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Chinese Gold Demand 883 Tonnes YTD

24-6-2014 < SGT Report 50 178 words
 

by Koos Jansen, In Gold We Trust:


Withdrawals from the Shanghai Gold Exchange (SGE) vaults in week 24 accounted for 33 metric tonnes. Year to date Chinese gold demand, measured by SGE withdrawals, stands at 883 tonnes. A quick calculation (week 1 – 24  SGE withdrawals – mine – scrap) tells us that China net imported 599 tonnes year to date, annualized 1298 tonnes. All silver futures contracts are trading in contango at the Shanghai Futures Exchange.Meanwhile Russia added 9.3 tonnes to their official reserves in May. Chart provided by Nick Laird from sharelynx.com. In total they hold 1079 tonnes.


In the SGE weekly withdrawals chart 2009 – 2014 year to date I added a 5 week moving average (5 WMA) trend line. Its clear the trend of the last few weeks is higher than it was in the same period in 2012. My research indicates that SGE withdrawals equal Chinese wholesale gold demand. For more information read this.


Read More @ InGoldWeTrust.com


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