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<p>[QUOTE=&quot;GoldFinger1969, post: 4441637, member: 73489&quot;]<b><font size="5"><span style="color: #0000ff">From RBC:</span></font></b></p><p><br /></p><p><i>Today’s report from the World Gold Council highlighted that</i></p><p><i>the COVID-19 pandemic has done two things for gold demand, firstly, <b>it slashed consumer demand to date by ~28% y/y, but </b></i><b><i>also precipitated a massive inflow of investment demand that when added with consumer demand, pushed total demand </i></b><i><b>up ~1% y/y. </b>While we had long thought that elevated prices could hold back demand, that factor has been heightened given recent price action, and the bigger factor at play on the consumer side is the ongoing stay-at-home orders amid the pandemic, which have essentially closed off the retail channel.</i></p><p><i><br /></i></p><p><i>Of course China and India, which are the largest consumer</i></p><p><i>markets, saw 65% and 41% y/y reductions in total jewelry</i></p><p><i>demand over Q1. On the other side, ETPs saw some of the</i></p><p><i>highest quarterly inflows in years, with nearly 300 tons added to holdings globally. We expect these trends won’t stop with Q1 or even Q2 as investment demand seems likely to outweigh declines in consumer demand for the time being.</i>[/QUOTE]</p><p><br /></p>

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