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OtherFeb 23, 2015
The ‘cash for gold trend’ reverses
Consumers are loving gold once again, with the U.S. recording its best fourth quarter for jewelry demand since 2009 and “distress selling” on the decline.
In the fourth quarter, U.S. consumers graduated from 10-karat to 14-karat gold pieces, the World Gold Council said in its Gold Demand Trends report for 2014. This 14-karat yellow gold “Linked Love” ring by Pandora retails for $275.
London--Jewelers are once again selling more gold than they are buying off the street.
According to the London-based World Gold Council’s Gold Demand Trends report, the fourth quarter 2014 was the strongest fourth quarter for gold jewelry demand in the United States since 2009 and increased 13 percent year-over-year.
Full-year demand in the U.S. increased 9 percent to hit 132.4 tons, which was its highest level in five years though still nowhere near pre-recession levels. (Annual U.S. demand averaged, for example, around 360 tons between 2000 and 2006.)
Consumers were buying more 14-karat gold jewelry and less lower-quality 10-karat gold jewelry, and responded to targeted marketing campaigns.
“Growth in consumer confidence and the positive impact of lower oil prices are likely to feed through to further improvements in this market over the coming quarters and retailers report a widespread conviction in the underlying growth trend,” the report states.
While the economy continues to recover and consumers feel more comfortable buying gold jewelry, what they are no longer doing is selling their gold for cash, a business that carried many retailers through the recession.
Globally, recycling declined 11 percent year-over-year to reach a seven-year low in 2014, the report states. “Looking forward, we expect recycling to remain low in 2015, and possibly decrease further given that a large portion of near-market supply has been flushed out in recent years. Less distress selling may further suppress recycling volumes.”
Worldwide, demand for gold jewelry rose 1 percent in volume terms but declined 5 percent in value terms in the fourth quarter.
For the full year, gold jewelry demand fell 10 percent in volume terms, with the report noting that, “2014 was always going to be a difficult year for jewelry demand, contending with comparisons to phenomenal strength in 2013.”
The U.S. market was among those that bucked the trend with its 9 percent growth. Demand for gold jewelry also grew in the United Kingdom (up 18 percent), where the report noted some interest in heavyweight gold chains, and India.
Price-wise, the average quarterly price of gold declined 10 percent in 2014 in U.S. dollar terms, dropping from $1,411.20 to $1,266.40. Outside the U.S., Russia and the nations of Europe saw the price of gold go up as their currency weakened versus the dollar.
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