04年黄金的大涨，不仅是美元疲软的反应。作为一种贵金属商品，其本身的供求关系同样是刺激其上涨的重要动因。索罗斯昔日的合伙人罗杰斯上个世纪末便开始投身商品投资，并且预计会有近乎20年的商品牛市。对于他的观点，是值得注意的。

http://www.gold.org/value/stats/statistics/images/xltable_tonnage404.gif

1. Provisional.
2. Excluding any delta hedging of central bank options.
3. Bar hoarding plus medal, official coin & imitation coin fabrication.
4. This is the residual from combining all of the other data in the table. It includes institutional investment, stock movements and other elements as well as any residual error.

Source: Tonnage data are   ©  Copyright GFMS Ltd 2005. All rights reserved.
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