While physical bar hoarding in Japan is the highest of any industrial country, Gold Accumulation Plans (GAPs) provide another way of holding gold. GAPs are investment accounts offered by Japanese precious metal dealers, trading companies and banks in which the investor signs a contract to invest in a certain amount of gold every month. The metal accumulates in the accounts and can later be sold or taken out in coins or bars or traded for jewellery purchases. Many young women subscribe to GAPs as a way of saving up gold for jewellery. Offtake amounts to between 40 and 45 tonnes (1.3-1.4 million oz) annually.

See also: TOCOM; Japan Market Introduction