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Appendix II
Below is a quarterly supply/demand chart prepared for and disseminated by the World Gold Council by GFMS on 8/16/06. Note there is no information incorporated into the data for central bank gold lending levels. All figures, unless noted are in tonnes (1 tonne = 32,150 oz of gold).
Where are 2,970 tonnes of estimated loans? Even with estimated numbers, that is a huge supply side of the equation that does not get included in a Supply/Demand equation.
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