Shanghai Gold Exchange Withdrawals Week Ended August 21, 2015

Shanghai Gold Exchange volume for the week ended August 21, 2015.

The Shanghai Gold Exchange withdrawals were 72.91 tonnes of gold during the week ended August 21, 2015.

Withdrawals on the Shanghai Gold Exchange were the fourth largest ever.

Total gold withdrawals on the Shanghai Gold Exchange year to date are 1,658.22 tonnes.

Withdrawals on the Shanghai Gold Exchange are running 37.2% higher than last year.

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China’s Insatiable Demand for Gold

The Shanghai Gold Exchange (SGE) delivered 72.91 tonnes of gold during the week ended August 21, 2015. The prior week the SGE delivered 65.31 tonnes of gold.

The two week total of withdrawals is over 121 tonnes of gold and the year to date total is 1,658.32 tons, for an annualized run rate of approximately 2,600 tonnes.

Shanghai Gold Exchange Withdrawals During the Two Week Period Ended 8/21/2015 vs. Comex 2014 Deliveries

Shanghai Gold exchange withdrawals vs Comex deliveries

Withdrawals on the Shanghai Gold Exchange were a staggering 138 tonnes during the two week period ended August 21, 2015.

Volume of Gold Withdrawals on the Shanghai Gold Exchange

Shanghai Gold Withdrawals week ended August 21, 2015 since 2009 chart

Shanghai Gold Exchange Withdrawals for the week ended August 21, 2015 were nearly 73 tonnes.

The volume of withdrawals of gold on the Shanghai Gold Exchange as of August 21, 2015, is running 37% higher than 2014 during the same period and 13.3% higher than 2013’s record pace.

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Withdrawals of gold as of August 21, 2015 on the Shanghai Gold Exchange are running 37% higher than last year and 13 % higher than the record pace set in 2013.

China is becoming the center of the Asian gold world. A $16 billion China Gold Fund was announced in May and the Shanghai Gold Exchange continues to establish itself as viable competitor to the gold trading centers in London and Chicago. China’s gold imports, trading and mining production are one of the cornerstones of China’s de-dollarization/Yuan strengthening initiatives that focuses no so much on selling U.S. Treasuries but creating alternative financial systems like the Asian Infrastrucure Investment Bank.

China is widely believed to be making a play for inclusion in the International Monetary Fund’s (IMF) Special Drawing Rights (SDRs) Program later this year. If China fails to gain inclusion in the SDR, its recent initiatives to strengthen its currency and gain greater acceptance of the Yuan may provide a strong alternative to the IMF regime.

China Updates its Gold Holdings

China recently announced their first update to their official gold holdings since 2009. The People’s Bank of China announced that their gold holdings had climbed from 1054 tons to 1658 tons, making China the fifth largest gold holding nation in the world.
China chose to incude six years worth of gold accumulation (over 600 tons) all in the month of June.

Earlier this month China reported that they added 19.3 tons (610,000 ounces) of gold to their reserves in July bringing their total to 1,677 tons (53.93 million ounces).

chinese gold reserves by month

Chinese gold reserves grew by 610,000 ounces in July.

Top 20 largest gold holding nations in the world

China’s recent update to its gold holdings put it in fifth place among gold holding nations.

Many suspect that China has far more gold than they have reported.

Click here for an explanation on where China’s gold might be.

How does all that gold get to China?

The Bank of China also recently joined the auction process at the London Bullion Market Association where the price of gold is determined.

In addition, the new Chicago Merchatile Exchange futures contract for Hong Kong Kilobars has experienced withdrawls of nearly five tons of gold a day since it began in mid March earlier this year. As of August 27, 2015, 448 tons of gold have been withdrawn pursuant to this program for an annualized run rate over 1,200 tons of gold a year.

COMEX Hong Kong Gold Kilobar Withdrawals Through August 27, 2015

chart showing COMEX hong kong gold kilobar withdrawals august 2015

Comex Hong Kong gold kilo bar withdrawals have been averaging over five tons of gold a day.

The Bank of China also recently joined the auction process at the London Bullion Market Association where the price of gold is determined.

China is the world’s largest gold producer:

Chinese mining production chart

China is the world’s largest gold producer with mining production over 2,000 tons the past five years. China has mined 228.7 tons of gold during the first six month of 2015.

In addition to the vibrant Shanghai Gold Exchange and increasing world leading gold mining production, China is also the world’s largest gold importer. Here is a chart showing the volumes of gold traded on the Shanghai Gold Exchange vs. gold imported through Hong Kong as of April 2015.

Chinese gold imports through Hong Kong

China imports large amounts of gold through Hong Kong.

China also imports unreported amounts of gold through Shanghai.

All charts, other than the Chinese gold mining production chart, courtesy of Nick Laird.

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Shanghai Gold Exchange Volume: Gold Miner Pulse

Buy American Gold Buffalo Coins

Further Reading:

Shanghai Gold Exchange Withdrawals (weekly archive)

China Devalues the Yuan

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

China and Gold

India and Gold

Russia and Gold

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

Gold ETF Holdings on the Rise

Chinese vs. United States Gold Demand

Chinese Gold Production

China Hoards its Gold Production

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