The sharp price rally, and subsequent correction, during November reportedly also encouraged buying, with investors hoping for an opportunity to generate returns. An uptrend is characterized by price above the 52-week moving average followed by an upward slope. Many of the factors for gold ownership highlighted in our 2021 Central Bank Gold Reserves Survey are likely to remain relevant, given continued uncertainty over the economic outlook.13 For more information on our expectations for central bank demand in 2022, please see review and outlook section. Debt: A nations debt is categorized as local currency debt and FX debt. Statista. The US dollar gold price declined by around 4% during 2021.2 Nevertheless, the average price for the year of US$1,799/oz was around 2% higher than 2020, as the price was relatively steady, holding within a broad range for much of the year. In light of the strong economic recovery we do not expect a resurgence of widespread distress selling, although economic turmoil in some countries Lebanon, for example, and Iran has prompted high levels of recycling. Advanced users can use our Python/R/Matlab packages. Source: Metals Focus, World Gold Council. Retail investment in Vietnam declined by 11% y-o-y to 6t in Q4. Jewellery shops were allowed to reopen in October, but the severe effects of the pandemic in Vietnam have left consumers cautious about making high value purchases. All rights reserved. This increase was calculated using the more granular data now being published by the Central Bank of the Republic Turkey, which enables us to better identify the volume of official sector gold, distinct from gold held at the central bank that belongs to non-official sector institutions. year 2021 gold demand (excluding OTC) increased to 4,021t, propelled by Q4 demand which jumped almost 50% to a 10-quarter high. Both of these factors create more uncertainty around expectations, as do developments in Turkey, which could have a significant bearing on demand numbers. These countries have increased power to conduct monetary and fiscal policies to boost their economies. Double-digit y-o-y growth in Q4 concluded a strong 2021 for gold jewellery demand in China. Data Dictionary Data Tables This was the strongest quarter since the pandemic began and reflects Thailands continued recovery from the effects of COVID. Country-level gross sales and purchases based on the most recent IMF IFS and respective central bank data available at time of writing. Backlinks from other websites are the lifeblood of our site and a primary source of new traffic. Get access by creating your free account using your Email, Google or Facebook. In this episode, Bronson explains how the lessons he learned in the kitchen translated to the booth, the reason money can never be the motivation for creating art, and why he believes that imperfections are the best part of any masterpiece. Consumer confidence was likely buoyed by the countrys relative success in dealing with the pandemic. For a comprehensive list of the funds we track or to subscribe to our monthly update on gold-backed ETF holdings, visit. But we believe that a more tactical approach to gold ETF investment also played a role, as the gold price moved within a range for much of the year. Closing price vs moving average (MA): if price greater than MA value is +1, else -1, 2. Business Solutions including all features. MacroVar Free Open Data enables you to Embed, Share and Download Germany gold reserves historical data, charts and analysis in your website and with others. Financial markets and the real economy have historically experienced a series of severe crises. This is the first increase for at least 21 years when data availability begins lifting gold reserves to 154t (2% of total reserves). Over-the-counter (OTC) transactions (also referred to as off exchange trading) take place directly between two parties, unlike exchange trading which is conducted via an exchange. Currencies Tourism has only recently resumed, but arrivals are expected to increase significantly in 2022 likely boosting demand further. More specifically for each country the Price Expectations and New Orders expectations components of the PMI, ISM and ESI indicators are used for structuring the models. Gold performance around rate hikes in the U.S. Total weight of gold holdings by United States 2000-2022, Total weight of gold holdings Germany 2000-2022, Total weight of gold holdings in Italy 2014-2022, Total weight of gold holdings by France 2014-2022, Total weight of gold holdings by Russia 2014-2022, Total weight of gold holdings by Germany Q1 2000- Q4 2020 (in tons), Total weight of gold holdings by Poland 2014-2021, Total weight of gold holdings by the UK Q4 2014-Q2 2022, Colombia: weight of gold holdings by quarter 2015-2020, Total weight of gold holdings by Denmark 2014-2019 (in tonnes), Total weight of gold holdings by Portugal 2014-2020 (in