Filed Pursuant To Rule 433
Registration No. 333-209926
May 12, 2016
Gold Demand Trends Q1 2016
Broad-based upturn in investor sentiment Best ever start to year helped lift global gold prices year-on-year
for gold demand
Investment demand drove growth as +17% +17% +16% investors responded to increasing economic uncertainty. Jewellery demand weakened on USD Rs RMB higher prices and industrial action in India.
Investors surged into ETFs
Inflows into ETFs reached a seven-year high of 364t on the
458t positive shift in investor 364t sentiment
Q1.09 highest quarter Q1.16 2nd highest on record quarter on record
2009 2010 2011 2012 2013 2014 2015 2016
Western bar & coin A challenging quarter for China
US and European investors Indian jewellery Jewellery demand curbed by weak
flooded into gold, driven by the consumer sentiment, economic desire for wealth protection Soaring prices & striking retailers slowdown and supply squeeze
Q1.15
Q1.16
These markets accounted for almost a forced Indian consumers to third of global bar and coin demand postpone Q1 demand Demand fell by a fifth
Photo: PTI
Recycling year-on-year slightly lower Mine year-on-year supply up Total year-on-year supply grew
-1% +8%
India’s market disruption production on marginal and growth a renewed in
Supply +5%
stifled recycling activity interest in hedging
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