Shanghai Gold Exchange Withdrawals Week Ended August 7 , 2015

Shanghai Gold Exchange volume for the week ended August 7, 2015.

The Shanghai Gold Exchange withdrawals were 56.1 tonnes of gold during the week ended August 7, 2015.

Total gold withdrawals on the Shanghai Gold Exchange year to date are 1,520.00 tonnes.

Withdrawals on the Shanghai Gold Exchange are running 35% higher than last year.

China adds 19.3 tons of gold (approx. 610,0000 ounces) to its reserves in July bringing its total to 1,677 tonnes.

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China’s Insatiable Demand for Gold

The Shanghai Gold Exchange (SGE) delivered 56.1 tonnes of gold during the week ended August 7, 2015. The prior week the SGE delivered 53.34 tons of gold.

The two week total of withdrawals is over 109 tonnes of gold and the year to date total is 1,520 tons, for an annualized run rate of approximately 2,500 tonnes.

Volume of Gold Withdrawals on the Shanghai Gold Exchange

Shanghai Gold Exchange chart showing withdrawals through august 2015

Withdrawals of gold on the Shanghai Gold Exchange for the week ended August 7, 2015, were over 56 tonnes.

The volume of withdrawals of gold on the Shanghai Gold Exchange as of August 7, 2015, is running 35% higher than 2014 during the same period and 8.6% higher than 2013’s record pace.

Shanghai gold exchange withdrawals chart comparing prior year withdrawals

Withdrawals of gold as of July 31, 2015 on the Shanghai Gold Exchange are heading towards eclipsing the record 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.

Today 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.

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 6, 2015, 407 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 6, 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.

Shanghai Gold Exchange Volume: Gold Miner Pulse

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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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