[Dinsdale]

which is an enormous deficit when yearly mine supply is only 2,500 tonnes and going down. (edit)

.....

estimates the alleged shortage of central-bank gold at between 15,000 and 16,000 tonnes -- nearly a decade's worth of mine production.

So what is world gold production 2,500 tons or 15,000 tons?

A source that cannot keep it's numbers straight for two paragraphs is suspect.

[Chuckster]

From your posted reply:

yearly mine supply is only 2,500 tonnes and going down. (edit)

"....between 15,000 and 16,000 tonnes -- nearly decade's worth of mine production.

Note the words in bold type. Makes a little more sense that way nicht war?

[Woodman]

It would help if he understood that the repurchase price is negotiated at the time a "Swap" is made, not when it ends.

An example would be that you loan X on Spot vs. 30 days. If X is at a premium to what you are swapping it against you get X back plus the premium.
If X is at a discount to what you are swapping against, you get X back minus the discount.
The Price of X is determined on the spot price at the beginnng of the swap period.

In other words if you you did a 1 year swap of a ton of gold and the price was $300/ounce at the beginning you would receive your gold back in one year at $300/ounce plus or minus the "price" of the swap.

Now if we are talking a Forward-forward, you need to spec on the future price and it is a little more risky, that is usually built into the price. FWIW