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.
*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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