The Shanghai Gold Exchange.
Gold Withdrawals on the Shanghai Gold Exchange.
The Shanghai Gold Exchange delivered 51.456 tonnes of gold during the week ended March 13, 2015.
Withdrawals of gold on the Shanghai Gold Exchange are about 508 tonnes to date in 2015.
Volume of Physical Gold Delivered on the Shanghai Gold Exchange so far in 2015 is Larger than China’s World Leading Annual Gold Mining Production.
Volume of Gold Delivered on the Shanghai Gold Exchange
Withdrawals of gold on the Shanghai Gold Exchange were 51.456 tonnes for the week ended March 13, 2015.
China is the world’s largest gold producer and importer. China exports virtually none of its gold mining production.
With 2014’s staggering volume of 2000 tons of gold on the Shanghai Gold Exchange and 2015’s impressive volume to date, it looks like China is aiming to become host to the world’s largest gold exchange.
Last month we provided context on the massive amounts of gold delivered on the Shanghai Gold Exchange in 2014 by comparing them to gold deliveries on Comex, sales of American Gold Eagle coins and gold held by the world’s largest gold ETF, SPDR gold shares (GLD).
The Shanghai Gold Exchange has already delivered three times more physical gold in the first two months of 2015 than Comex delivered in all of 2014.
Here is Nick Laird’s weekly chart showing Shanghai Gold Exchange gold withdrawals: