Shanghai Gold Exchange Withdrawals – Week Ended August 28, 2015

from Smaulgld:

 Shanghai Gold Exchange withdrawals were 59.88 tonnes of gold during the week ended August 28, 2015.

Two week withdrawals on the Shanghai Gold Exchange were 132.79 tonnes.

Total gold withdrawals on the Shanghai Gold Exchange year to date are 1,718.20 tonness. Withdrawals on the Shanghai Gold Exchange are running 37.4% higher than last year.

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China’s Insatiable Demand for Gold

The Shanghai Gold Exchange (SGE) delivered 59.88 tonnes of gold during the week ended August 28, 2015. The prior week the SGE delivered 72.91 tonnes of gold.

The two week total of withdrawals is over 132 tons of gold and the year to date total is1,718.20 tonnes, for an annualized run rate of approximately 2,600 tonnes.

Shanghai Gold Exchange Withdrawals During the Two Week Period Ended 8/28/2015 vs. Comex 2014 Deliveries

Volume of Gold Withdrawals on the Shanghai Gold Exchange

The volume of withdrawals of gold on the Shanghai Gold Exchange as of August 28, 2015, is running 37.4% higher than 2014 during the same period and 14.6% higher than 2013’s record pace.

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.

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