Global gold demand dropped 1% in Q1 2015 while supply was unchanged at 1,093 tons (725 mine, 367 recycled.) Demand would have been up had not middle-aged Chinese woman curtailed their jewelry purchases, according to the FT. Instead, the ladies have been opening brokerage accounts to speculate in stocks. Just under 8 million brokerage accounts were opened in the first quarter in China, up 433% from a year ago.
I wish I had known this would happen on December 31. The Shanghai Composite has risen 33% since then and gold is more or less flat.
Please email me in June in advance of the 3rd quarter trends.
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