Spheres and forms of gold consumption
Over the last century has more or less reliable estimates of the distribution of newly mined gold in the main areas of its use. Until 1933, about half of it fell into the monetary sphere, the end of the period - only to central banks' reserves, as of coins ceased. In the next decade (1934-1943 gg.) Absorbed these stocks are not only all newly mined gold, but also a considerable amount of metal recovered from private savings. After the Second World War, the traditional relationship was restored. The average for 1946-1966 years in the reserves of central banks has gone 39% of new production and other income of gold, in the sphere of industrial and artistic consumption - 21 and in the private hoarding - 40% (the distribution between the latter two areas are highly approximate).
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But then the situation changed dramatically. Operation Gold Pool in 1967-1968 caused a large outflow of gold from central reserves into the market. In the future, except for a few years, stocks continued to decline and were an additional source of transition metal in the sphere of private use. This was due mainly to sales of the International Monetary Fund in 1976-1980, respectively, and the U.S. government in 1975-1979, respectively. Their sales only partially offset by smaller purchases of central banks in some countries.
This period culminated in the late 70s. On the one hand, sales of the IMF and the United States, carried out with the auction ended and is unlikely to resume in the foreseeable future. Now, small amounts of gold from central reserves are used only for the production of coins, medals and medallions. On the other hand, an increasing number of countries buying gold on the market, translating into a portion of its foreign exchange reserves. For example, in 1978, attention was drawn to buying from Saudi Arabia (about 45 g), in 1980, Indonesia (about 65 g). As a result, in 1980-1982 years in a centralized purchasing reserves exceeded sales. The most likely buyers of gold are OPEC members (manufacturers and exporters of oil), gold reserves are disproportionately small.
Many experts in the West believe that the late 80s there was a fundamental shift in the position of gold as the most important form of international reserves, the payment of funds: short-term "interest" demonetization was over, and the desire to preserve and accumulate gold reserves increased again.
According to estimates by "Console-Gold Fields deyted" that are considered most relevant for the years 1968-1976 the annual average for oynok from all sources received some 1,300 tons of gold. This flow of metal is divided into two parts: the sphere of industrial application and scope of private savings. Industry absorbed an average of more than 1,000 tons (77%), including jewelry - about 800 tonnes (60%). For private savings each year added a few more than 300 g (23%). As is evident from Table. 6, 1977-1979's supply of metal on the market was particularly strong. The jewelry industry has continued to absorb more than half the gold, but the share of private accumulation was significantly higher than in the previous period (average 32% over three years).
Under pressure from the growing demand price of gold in these years increased and peaked in early 1980. Multiple growth rates for the main raw material of the jewelry industry has forced her to slash purchases. Drop in demand for jewelry has also contributed to the decline in the global economy. These factors have shaped the gold market in 1980-1982, respectively, led to a significant reduction in its price. Gold images are beatyfull.
On the market and in the fields of gold consumption in the last decade clearly manifest cyclic patterns. The crises of 1974-1975 and 1980-1982 caused a similar reaction of the market: a sharp drop in demand for the jewelry industry, less dramatic, but quite marked decrease in demand of other sectors and, consequently, lowering the price of gold. In the second case, these laws have been expressed more prominently. Factors such as would be imposed on long-term structural trend, which is linked to inflation, as well as socio-political instability in the world. It manifests itself primarily in the insatiable demand for gold as a store of value. Against the backdrop of cyclical and other fluctuations revealed a clear upward trend in gold prices, outstripping the average rate of increase in commodity prices.