Chinese gold demand 70 tonnes w/ending Jan 16th

Lawrie Williams

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Latest figures from the Shanghai Gold Exchange show that just over 70 tonnes of gold were withdrawn from the SGE for the week ending Jan 16th.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

SGE2

A more detailed analysis of what the latest figures imply may be viewed on the Mineweb.com website.

 

One thought on “Chinese gold demand 70 tonnes w/ending Jan 16th

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s