tons), Argentina: weight of gold holdings by quarter 2015-2021, Venezuela: weight of gold holdings by quarter 2014-2021, Mexico: weight of gold holdings by quarter 2015-2021, Total weight of gold holdings by Greece Q4 2014-Q4 2021 (in tons), Latin America: countries with the largest gold reserves 2021, Total weight of gold holdings by Sweden Q4 2014-Q4 2021 (in tons), Total weight of gold holdings by Austria Q4 2014-Q4 2021 (in tons), Share of U.S. adults who thinks the stock market is rigged 2021, Total weight of gold holdings by Spain Q4 2014-Q4 2021 (in tons), Brazil: weight of gold holdings by quarter 2015-2021, Gold production value in India FY 2012-2022, Total weight of gold holdings in Germany from 2000 to 3rd quarter 2022 (in metric tons), Find your information in our database containing over 20,000 reports, largest concentration of gold holding in Europe. Last month Hungary tripled its gold reserves. Owners of old gold jewellery gained renewed access to pawnbrokers and retail gold buyers after the lockdown measures which had hindered recycling in 2020 were largely lifted and shops were re-opened. Respective central banks, A positive figure represents a build-up of stocks. This captures all gold used in the fabrication of electronics, dental, medical, decorative and other technological applications, with electronics representing the largest component of this category. While mass-appeal 24K gold jewellery maintains its popularity in some regions, market share could fall further as products with more intricate designs gain greater prominence. WSTS Semiconductor Market Forecast Fall 2021, November 2021. Following 2020s demand figure of 249t, this represents a step up in regional retail investment, back towards the annual average of 276t seen during the crisis-ridden period of 2008-2013. Sectors & Industries investing introduction. Investment may face challenges from rising rates and the recent strong increase in bar and coin demand may be an additional headwind to further growth, but persistently high inflation and equity market pullbacks will likely be supportive, Consumer-driven demand should benefit from a weaker price environment with good underlying economic growth, Central banks are expected to continue buying gold but at a slower pace than in 2021. Cyclical stock sectors are sectors of stocks whose earnings are more sensitive to the business cycle and the economic growth. Investment may struggle in 2022 amid competing forces but consumer demand should hold strong and central banks will likely keep buying. Momentum trading is used to capture moves in shorter timeframes than trends. Full year bar and coin demand in Indonesia was 20t, the highest since 2018 but significantly t below the peak of 47t in 2013. FX debt is controlled by foreign central banks hence it is difficult to be repaid. Central banks accumulated 463t of gold in 2021, 82% higher than the 2020 total and lifting global reserves to a near 30-year high. In the fourth quarter jewellery consumption was 20% higher y-o-y the third consecutive quarter of y-o-y growth. Chart. Fabrication is the first transformation of gold bullion into a semi-finished or finished product. For example, during recessions more defensive sectors like consumer staples outperform cyclical sectors like the industrials sector. Top-Down Analysis of Markets & Economies Our 2022 Central Bank Gold Reserves Survey findings will be published later in the year. ", World Gold Council, Total weight of gold holdings in Germany from 2000 to 3rd quarter 2022 (in metric tons) Statista, https://www.statista.com/statistics/929799/gold-holdings-in-germany/ (last visited March 18, 2023), Total weight of gold holdings in Germany from 2000 to 3rd quarter 2022 (in metric tons) [Graph], World Gold Council, September 30, 2022. Interest rates, representing the opportunity cost for holding gold, are historically a key determinant of ETF flows and last year was no exception. US Dollars at current prices and current exchange rates in millions. Full-year recycled gold supply fell 11% y-o-y, a reaction to the modestly lower gold price. Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate intellectual property owners, except as specifically provided below. Country-level gross sales and purchases based on available IMF IFS and respective central bank data at time of publication. These higher nominal yields helped put downward pressure on gold ETF holdings. Gold mining companies reduced aggregate hedging positions in three of the four quarters of 2021, resulting in full-year net de-hedging of 44t. deficits when no local or foreign investors. Bonds The recovering automotive sector, alongside high-end satellite and 3D imaging sensors, provided a strong base for demand during the quarter. Click to check the Best & Worst Assets during Stagflation. In 2021, international reserves for Germany was 295,736 million US dollars. The outflows that gold ETFs experienced in 