Shanghai Gold Exchange Withdrawals in 2016 Are Down 25% Year Over Year.
Shanghai Gold Exchange July withdrawals were 117.6 Tonnes.
July 2016 gold withdrawals were 58.8% lower compared to 285.495 tonnes withdrawn in July 2015.
Through July 2016, withdrawals of 1091 tonnes were 25% lower than withdrawals of 1464 tonnes through July 2016.
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) withdrawals of 117.6 tonnes of gold during the month of July 2016 were down 58.8% from withdrawals of 285.495 tonnes in July 2015 and down 14.5% from July 2014 withdrawals of 137.532 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 July the PBOC added just five tons of gold to its reserves.
Shanghai Gold Withdrawals 2013 -2016
Shanghai Gold Exchange withdrawals in 2015 were 2,597 tonnes. Through July 2016, SGE withdrawals are 1091 tonnes, or 17% lower than 1464 tonnes withdrawn through July 2015.
July 2016 Shanghai Gold Exchange Withdrawals vs. Prior Years
Gold withdrawals on the Shanghai Gold Exchange in July 2016 were the lowest in the month of July since 2012.
Shanghai Gold Exchange Withdrawals Year To Data vs. Prior Years
Through July 2016, SGE withdrawals were 1091 tonnes, or 25% lower than 1464 tonnes withdrawn through July 2015.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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