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Thursday, 31st May 2007 (4595 views)

Jewellery accounted for 58 per cent of the global demand for gold in 2006, according to a new report.

In the report published by Virtual Metals Group on May 30th 2007, it is also predicted that gold demand will exceed supply, with demand standing at 3,766 tonnes while supply will be recorded at 3,516 tonnes.

According to Mining Weekly, the Yellow Book report also noted that the rate at which jewellery was being recycled has slowed compared to 2006 although recycled gold is still likely to " be a major component of the supply side".

Additionally, Jessica Cross, chief executive officer of the Virtual Metals Group noted that she does not expect to see considerable new quantities of metal entering the market in the coming two years.

"While there is no shortage of junior mining companies listed and seeking finance, we have yet to see the announcement with regard to very large gold projects or regions which will take the primary industry into the next generation," she commented.

 

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