RE:RE:Central Bank Buying Of Gold 2009-2014 Chuck,
I also posted this response at the FR board.
For me the big take away story from the WGC report is that many Central Banks have been net buyers of gold since 2009.
This indicates that the CBs regard gold as an important monetary metal and something to rely upon if there is another financial crisis.
As far as how correct the data is for each, the WGC is going by official reports from the CBs and that is the conservative way to go.
As you and many others note, China has not updated their report for many years and possibly hold much more gold than reported.
To me the important thing is that CBs are increasing gold reserves, because this provides a solid background for the next bull cycle.
Regarding supply and demand statistics, I never count on anybody's estimate as being accurate in any commodity, including gold and silver.
There is a lack of transparency in this realm.
Also, supply and demand can change rapidly with improving or deteriorating global economic factors.
Plus, I don't think that the yearly mine supply and demand for gold is as important as those factors are in industrial metals such as copper, silver, platinum and palladium.
Gold is primarily a monetary metal and very little is actually consumed.
Some analysts estimate that 95% or more of the gold that has ever been dug out of the earth still exists as jewelry, coins, and bars, somewhere.
Much of this vast stockpile of gold must be assumed to be available to the market at some price.
That price to bring gold out of hoarding may be much higher, but non-the-less is potentially a source of supply.
Gold tends to move higher in price when large speculators and investors move into gold based on the factors of real interest rates, the yield curve, inflation expectations, and fear related to the soundness of the financial system.
This is why gold can have huge moves in price unrelated to what yearly mine production and demand would suggest.
goldguy