Where are we in this gold bull run ?
Ross Norman
2
3
H1 Strong Fundamentals ... H2 The Economy ...
4
Gold Production Flat … Discoveries Falling ...
5
Production Costs Providing A Price Floor ?
Source : RBC Capital Markets
6
Western Investors Selling Out ...
7
Chinese Gold Demand – Positively Rampant
8
Indian Demand Remains Surprisingly Robust
9
Indian Government At War With Gold ?
10
Central Bank Gold Buying At A 48 Year High
11
Demand Weakening
12
Gold Mirrors Monetary Expansion – To A Point
13
SUMMARY
14
SUMMARY
Attractive FUNDAMENTALS set the stage for a sustainable gold
rally between 2000 and 2008
The ECONOMIC CRISIS ac...
15
Ross Norman
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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?
Ross Norman, CEO, Sharps Pixley, London

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

Published in: Technology, Business
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Where are we in this gold bull run? - Ross Norman, Sharps Pixley

  1. 1. Where are we in this gold bull run ? Ross Norman
  2. 2. 2
  3. 3. 3 H1 Strong Fundamentals ... H2 The Economy ...
  4. 4. 4 Gold Production Flat … Discoveries Falling ...
  5. 5. 5 Production Costs Providing A Price Floor ? Source : RBC Capital Markets
  6. 6. 6 Western Investors Selling Out ...
  7. 7. 7 Chinese Gold Demand – Positively Rampant
  8. 8. 8 Indian Demand Remains Surprisingly Robust
  9. 9. 9 Indian Government At War With Gold ?
  10. 10. 10 Central Bank Gold Buying At A 48 Year High
  11. 11. 11 Demand Weakening
  12. 12. 12 Gold Mirrors Monetary Expansion – To A Point
  13. 13. 13 SUMMARY
  14. 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. 15 Ross Norman
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