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Appendix III
Virtual Metals is another industry analyst group has put together annual market supply and demand statistics. Again, there is no inclusion of estimated loaned gold in their market supply/demand statistics, despite Virtual Metals’ willingness to estimate those levels of loaned gold in the market. Virtual Metals estimates, as of October 2006, that over 3,270 tonnes (+105 million ounces) of gold has been loaned into the market. This is a difference of over 10 million ounces when compared with GFMS loan estimates.
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