Global gold demand climbed to a new all-time high in the third quarter of 2011, and by 6.0% over the prior year period, according to the World Gold Council (WGC).
As of September 30, 2011, gold demand stood at 1,053.9 tonnes, valued at $57.7 billion. The figures come from the WGC’s Gold Demand Trends report for Q3 2011.
The WGC noted that the rising demand “was driven by investment demand which rose by 33% year-on-year to 468.1 tonnes, generating record quarterly demand of US$25.6bn.”
Commenting on the data, Marcus Grubb – Managing Director, Investment at the World Gold Council – stated that “Increasing levels of inflation, the US credit rating downgrade, a worsening eurozone sovereign debt crisis and the lacklustre performance of many assets drove investors to increase holdings in gold in order to protect their wealth. Given gold’s proven risk mitigation properties, it is likely that investors will continue to seek protection from economic uncertainty, which shows no signs of abating.”
“The long-term fundamentals for gold remain strong,” Grubb added, “with a diverse and growing demand base coupled with constrained supply-side activity.”
The full Q3 2011 report is available at the WGC’s website:
http://www.gold.org/media/press_releases/archive/2011/11/gold_demand_trends_q3_2011_pr/
West Kirkland Reports New Discovery at Kirkland Lake
* Due to the observation of coarse visible gold in the core and the high grade nature of some of the results, the Company is submitting select samples for metallic screen assays
* West Kirkland intends to begin drilling more than 2,000 meters to follow up on these results