SGE Withdrawals At Record High 1,958t YTD
bullionstar.com / by Koos Jansen / 17 Oct 2015
Year to date withdrawals from the vaults of the Shanghai Gold Exchange (SGE) came in at a staggering 1,958 tonnes on 25 September 2015 – a record high – according to data released by the SGE on Friday. In week 38, which runs from 21 September until 25 September, 66 tonnes of gold were withdrawn from the vaults. The weak price of gold throughout 2015 and the crashing Chinese stock market has stimulated the Chinese people to purchase gold in great quantities.
As I’ve been away from reporting on SGE withdrawals for a while, I’ll try to catch up in this post (which has been preceded by my post from 12 October about Chinese gold import in the first six months of 2015) on trading activity at the SGE and several other topics in the Chinese gold market. We’ll run through it!
It’s advised you’ve read “The Mechanics Of The Chinese Domestic Gold Market” to have a basic understanding of the physical supply and demand flows through the Shanghai Gold Exchange. In short, SGE withdrawals equal Chinese wholesale demand.
In my previous post we’ve learned that in 2015 there is probably more recycled gold supply flowing through the SGE relative to what is withdrawn. In 2013 the mixture between recycled gold, imports and mine supply was 11 %, 69 % and 20 %. In 2014 and 2015 the share of recycled gold has grown, although definitive data has yet to be published, which lowers the share of gold import that supplies the SGE. Nevertheless, China is on track to import more than 1,300 tonnes of gold in 2015, making it by far the largest buyer ahead of India.
The next chart that runs from January 2013 until August 2015, displays the composition of known Chinese new gold supply (import + mine) plotted against SGE withdrawals.
The post SGE Withdrawals At Record High 1,958t YTD appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/10/17/sge-withdrawals-at-record-high-1958t-ytd/
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