Shanghai Gold Exchange Withdrawals Fell 23.5% in 2016 to 1,970 tons from 2576 tons in 2015.
Shanghai Gold Exchange December 2016 withdrawals were 196.368 tonnes down 14% from 228.216 tons withdrawn in December 2015.
November 2016 was the only month of 2016 that gold withdrawals rose on a year over year comparable month basis.
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Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 1,970 tons of gold during 2016 were down approximately 24% from withdrawals of 2,576 tons in 2015 and down 6.3% from 2014 withdrawals of 2,102 tons.
Withdrawals on the Shanghai Gold Exchange are often considered a good proxy for the level of physical gold demand in China.
Falling gold prices have generated renewed demand not only in China, but also at the U.S. and Perth Mints.
The Peoples Bank of China has slowed its gold purchases recently. In November and December the PBOC added no gold to its reserves.
Shanghai Gold Withdrawals 2014 -2016
Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. In 2016, SGE withdrawals were 1,970 tons or 24% lower.
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December 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years
Gold withdrawals on the Shanghai Gold Exchange in December 2016 were the lowest total in the month of December since 2012.
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Shanghai Gold Exchange Withdrawals in 2016 vs. Prior Years
Since 2008 through 2016, 13,028 tons of gold have been withdrawn from the Shanghai Gold Exchange.
2016, SGE withdrawals were the lowest since 2012.
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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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