2021 should be put into context, considering that they collectively added 2,200 tonnes between 2016 and 2020. Meanwhile, Ireland became the first Western developed market central bank to meaningfully increase its gold reserves. World Gold Council does not guarantee the accuracy or completeness of any information and does not accept responsibility for any losses or damages arising directly or indirectly from the use of this information. This inventory replenishment compensated for the 74t of stock depletion seen in 2020 as the jewellery trade battled with the impact of the pandemic. Jewellery growth was almost universal. MacroVar uses a top down framework to analysefinancial marketsas well. Investment demand in South Korea finished the year at 21t, an increase on the 19t purchased in 2020. Select below how you plan to use MacroVar: MacroVar for Investors & Traders: Trading Ideas, Investment Strategies, Risk management Festivals and weddings were the driving force behind robust Q4 demand. Record quarterly demand of 265t in Q4 set the seal on this remarkable annual performance. This includes an estimate for gold produced by artisanal and small-scale gold mining (ASGM), which is largely informal. Moreover, the stock price must be analyzed in combination with the companys bond price since both markets are closely linked and often a divergence between them may signal an trading opportunity. While demand from central banks can, at times, be less predictable than other sources of gold demand given it is often policy rather than market driven we remain confident that the overall trend of net buying will continue into 2022. Barrick is third with 68 million ounces of gold reserves reported in 2020, a 4% decline over 2019. By comparison, the overall level of sales was a fraction of buying. It includes gold destined for plating jewellery. This trend is likely to continue as long as central banks maintain a hawkish tone, thus increasing the opportunity cost for gold. Bar and coin investment in Malaysia increased by 28% y-o-y in Q4 to 1.4t. Please. Full capacity at the mill was expected to be restored in December. Interest in gold bars and coins was reportedly almost entirely one-way, with selling back activity very limited. The lower gold price, seasonal buying, and emergence from COVID lockdowns continued to support retail investment. On the contrary, when financial risk is rising, market liquidity deteriorates because of a loss of confidence in banks, funding institutions or governments which causes a feedback loop of surging funding costs, increased price volatility and asset fire sales. Mine production recovered 2% over the year but this growth was counteracted by a sharp 11% drop in recycling. Note: Five-year average of H1 demand between 2016 and 2020, and ten-year average of H1 demand between 2011 and 2020. Available: https://www.statista.com/statistics/929799/gold-holdings-in-germany/, Total weight of gold holdings in Germany from 2000 to 3rd quarter 2022, Available to download in PNG, PDF, XLS format, Immediate access to statistics, forecasts & reports, Leading major financial assets worldwide 2021, by average daily trading volume, Global largest gold mines by production volume 2021, Gold demand volume worldwide by sector 2021, Global demand for gold by purpose quarterly 2016-2022, Global gold import value by leading country 2021, Retail investment demand for physical gold Europe Q1 2016-Q2 2022, Monthly prices for gold worldwide from January 2014 to December 2022, Average prices for gold worldwide 2014-2021, Monthly prices for gold worldwide 2011-2023, Gold futures contracts price in the U.S. by month 2019-2022, with forecasts to 2028, Monthly close price of gold in London 2018-2022, Annual return of gold and other assets worldwide 2021, Average annual return of gold and other assets worldwide 1971-2022, 10-year average return of gold and other assets worldwide 2022, 20-year average return of gold and other assets worldwide 2022. Among the main factors driving gold ETF demand in China were slowing economic growth, concerns over rising inflationary pressures and declining local bond yields. February 2023 Data - 1998-2022 Historical, European Stocks End Week on Negative Note, German 10Y Bond Yield Stabilizes Around 2.3%, German Current Account Surplus Narrows Slightly in January, Germany Wholesale Inflation at 22-Month Low, German Inflation Rate Confirmed at 8.7% in February, German Electricity Prices Hover Around 130, Germany Industrial Growth Strongest in 2-1/2 Years, Germany Construction Sector Contracts the Least Since March 2022, Wall Street Rattles As First Republic Sinks, Spain Stocks Weekly Decline Largest in Over a Year, French Stocks End in the Red, Book Weekly Loss, South African Stocks End Lower, Post Sharp Weekly Loss, FTSE 100 Closes Near Four-Month Lows, Posts Sharpest Weekly Decline Since February 2022. 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