Gold Demand In The West Soars.

Gold Exports From Switzerland to London outstrip Swiss Exports To the East.

Earlier in the Week Rory Hall from The Daily Coin held our bi-weekly gold and silver update call. This week we discussed gold demand in Russia, China and India and compared it to gold demand in the west.

We started the call discussing the media reaction to the Brexit vote. Nearly all main stream media accounts described the vote as a ‘disaster’ and focused on those ‘devastated’ by the outcome. There was little coverage of those celebrating the Brexit result.

We then discussed the waning gold demand in India (due to government import duties and taxes) China and Russia. The charts below show the slowing demand. After the recording the show, we learned that gold imports into Hong Kong had soared in May, reversing low import numbers the past few months.

The big increase in gold demand this year has come from western institutional investors buying gold exchange traded funds.

Please have a listen to the podcast and check out the charts and information below.

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Update Gold imports to China rise 58% in May

Record Gold Demand in the East in 2015.

Russia added 208 tons a record

China added over 150 tons to reserves.

The Shanghai Gold Exchange had a record 2600 tons of withdrawals

India imported over 900 tons of gold in 2015

Russia

The Central Bank of Russia added only three tons of gold to reserves in May 2016.

China

PBOC

Added no gold to reserves in May

Shanghai Gold Exchange

SGE withdrawals are down 15% YTD through May 2016. (982 tons in 2015 vs 835 tons in 2015) but still elevated

Hong Kong Kong Gold Imports into China have been low in 2016.

Hong Kong imports to China in May were 115 tons, or about half of all the gold imported from January -April 2016) Update: Gold imports to China rise 58% in May

India

Indian Gold Imports

Under 200 tons of gold imported so far this year. In 2011 1,079 tons of gold were imported and in 2015, 920 tons were imported.

Jan up
Feb 20
March 80%
Provisional Data
April down 74%
May down 40%

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West

London Gold Imports From Switzerland have surged in 2016.

London has overtaken India and China gold shipments from refineries in Switzerland,

Gold imports from Switzerland into London to feed EFT demand have soared, outpacing Swiss exports to Hong Kong, India and China combined.

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Where is it going?

ETFs

Last Friday the day after the Brexit vote was announced there was $4.3 billion increase in holdings in gold ETF.

A total of 18.41 metric tons of gold were delivered Friday to the SPDR Gold Trust (GLD) The GLD now holds 934.31 tons of gold worth about $40 billion.

British Retail Gold Sales

The British Royal Mint reported a 32% increase in June sales vs. May before the Brexit vote.

BullionVault reported a 85% increase in new accountss over the past 12 months daily average and its, busiest day ever on Friday, selling ￡25.8 million in gold and silver by early afternoon.

Sharps Pixley, a major U.K. precious metals retailer reported that their London shop had sold out and were sorucing their gold from an affiliate in Germany.

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