Shanghai Gold Exchange Withdrawals.
Shanghai Gold Exchange withdrawals were 53.414 tonnes of gold during the week ended October 16, 2015./h2>
Total gold withdrawals on the Shanghai Gold Exchange year to date are 2,062 tonnes.
Through week 42 withdrawals on the Shanghai Gold Exchange were running 33.3% higher than last year.
Hong Kong gold kilobar withdrawals pass 635 tonnes in 2015.
Shanghai Gold Exchange
The Shanghai Gold Exchange (SGE) delivered 53.414 tonnes of gold during the week ended October 16, 2015. During prior trading week ended October 9, 2015, the SGE withdrawals were 50.895 tonnes of gold.
Year to Date Weekly Shanghai Gold Exchange Withdrawals Through October 16, 2015
Shanghai Gold Exchange withdrawals are at 2,062 tonnes through the week ended October 16, 2015.
COMEX Hong Kong Gold Kilobar Withdrawals Through October 21, 2015
The Chicago Mercantile Exchange futures contract for Hong Kong Kilobars has experienced withdrawls of an average of more than five tons of gold a day since it began in mid March earlier this year. As of October 21, 2015, over 635 tonnes of gold have been withdrawn pursuant to this program since March 2015 for an annualized run rate over 1,200 tonnes of gold a year.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 635 tonnes since March 2015 and passed 10 tonnes on five trading days in October so far.
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 (see chart below), China has been adding gold. Earlier this month, China reported that they had added fifteen tons of gold to their reserves in September.
Chinese gold reserves grew by 15 tonnes in September.
Many suspect that China has far more gold than they have reported.
Chinese President Xi Jinping recently confirmed the practice of moving the People’s Bank of China’s reserve assets to other entities in China: “some assets in foreign exchanges were transferred from the central bank to domestic banks, enterprises and individuals” This might explain where some of China’s gold hoard, that many suspect they posses but have not reported as reserves, may be located.