Shanghai Gold Exchange volume for the week ended May 15, 2015.
The Shanghai Gold Exchange delivered 45.480 tonnes of gold during the week ended May 15, 2015.
The weekly average deliveries on the Shanghai Gold Exchange since the start of 2013 is approximately 44 tonnes.
Total gold withdrawals on the Shanghai Gold Exchange year to date are about 905 tonnes.
The Shanghai Gold Exchange continues to establish itself as viable competitor to the gold trading centers in London and Chicago and is one of the cornerstones of China’s de-dollarization/Yuan strengthening initiatives that also includes selling U.S. Treasuries and the creation of 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 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!
Shanghai Gold Exchange Deliveries vs. COMEX
The Shanghai Gold Exchange is on pace to deliver over 2,000 tons of gold in 2015 as it establishes itself as one of the largest gold exchanges in the world.
Volume of Gold Delivered on the Shanghai Gold Exchange
The Shanghai Gold Exchange has delivered over 8,800 tons of gold since 2009.
Shanghai Gold Exchange monthly gold withdrawals have increased dramatically over the past few years.
In addition to the vibrant Shanghai Gold Exchange, China is also the world’s leading gold importer. Here is a chart showing the volumes of gold traded on the Shanghai Gold Exchange vs. gold imported through Hong Kong.
Shanghai Gold Exchange and Hong Kong gold imports indicate that China is serious about gold.
China is also the world’s largest gold producer:
China is the world’s largest gold producer with mining production over 400 tons a year.
Shanghai Gold Exchange Charts 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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