Shanghai Gold Exchange January Withdrawals Slump

Shanghai Gold Exchange Withdrawals Fell 18.3% in January to 184.41 tons from 225.801 tons in January 2016.

Shanghai Gold Exchange January withdrawals were down 6.1% from 196.368 tons withdrawn in December 2016.

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Shanghai Gold Exchange

The Shanghai Gold Exchange (SGE) withdrawals of 184.41 tons of gold in January were down 18.3% from withdrawals of 225.801 tons in January 2016 and down 27.8% from January 2015 withdrawals of 255.422 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 goldin December and added about 7 tons in January 2017.

Shanghai Gold Withdrawals 2014 -2017

shanghai gold exchange monthy withdrawals 2014 - 2017 january

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January 2017 Shanghai Gold Exchange Withdrawals vs. Prior Years

January Shanghai Gold Exchange Withdrawals 2008 - 2017

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Shanghai Gold Exchange Withdrawals in 2016 vs. Prior Years

Since 2008 through 2016, 13,028 tons of gold have been withdrawn from the Shanghai Gold Exchange.

Shanghai Gold Exchange Withdrawals - 2008 - 2016

2016, SGE withdrawals were the lowest since 2012.

chinese gold imports from hongkong as a percentage of SGE withdrawals

Chinese gold imports through Hong Kong of 51.51 tons accounted for 26.2% of 196.37 tons of gold withdrawn on the Shanghai Gold Exchange in December 2016.

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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)

China Devalues the Yuan

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

China and Gold

India and Gold

Russia and Gold

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

Gold ETF Holdings on the Rise

Chinese vs. United States Gold Demand

Chinese Gold Production

China Hoards its Gold Production

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