Shanghai Gold Exchange Withdrawals Rise 40% Month Over Month and 6% Year Over Year in November.
Shanghai Gold Exchange November withdrawals were 214.718 tonnes.
November 2016 was the first month this year that gold withdrawals rose on a year over year comparable month basis.
Through November 2016, withdrawals of 1774.717 tonnes were 25% lower than withdrawals of 2368.151 tonnes through November 2015.
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Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 214.718 tonnes of gold during the month of November 2016 were up 6% from withdrawals of 202.712 tonnes in November 2015 and up 1% from November 2014 withdrawals of 212.49 tonnes.
November withdrawals were up 40.1% from 153.252 tons withdrawn in October.
Withdrawals on the Shanghai Gold Exchange are often considered a good proxy for the level of physical gold demand in China.
Falling gold prices have generated renewed demand not only in China, but also at the U.S. and Perth Mints.
The Peoples Bank of China has slowed its gold purchases recently. In November the PBOC added no gold to its reserves.
Shanghai Gold Withdrawals 2014 -2016
Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through November 2016, SGE withdrawals were 1,774.711 tons or 25% lower than 2,368.151 tons withdrawn through November 2015.
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November 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years
Gold withdrawals on the Shanghai Gold Exchange in November 2016 were the largest total in the month of November ever.
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Shanghai Gold Exchange Withdrawals Year To Data vs. Prior Years
Through November 2016, SGE withdrawals were 1774.717 tonnes, or 25% lower than 2368.151 metric tons withdrawn through November 2015.
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Data Source – All Shanghai Gold Exchange withdrawal data courtesy of Nick Laird of Goldchartsrus 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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