Where are we in this gold bull run ?

Ross Norman

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H1 Strong Fundamentals ... H2 The Economy ...

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Gold Production Flat … Discoveries Falling ...

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Production Costs Providing A Price Floor ?

Source : RBC Capital Markets

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Western Investors Selling Out ...

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Chinese Gold Demand – Positively Rampant

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Indian Demand Remains Surprisingly Robust

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Indian Government At War With Gold ?

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Central Bank Gold Buying At A 48 Year High

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Demand Weakening

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Gold Mirrors Monetary Expansion – To A Point

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SUMMARY

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SUMMARY

Attractive FUNDAMENTALS set the stage for a sustainable gold rally between 2000 and 2008 The ECONOMIC CRISIS accelerated the rate of price increase between 2008 and 2011 2011 to 2013 – Western Investors SELL Gold 2013+ Gold is in transition and becoming Asian-centric and once the fear trade has left, the market is set for a slower rate of growth not dissimilar to the 2000/2008 period

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Ross Norman