Shanghai Gold Exchange Withdrawals Fall 34% in September

Shanghai Gold Exchange Withdrawals in 2016 Are Down 34% Year Over Year Through September.

Shanghai Gold Exchange August withdrawals were 170.9 tonnes.

September 2016 gold withdrawals were 34.3% lower compared to 259.98 tonnes withdrawn in September 2015.

Through September 2016, withdrawals of tonnes were 28.5% lower than withdrawals of 1,729.167 tonnes through September 2015.

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Shanghai Gold Exchange

The Shanghai Gold Exchange (SGE) withdrawals of 170.9 tonnes of gold during the month of September 2016 were down 34.3% from withdrawals of 259.98 tonnes in September 2015 and down 15.6% from September 2014 withdrawals of 202.43 tonnes.

September withdrawals were up 18.3% from 144.438 tons withdrawn in August.

Withdrawals on the Shanghai Gold Exchange are often considered a good proxy for the level of physical gold demand in China.

Rising gold prices have dented not only Chinese physical gold demand, but also Indian, U.S. and western physical gold retail demand.

The Peoples Bank of China has slowed its gold purchases recently. In September the PBOC added just five tons of gold to its reserves.

Shanghai Gold Withdrawals 2014 -2016


Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through September 2016, SGE withdrawals were 1406.7 tonnes, or 29% lower than 1989.1 tonnes withdrawn through September 2015.

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September 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years


Gold withdrawals on the Shanghai Gold Exchange in September 2016 were the lowest in the month of September since 2011.

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Shanghai Gold Exchange Withdrawals Year To Data vs. Prior Years


Through September 2016, SGE withdrawals were 1407 tonnes, or 29% lower than 1989 metric tons withdrawn through September 2015.

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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)

China Devalues the Yuan

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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