World Gold Council consistently understates gold demand, Sprott charges

Section:

9:30a ICT Wednesday, October 23, 2013

Dear Friend of GATA and Gold:

Gold demand statistics reported by the World Gold Council "consistently misrepresent reality" by understating metal flowing to Asia, Sprott Asset Management CEO Eric Sprott charges this week in an open letter to the council.

Challenging the WGC's data compilation, which relies on methodology of the GFMS consultancy, Sprott calculates that annual gold demand is actually running 3,000 tons greater than mine supply.

Sprott writes: "I urge the leaders of the World Gold Council, for the benefit of their own members, to improve the quality of their data and find alternative sources than the GFMS, which paints a misleading picture of the real demand for gold. This lack of quality information has certainly been one of the driving factors behind the lack of investors' confidence toward gold as an investment. Gold has been one of the best-performing asset classes since 2000 and the World Gold Council should be promoting it accordingly."

Sprott's letter is posted at the Sprott Internet site here:

http://sprott.com/markets-at-a-glance/open-letter-to-the-world-gold-coun...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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