Shanghai Gold Exchange Withdrawals Fall in May

Shanghai Gold Exchange Withdrawals fell 17% in May to 138.079 tons down from 165.78 tons in April.

Shanghai Gold Exchange May withdrawals were down 6.3% from 147.283 tons withdrawn in May 2016.

Through May 2017, gold withdrawals were at the third highest level compared to prior years totals through May.

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Shanghai Gold Exchange

The Shanghai Gold Exchange (SGE) withdrawals of 138.079 tons of gold in May were dpwm 6.3% from withdrawals of 147.283 tons in May 2016 and down 16.9% from April 2017 withdrawals of 165.78 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 added no gold to reserves in March, April or May 2017.

Shanghai Gold Exchange Monthly Withdrawals 2014 -2017*

Shanghai Gold Exchange Monthly Withdrawals 2008 -2017 through may

Shanghai Gold Exchange Withdrawals vs COMEX Deliveries

Two Week Withdrawals on the Shanghai Gold Exchange in September 2015 vs. Comex 2014

Shanghai Gold exchange withdrawals vs Comex deliveries chart

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 gold deliveries vs Shanghai Gold Exchange Withdrawals

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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May Shanghai Gold Exchange Withdrawals vs. Prior Years

May shanghai gold exhange withdrawals 2008 - 2017

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Shanghai Gold Exchange Withdrawals 2008 – 2017

Since 2008 through May 2017, 13,857 tons of gold have been withdrawn from the Shanghai Gold Exchange.

Shanghai Gold Exchange 2008 - 2017 annual through May
Shanghai Gold Exchange Withdrawals Through May 2008- 2017

Through the end of May 2017, approximately 829 tons of gold have been withdrawn from the Shanghai Gold Exchange.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. February 2017 (from 179.237 to 148.24 tons) and April 2017 (from 171.395 to 165.78 tons) SGE withdrawals were revised downward in May, the charts reflect the adjustments.

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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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