Shanghai Gold Exchange volume for the week ended June 12, 2015.
The Shanghai Gold Exchange delivered 46.151 tonnes of gold during the week ended June 12, 2015.
Total gold withdrawals on the Shanghai Gold Exchange year to date are about 1,063 tonnes.
China is becoming the center of the Asian gold world. A $16 billion China Gold Fund was announced last month and the Shanghai Gold Exchange continues to establish itself as viable competitor to the gold trading centers in London and Chicago. China’s gold imports, trading and mining production are one of the cornerstones of China’s de-dollarization/Yuan strengthening initiatives that focuses no so much on selling U.S. Treasuries but creating alternative financial systems like the Asian Infrastrucure Investment Bank.
China is widely believed to be making a play for inclusion in the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) Program later this year. If China fails to gain inclusion in the SDR, its recent initiatives to strengthen its currency and gain greater acceptance of the Yuan may provide a strong alternative to the IMF regime.
The Bank of China also recently joined the auction process at the London Bullion Market Association where the price of gold is determined.
The volume of gold delivered on the Shanghai Gold Exchange dwarfs the volume of gold delivered on the COMEX futures gold exchange where most gold futures contracts are not settled by physical delivery of gold.
In 2014, COMEX delivered under 85 tons of gold or about the amount that the Shanghai Gold Exchange delivers every two weeks!
Volume of Gold Delivered on the Shanghai Gold Exchange
The Shanghai Gold Exchange delivered 46.151 tons of gold during the week ended June 12, 2015. Forty six tons or approximately 1.47 million ounces of gold is worth about $1.8 billion.
Along with India, China consumes much of the world’s gold. Depending on any given month, either China or India is the number one gold consumer in the world.
China and India Gold Demand
China and India consume much of the world’s gold.
China is the world’s largest gold producer:
China is the world’s largest gold producer with mining production over 2,000 tons the past five years.
In addition to the vibrant Shanghai Gold Exchange and increasing world leading gold mining production, China is also the world’s largest gold importer. Here is a chart showing the volumes of gold traded on the Shanghai Gold Exchange vs. gold imported through Hong Kong as of April 2015.
China imports large amounts of gold through Hong Kong.
All charts, other than the Chinese gold mining production chart, courtesy of Nick Laird.
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Further Reading:
Shanghai Gold Exchange Withdrawals (weekly 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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