Ole Hansen
The main commodity index has hit a 16-year low this week as China, the strong dollar and uncertainty over December's Federal Reserve meeting continue to affect the markets. But Saxo's Ole Hansen explains why he believes crude is oversold and why he's looking for consolidation in gold.
Squawk / 14 August 2014 at 6:34 GMT
Head of Commodity Strategy / Saxo Bank
The latest World Gold Council Gold Demand Trends report, covering the second quarter, shows that global gold demand continues to demonstrate a return to long-term trends after an exceptional year in 2013.
- Total gold demand fell 16% to 964 tons y-o-y
- China bought 144 tons, down 45% from the same quarter in 2013
- Holdings in Exchange Traded Products fell 40 tons
- Central bank purchases rose to 118 tons led by Russia
- Mine production rose 4% to 765.3 tons y-o-y

Report can be downloaded here:
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