Gold market dynamics GTM –UK | 72 Gold vs. US 10-year Treasury real yields Gold price $ per Troy ounce (LHS); % inverted (RHS) $ per Troy ounce Inflation-adjusted gold price 1,900 -1.0 Gold price Real yields (inverted) 1,600 -0.5 0.0 1,300 Gold 0.5 1,000 1.0 '12 '13 '14 '15 '16 '17 Breakdown of world gold demand by sector Tonnes 2,500 2015 2,000 Q3 2016 ann. 1,500 1,000 500 0 -500 Other assets Jewellery Technology Total bar ETFs & Central bank and coin similar & other inst. demand products Source: (Top left) Thomson Reuters Datastream, J.P. Morgan Asset Management. (Bottom left) World Gold Council, J.P. Morgan Asset Management. (Right) FactSet, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 72