Shanghai Gold Exchange Withdrawals.
Shanghai Gold Exchange April withdrawals were 171.395 tonnes of gold.
April 2016 gold withdrawals were 12.3% lower compared to 195.447 tonnes withdrawn in April 2015.
Through April 2016, withdrawals were 16.2% lower than 2015 withdrawals through April, but essentially even with 2013 and 2014 withdrawals through April.
Hong Kong gold kilobar withdrawals were about 35 tonnes in April 2016 and 1,172 tonnes since March 2015.
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 171.395 tonnes of gold during the month of April 2016 were down 12.3% from withdrawals of 195.447 tonnes in April 2015 and essentially flat from April 2014.
Last month we reported that the People’s Bank of China added just nine tons of gold to its reserves in March, the lowest monthly addition since China began reporting monthly updates to its gold reserves. The lower PBOC gold reserves and Shanghai Gold Exchange withdrawals are perhaps reflective of a slowing of physical gold demand in China due to higher gold prices in 2016.
According to Nick Laird of Sharelynx*, the Shanghai Gold Exchange has been reporting monthly rather than weekly gold withdrawals since the beginning of the year.
Shanghai Gold Withdrawals 2012 -2016
Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through March 2016, SGE withdrawals are 516.631 tonnes, or 17.4% lower than 625.136 tonnes withdrawn through March 2015.
April 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years
Gold withdrawals on the Shanghai Gold Exchange were the third largest ever for the month of April.
2016 Shanghai Gold Exchange Withdrawals Year To Data vs. Prior Years
Through April 2016, SGE withdrawals were 688 tonnes, or 16.2% lower than 820.523 tonnes withdrawn through April 2015.
2016 Shanghai Gold Exchange Withdrawals 2008 -2015
Withdrawals on the Shanghai Gold Exchange in 2015 were 23.5% higher than 2014 and 19.07% higher than prior record year 2013.
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COMEX Hong Kong Gold Kilobar Withdrawals Through May 2016
The Chicago Mercantile Exchange futures contract for Hong Kong Kilobars has experienced withdrawals of an average of more than five tons of gold a day since it began in mid March 2015. As of May 4, 2016, over 1,172 tonnes of gold have been withdrawn pursuant to this program since March 2015 for an annualized run rate of about 1,000 tonnes of gold a year.
Hong Kong kilo bar withdrawals have also slowed in 2016.
2015 Shanghai Gold Exchange Withdrawals vs. COMEX 2015 Gold Deliveries
The chart below demonstrates the difference between the Shanghai Gold Exchange and the COMEX gold futures market. The former is a physical gold market while the latter is a paper/digital contract market where physical gold delivery is rarely made.
Just over 43 tonnes of gold were delivered on COMEX in 2015 (through November).
Average weekly Shanghai Gold Exchange withdrawals in 2015 were 49.94 tonnes vs 43.54 tonnes delivered all year on COMEX.
Shanghai Gold Exchange Gold Fix Commenced April 2016
Earlier this year a new Yuan based gold fix was launched via the Shanghai Gold Exchange.
*at Sharelynx you will find the most extensive collection of precious metals charts available on the web.
Data Source – All Shanghai Gold Exchange withdrawal data courtesy of Nick Laird of Sharelynx 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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