Global Gold Demand Surges, Except in the U.S.

Source:

Gold demand soared in some parts of the world, in others it did not: Saudi Arabia: +30 percent; UAE: +15 percent; Egypt: +9 percent; Turkey: +15 percent China: +32 percent; Russia: +27 percent; U.S.: -4 percent.

A recent World Gold Council report on gold supply and demand around the world resulted in some fascinating summary statistics as reported by the Middle East-North Africa Financial Network.

During the second quarter, gold demand soared in some parts of the world - in other parts of the world it did not.

Saudi Arabia: +30 percent UAE: +15 percent Egypt: +9 percent Turkey: +15 percent China: +32 percent Russia: +27 percent U.S.: -4 percent

These figures are all based on year-ago levels when the price of gold was rising dramatically. Overall demand in 2006 didn't really fall off until after the price surge in the spring, so the year-over-year comparisons for the third quarter may be even more impressive.

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