Shanghai Gold Exchange Withdrawals.
Shanghai Gold Exchange withdrawals were 51.75 tonnes of gold during the week ended December 17, 2015.Total gold withdrawals on the Shanghai Gold Exchange year to date are 2503 tonnes.
Average Shanghai Gold Exchange weekly withdrawals in 2015 (49.09 tonnes) are higher than total 2015 COMEX gold deliveries (35.6 tonnes).
Withdrawals pass 2013’s annual record of 2,197 tonnes by 306 tonnes.
Hong Kong gold kilobar withdrawals pass 925 tonnes in 2015.
Combined Shanghai Gold Exchange and Hong Kong Kilobar Withdrawals at 3,428 Tonnes Year to Date.
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) delivered 51.75 tonnes of gold during the week ended December 17, 2015. During prior trading week ended December 10, 2015, the SGE withdrawals were 45.99 tonnes of gold.
Through week 51 of 2015, average weekly withdrawals on the Shanghai Gold Exchange were 49.03 tonnes.
Year to Date Weekly Shanghai Gold Exchange Withdrawals Through December 17, 2015
Shanghai Gold Exchange withdrawals are at 2,503 tonnes through the week ended December 17, 2015.
2015 Year To Date Withdrawals vs. Prior Years
Withdrawals on the Shanghai Gold Exchange are were running 28.7% higher than last year and 18.2% higher than prior record year 2013 through week 50.
COMEX Hong Kong Gold Kilobar Withdrawals Through December 22, 2015
The Chicago Mercantile Exchange futures contract for Hong Kong Kilobars has experienced withdrawls of an average of more than six tons of gold a day since it began in mid March earlier this year. As of December 22, 2015, over 925 tonnes of gold have been withdrawn pursuant to this program since March 2015 for an annualized run rate over 1,200 tonnes of gold a year.
Comex Hong Kong gold kilo bar withdrawals have passed 925 tonnes since March 2015.
2015 and November 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 35 tonnes of gold have been delivered on COMEX in 2015.
Average weekly Shanghai Gold Exchange withdrawals through December 10, 2015 were 49 tonnes vs 35.6 tonnes delivered all year on COMEX. ).
China Updates its Gold Holdings
In July 2015, China 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.
In August 2015, 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). In September 2015, the China updated their August gold reserves, indicating that they had added 16 tonnes of gold to their reserves, bringing their total to over 1693 tonnes.
Despite an overall decrease in its reserves in September, China has been adding gold. In October, China reported that they had added fifteen tons of gold to their reserves in September. Earlier this month, China reported they had added fourteen tons of gold to their reserves.
Earlier this month Bloomberg reported that in November China added 21 tonnes of gold to its reserves, the most it has added in five months.
China’s addition of 21 tonnes of gold to its reserves in November 2015 is the largest monthly total since they began monthly reporting in June 2015.
Chinese vs. Russian Gold Reserves
While China’s officially reported gold reserves have increased at an impressive pace in recent months, the central Bank of Russia has added 37% more gold to its reserves from August to November 2015.
The United States has not added any gold to its reserves in over a half a century.
Russia added more gold than China each month since China began reporting monthly gold reserves.
Top Ten Gold Holding Nations
China has the fifth largest gold reserves of any country.
To see the top forty gold holding nations click here.
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Shanghai Gold Exchange Data source GoldMinerPulse
Further Reading:
Shanghai Gold Exchange Withdrawals (weekly 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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