Note: More detailed article now up on Mineweb.com
Latest figures from the Shanghai Gold Exchange show that just over 70 tonnes of gold were withdrawn from the SGE for the week ending Jan 16th. This is the 3rd highest level of gold withdrawals ever recorded by the Exchange and suggests that Chinese gold demand remains extremely strong in the runup to the Chinese New Year which falls on Feb 19th this year. With four weeks still to go until the actual New Year date, if this level of gold demand holds up given the higher gold price, China will show a very strong start to the year, buying up far more than the global total tonnage of newly mined gold over this period on its own.
Chart of SGE gold withdrawals over past six years courtesy of Nick Laird’s sharelynx.com website
A more detailed analysis of what the latest figures imply may be viewed on the Mineweb.com website.