CPM Group has released its 2012 Gold Long-Term Outlook. The 280-page study is a comprehensive analysis of the key market fundamentals of gold that are expected to influence prices through 2021. The report includes projections of supply, demand, and prices under three scenarios over the next 10 years. Investment demand is the key to gold prices. Various factors that influence gold investment demand, such as interest rates, exchange rates, purchases of gold coins and bars, exchange traded product holdings, and the use of gold as a portfolio diversifier, are discussed at length in this report. The report contains projections for mine-by-mine production through 2021, and provides a detailed analysis of major gold-producing countries’ contribution to total mine supply. The report also contains a thorough analysis of gold scrap recovery from old jewelry and other end-uses. The official transaction section of the report discusses trends in central bank buying and selling of gold, and addresses misconceptions related to the possibility of selling central bank gold holdings by European and U.S. central banks to offset their sovereign debts and deficits, and the potential for gold usage in future currency systems. This year's report contains a special section on China's gold market, with projections for supply and demand over the next ten years. The Gold Long-Term Outlook provides 10-year projections of supply, demand, and prices under a base case and two alternative scenarios.

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