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2011 EQUITIES HEDGE

HEDGE COMMODITIES RESEARCH REPORT

GOLD

GOLD REPORT

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HEDGE EQUITIES

GOLD REPORT

Contents

Introduction:...................................................................................................................................... 2 Uses & Applications of gold .................................................................................................................. 2 Global Gold outlook............................................................................................................................. 3 Gold database .................................................................................................................................... 4 Global Gold Supply ............................................................................................................................. 5 World Gold Demand ............................................................................................................................ 7 Factors affecting gold prices ................................................................................................................. 8 Key global markets ............................................................................................................................. 9

China ................................................................................................................................................................................................................................ 9 India ............................................................................................................................................................................................................................... 10

Gold as an investment........................................................................................................................ 11 Country's official gold holdings in tons as reserves on May 2011...