Shanghai Gold Exchange Withdrawals.
Shanghai Gold Exchange March withdrawals were 183.23 tonnes of gold.
March 2016 gold withdrawals were 14% lower compared to 213.351 tonnes withdrawn in March 2015.
Hong Kong gold kilobar withdrawals were about fifty tonnes in March 2016 and 1,069 tonnes since March 2015.
Yuan Gold Fix Set To Begin April 19 2016
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 183.23 tonnes of gold during the month of March 2016 were up 70.2% from withdrawals of 107.603 tonnes in February 2016 and down 14% from March 2015.
Earlier this 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.
According to Nick Laird of Sharelynx*, the Shanghai Gold Exchange reported withdrawals on a monthly basis for March.
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 Through March 2016, SGE withdrawals are 516.631 tonnes, or 17.4% lower than 625.136 tonnes withdrawn through March 2015.
2015 Withdrawals vs. Prior Years
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 April 11, 2016
The Chicago Mercantile Exchange futures contract for Hong Kong Kilobars has experienced withdrawals of an average of more than six tons of gold a day since it began in mid March 2015. As of March 3, 2016, over 1,069 tonnes of gold have been withdrawn pursuant to this program since March 2015 for an annualized run rate of about 1,100 tonnes of gold a year.
Hong Kong kilo bar withdrawals have also slowed in 2016.
2015 and November 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 Coming April 2016
Later this year a new Yuan based gold fix with be 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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