Shanghai Gold Exchange Withdrawals fell 11% in April to 171.174 tons down from 192.250 tons in March.
Shanghai Gold Exchange March withdrawals were essential flat from 171.395 tons withdrawn in April 2016.
Through April 2017, gold withdrawals were at the second highest level compared to prior years totals through April.
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Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 171.174 tons of gold in April were flat from withdrawals of 171.395 tons in April 2016 and down 10.9% from March 2017 withdrawals of 192.250 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 and April 2017.
Shanghai Gold Exchange Monthly Withdrawals 2014 -2017*
Shanghai Gold Exchange withdrawals have accelerated since November 2016.
Shanghai Gold Exchange Withdrawals vs COMEX Deliveries
Two Week Withdrawals on the Shanghai Gold Exchange in September 2015 vs. Comex 2014
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 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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April Shanghai Gold Exchange Withdrawals vs. Prior Years
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Shanghai Gold Exchange Withdrawals 2008 – 2017
Since 2008 through April 2017, 13,755 tons of gold have been withdrawn from the Shanghai Gold Exchange.
Through the end of April 2017, approximately 727 tons of gold have been withdrawn from the Shanghai Gold Exchange. In 2015, a record year for withdrawals, approximately 821 tons of gold were withdrawn by the end of April, or about 13% more. Withdrawals are running ahead of 2016’s end of April total of 688 tons and ahead of 2014’s end of April total of 694 tons.
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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.
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Further Reading:
Shanghai Gold Exchange Withdrawals (weekly/monthly archive)
Chinese Gold Reserves (monthly 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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