The Shanghai Gold Exchange Withdrawals.
The Shanghai Gold Exchange delivered 44.520 tonnes of gold during the week ended March 6, 2015.
Withdrawals of gold on the Shanghai Gold Exchange are about 457 tonnes to date in 2015.
Volume of Physical Gold Delivered on the Shanghai Gold Exchange so far in 2015 is Larger than China’s Annual Gold Mining Production.
Volume of Gold Delivered on the Shanghai Gold Exchange
Withdrawals of gold on the Shanghai Gold Exchange were 44.52 tonnes for the week ended March 6, 2015.
Here is Nick Laird’s excellent weekly chart showing the growth of the Shanghai Gold Exchange through March 6, 2015:
China is the world’s largest gold producer and importer. China exports virtually none of its gold mining production.
With 2014’s staggering volume of 2000 tons of gold on the Shanghai Gold Exchange and 2015’s impressive volume to date, it looks like China is aiming to become host to the world’s largest gold exchange.
Last month we provided context on the massive amounts of gold delivered on the Shanghai Gold Exchange in 2014 by comparing them to gold deliveries on Comex, sales of American Gold Eagle coins and gold held by the world’s largest gold ETF, SPDR gold shares (GLD).
The Shanghai Gold Exchange has already delivered three times more physical gold in the first two months of 2015 than Comex delivered in all of 2014.