asian-centric and once the fear trade has left, the market is set for a slower rate of growth not dissimilar to the 2000/2008 period
  • 15. 15 Ross Norman