Shanghai Gold Exchange Volume Week Ended June 26, 2015

Shanghai Gold Exchange volume for the week ended June 26, 2015.

The Shanghai Gold Exchange withdrawals were 46.167 tonne of gold during the week ended June 19, 2015.

Total gold withdrawals on the Shanghai Gold Exchange year to date are about 1,163 tonnes.

Gold withdrawals on the Shanghai Gold Exchange the past two weeks were larger than the amount of gold delivered on COMEX during 2014 and greater than the amount of gold Germany has repatriated from the New York Fed since 2013.

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China’s Insatiable Demand for Gold

The Shanghai Gold Exchange (SGE) delivered 46.167 tonnes of gold during the week ended June 26, 2015. The prior week the SGE delivered 54.195 tonnes of gold. The two week total is over 100 tons of gold delivered and the year to date total is over 1,160 tonnes, for an annualized run rate of approximately 2,300 tonnes.

Volume of Gold Withdrawals on the Shanghai Gold Exchange

Shanghai Gold Exchange withdrawals for the week ended June 26  2015 chart

Withdrawals of gold on the Shanghai Gold Exchange for the week ended June 26, 2015 were over 46 tonnes.

The volume of gold withdrawn from the Shanghai Gold Exchange dwarves the volume of gold delivered on the COMEX futures gold exchange where most gold futures contracts are not settled by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In 2014, COMEX delivered under 85 tons of gold; about fifteen tons less than the amount that was withdrawn from the Shanghai Gold Exchange during the past two most recently reported weeks!

The volume of gold withdrawn on the SGE (100.362 tons) in two weeks is also more than the amount of gold that Germany has managed to repatriate from the New York Fed since January 2013 through March 2015 (90 tons).

In addition, the new Chicago Merchatile Exchange futures contract for Hong Kong Kilobars has experienced withdrawls of nearly five tons of gold a day since it began in mid March earlier this year. As of July 1, 324 tons of gold have been withdrawn pursuant to this program for an annualized run rate over 1200 tons of gold a year.

COMEX Hong Kong Gold Kilobar Withdrawals Through June 24, 2015

Comex Hong Kong gold kilobar deliveries as of July 1 2015

Comex Hong Kong gold kilo bar withdrawals have been averaging nearly 5 tons of gold a day.

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. Together they account for approximately 3,000 tons a year in gold demand.

China and India Gold Demand

Chindia gold demand chart 2015

China and India make up a good portion of global gold demand.

The Bank of China also recently joined the auction process at the London Bullion Market Association where the price of gold is determined.

China is the world’s largest gold producer:

Chinese mining production chart

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.

Chinese gold imports through Hong Kong

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

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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