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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (41901)	8/20/2009 6:56:05 PM
From: LoneClone	Read Replies (1) \| Respond to of 193918

Yellow metal demand falls 9% in Q2, says World Gold Council - Regional Published: Wednesday, August 19, 2009 17:06 (GMT -0400) By Business News Americas staff reporters bnamericas.com*_in_Q2,_says_World_Gold_Council Global demand for gold fell 9% year-on-year to 720t (23.1Moz) in the second quarter despite a 46% rise in investment demand to 222t, according to the World Gold Council (WGC). Jewelry consumption in the period dropped 22% to 404t. In monetary terms, global demand slipped 6% year-over-year to US$21.3bn in the second quarter. Investment demand jumped 51% to US$6.59bn and jewelry consumption fell 20% to US$12.0bn. In the first quarter total demand amounted to 1,024t or US$29.9bn in sales. Both in dollars and tons, demand peaked in the third quarter of last year at 1,205t and US$33.8bn during the height of the global financial crisis. Investment demand peaked in Q1 at 600t or US$17.5bn. Meanwhile jewelry consumption hit a recent high of 673t or US$18.9bn in 3Q08, according to the WGC. A rise in yellow metal prices sparked the year-on-year drop in jewelry demand in Q2, according to the group. The price of gold on the London Bullion Market Wednesday closed at US$943/oz, compared to US$875/oz at the start of the year and US$789/oz on August 19, 2008. The council is funded by gold mining companies.