Shanghai Gold Exchange Withdrawals Through November Total 1,845 Tons.
Shanghai Gold Exchange Withdrawals rose 24.8% in November to 189.101 tons up from 151.541 tons in October.
Shanghai Gold Exchange November withdrawals were down 11.9% from 214.718 tons withdrawn in November 2016.
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Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of tons of gold in October were down 11.9% from withdrawals of 214.718 tons in November 2016 and up 24.8 from October 2017 withdrawals of 151.541 tons.
Withdrawals on the Shanghai Gold Exchange are often considered a good proxy for the level of physical gold demand in China.
The Peoples Bank of China has slowed its gold purchases recently. In November and December the PBOC added no gold to its reserves. The PBOC sold about 20 tons of gold in December and added about 7 tons in January and 14 tons in February 2017.
The PBOC reported adding no gold to reserves from March 2016 – November 2017
Shanghai Gold Exchange Monthly Withdrawals 2008 -2017*
Shanghai Gold Exchange Withdrawals in November 2008 – 2017
Shanghai Gold Exchange Withdrawals vs COMEX Deliveries
Two Week Withdrawals on the Shanghai Gold Exchange in September 2015 vs. Comex 2014
Withdrawals on the Shanghai Gold Exchange were 137 tonnes during the two week period ended September 18, 2015, compared to just 85 tonnes delivered in all of 2014 on COMEX.
Shanghai Gold Exchange Withdrawals vs COMEX Gold Deliveries
COMEX TRADERS STANDING FOR DELIVERY?
COMEX is clearly not a place where traders go to BUY physical gold, rather a place to gain exposure to the price of gold.
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November Shanghai Gold Exchange Withdrawals vs. Prior Years
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Shanghai Gold Exchange Withdrawals 2008 – 2017
Since 2008 through November 2017, 14,873 tons of gold have been withdrawn from the Shanghai Gold Exchange.
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*Data Source – All Shanghai Gold Exchange withdrawal data courtesy of Nick Laird of Goldchartsrus who sources it directly from the People’s Bank of China’s Chinese language web site.
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Further Reading:
Shanghai Gold Exchange Withdrawals (weekly/monthly archive)
Chinese Gold Reserves (monthly archive)
Comex Gold Deliveries vs the Shanghai Gold Exchange
Gold Continues its Journey From West To East
Shanghai Gold Exchange vs Comex Gold Deliveries
Gold ETF Holdings vs the Shanghai Gold Exchange
Gold and Silver Price Manipulation – Suspected
Gold and Silver Price Manipulation – Actual
Gold Reserves by Country – Top Twenty
Gold Moves West to East Part 1
Gold Moves West to East Part 2
Chinese vs. United States Gold Demand
China Hoards its Gold Production
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