Shanghai Gold Exchange Withdrawals.
Shanghai Gold Exchange May withdrawals were 147.283 tonnes.
May 2016 gold withdrawals were 9.2% lower compared to 162.147 tonnes withdrawn in May 2015.
Through May 2016, withdrawals were 15% lower than 2015 withdrawals through May, but ahead of 2014 withdrawals through May.
Hong Kong gold kilobar withdrawals were about 80 tonnes in May 2016 and 1,262 tonnes since March 2015.
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 147.283 tonnes of gold during the month of May 2016 were down 9.2% from withdrawals of 162.127 tonnes in May 2015 and up 13.9% from May 2014 withdrawals of 129.343 tonnes.
Earlier this month we reported that the People’s Bank of China added no gold to its reserves in May, the first time that the PBOC did not add any gold to her reserves since China began reporting monthly updates to its gold reserves. The lower PBOC gold reserves and Shanghai Gold Exchange withdrawals are perhaps reflective of a slowing of physical gold demand in China due to higher gold prices in 2016 and lower Chinese Yuan.
Shanghai Gold Withdrawals 2012 -2016
Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through May 2016, SGE withdrawals are 835 tonnes, or 15% lower than 983 tonnes withdrawn through May 2015.
May 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years
Gold withdrawals on the Shanghai Gold Exchange were the third largest ever for the month of May.
2016 Shanghai Gold Exchange Withdrawals Year To Data vs. Prior Years
Through May 2016, SGE withdrawals were 835 tonnes, or 15% lower than 983 tonnes withdrawn through May 2015.
2016 Shanghai Gold Exchange Withdrawals 2008 -2015
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 June 2016
The Chicago Mercantile Exchange futures contract for Hong Kong Kilobars has experienced withdrawals of an average of more than five tons of gold a day since it began in mid March 2015. As of June 7, 2016, over 1,262 tonnes of gold have been withdrawn pursuant to this program since March 2015 for an annualized run rate of about 1,000 tonnes of gold a year.
Hong Kong kilo bar withdrawals have topped 1250 tonnes since March 2015.
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.
*Hong Kong Kilo Bar chart courtesy of Sharelynx where you will find the most extensive collection of precious metals charts available on the web. For a limited time you can check out Nick’s entire collection for free by clicking here.
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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