CHINESE GOLD HITS 670 MT IN 2014

Chinese weekly gold demand is back on the rise after being below 30 metric tonnes for three weeks.

Submitted by Koos Jansen,

In week 17 (21-4-2014/25-4-2014) SGE withdrawals, which equal Chinese wholesale demand, accounted for 35 metric tonnes. Just below the year to date average of 39 tonnes. Premiums are still around zero.

OVERVIEW SHANGHAI GOLD EXCHANGE DATA 2014 WEEK 17

- 35 metric tonnes withdrawn in week 17 (21-4-2014/25-4-2014)

- w/w + 20.43 %

- 670 metric tonnes withdrawn year to date, – 4.5 % year to date.

My research indicates that SGE withdrawals equal Chinese wholesale gold demand.

This is a screen shot from the weekly Chinese SGE trade report; the second number from the left (blue – 本周交割量) is weekly gold withdrawn from the vaults in Kg, the second number from the right (green – 累计交割量) is the total YTD.

This chart shows SGE gold premiums based on data from the SGE weekly reports (it’s the difference between the SGE gold price in yuan and the international gold price in yuan).

Below is a screen shot of the premium section of the SGE weekly report; the first column is the date, the third is the international gold price in yuan, the fourth is the SGE price in yuan, and the last is the difference.