Gold &ampamp;amp; gold industry primer 2013.pdf

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1、GlobalGold&PreciousMetalsPrimerEquity

2、Global

3、Gold&PreciousMetals09April2013Gold&goldindustryprimerMichaelJalonen,CFA>>+14163697540ResearchAnalystMerrillLynch(Canada)¢Goldprimeroverviewmike.jalonen@baml.comThistomeisintendedasadeskreferenceforgeneralistsornewanaly

4、stsJasonFairclough>>+442079950225ResearchAnalystcoveringthepreciousmetalsspace.ThisprimershedslightonthekeylongtermMLI(UK)themesdrivingsupplyanddemandforbullion.Inaddition,wetacklesubjectsjason.fairclough@baml.comgermanetogoldincludinggeology,explorationtechnique

5、sfordiscoveringgoldStephenGorenstein>>+61396592297deposits,typesofdeposits,reserveandresourceclassifications,andtheminingResearchAnalystandprocessingofgolddeposits.And,weidentifymacroeconomicandindustry-MerrillLynch(Australia)stephen.gorenstein@baml.comspecificva

6、riablesthatdrivegoldstocks.MichaelWidmer+442079960694MetalsStrategistGlobalgoldsupplyanddemandfundamentalsoverviewMLI(UK)Wereviewthekeydriversandcharacteristicsofglobalgoldsupplyanddemand.michael.widmer@baml.comThekeycomponentsofgoldsupplyaremineproductionandscra

7、pdisposals.TheDanielLian>>+442079962636world’stopthreegoldproducingcountriesin2011wereChinaat371tonnes,ResearchAnalystMLI(UK)Australiaat258tonnes,andtheUnitedStatesat233tonnes.Mostrecycledgolddaniel.lian@baml.comgeneratedoriginatesfromjewelry.Overthepastseveralye

8、arsdemandforgoldAvishkarNagaser>>+27113055175fellintofourcategories.JewelryaccountsforthelargestshareoffinaldemandatResearchAnalystaround40-45%;industrialanddentalusesaccountforapproximately13%;MerrillLynch(SouthAfrica)avishkar.nagaser@baml.cominvestmentaccountsf

9、or30%;and,centralbankpurchasesare5%ofdemand.ThomasMengel>>+27113055173ResearchAnalystGoldproducerfundamentalsMerrillLynch(SouthAfrica)Thetotalmarketcapitalizationoftheglobalgoldsectoris$282billion.Thethomas.mengel@baml.comcompanywiththelargestmarketcapitalization

10、($27billion),goldoutput(7.2LawsonWinder>>+14163697592millionounces)andgoldreserves(140millionounces)isBarrickGold.Thetop10ResearchAnalystMerrillLynch(Canada)go