Ideas in this flowchart

• Gold demand in Q2 and the first half of the year
• Total gold demand, including OTC, was unchanged year over year at 1,269t in Q2.
• First-half demand reached 2,522t, up 2% year over year, with a record value of US$380bn.
• Gold ETFs experienced selling pressure in Q2, with outflows of 45t.
• Outflows partly reflected weaker gold prices.
• In North America, higher inflation and interest rate expectations and a stronger US dollar added to the selling pressure.
• Bar and coin investment was steady year over year at 307t in Q2.
• This indicated a return to more typical buying levels.
• The return followed two extraordinarily strong quarters.