Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Where Does the Gold Go?

  by    0   0

A few years ago, CNBC commentator Jim Leventhal made a pretty astounding comment. When asked about gold, he said he had no interest in it because gold has no uses as a metal.

This is a pretty absurd statement. Gold has multiple uses. And it would probably have even more if it wasn’t so rare and expensive.

In 2021, gold demand came in at 4,666 tons. Where did all of that gold go?

More than half of the demand for gold is for the production of jewelry. In 2021, jewelry makers used 2,221 tons of gold.

The next largest source of gold demand stems from its role as money. Gold bars and gold coins accounted for 1,180 tons of metal in 2021. ETF holdings fell by 173 tons last year, bringing total investment demand down to 1,007 tons.

Central banks globally bought on net 463 tons of gold in 2021.

The smallest demand category for gold is industry and technology. It accounts for about 8% of gold demand. But demand for gold in tech is growing rapidly. You can find a more detailed breakdown of gold in technology HERE.

Looking at the bigger picture, the total above-ground stock of gold is estimated to be 205,238 tons. The World Gold Council broke down global gold holdings in the following chart.

Why Buy Gold Free Report

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

 

 


Related Posts

G7 Set to Ban Russian Gold Imports

The G7 plans to add gold to its list of sanctions against Russia. This could have an impact on the global gold market. Just how much remains to be seen.

READ MORE →

More Air Hisses Out of the Housing Bubble

As interest rates rise, the air continues to hiss out of the housing bubble. Existing home sales tumbled to a two-year low in May. Sales fell to a seasonally adjusted 5.41 million units, according to the latest data from the National Association of Realtors. It was a 3.4% drop, bringing existing home sales to the […]

READ MORE →

Retail Sales Unexpectedly Dropped in May

Retail sales unexpectedly dropped in May, casting doubt on Federal Reserve Chairman Jerome Powell’s “the American consumer is healthy” narrative.

READ MORE →

Producer Prices Continue to Rise at Near-Record Pace

Producer prices continue to rise at a near-record pace, further undercutting the notion that we’ve reached “peak inflation.”

READ MORE →

Consumer Sentiment at Record Lows as Inflation Empties Wallets

Consumer sentiment plunged to record lows in June. The plummeting consumer sentiment numbers surprised mainstream analysts but they shouldn’t have given Americans are taking a pay cut month after month thanks to red-hot inflation.

READ MORE →

Comments are closed.

Call Now