Shanghai Gold Exchange Withdrawals in 2016 Are Down 29% Year Over Year Through August.
Shanghai Gold Exchange August withdrawals were 144.438 Tonnes.
August 2016 gold withdrawals were 45.6% lower compared to 265.27 tonnes withdrawn in August 2015.
Through August 2016, withdrawals of 1235.847 tonnes were 28.5% lower than withdrawals of 1,729.167 tonnes through August 2016.
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 144.438 tonnes of gold during the month of August 2016 were down 45.6% from withdrawals of 265.27 tonnes in August 2015 and down 10.8% from August 2014 withdrawals of 161.952 tonnes.
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 August 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 Through August 2016, SGE withdrawals are 1236 tonnes, or 29% lower than 1729 tonnes withdrawn through August 2015.
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August 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years
Gold withdrawals on the Shanghai Gold Exchange in August 2016 were the lowest in the month of August since 2012.
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Shanghai Gold Exchange Withdrawals Year To Data vs. Prior Years
Through August 2016, SGE withdrawals were 1236 tonnes, or 29% lower than 1729 metric tons withdrawn through August 2015.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)
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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