We had previously noted some anomalies in the reported figures for China’s gold withdrawals from the Shanghai Gold Exchange (SGE) and are pleased to note that a recheck has shown that the monthly and cumulative figures as announced by the SGE have been revised and now tally. Earlier the announced cumulative total appeared to have been substantially adrift from that suggested by the monyh-by-month reported figures.The principal change is a sharp downwards revision of the gold withdrawal figures for February – a month where figures tend to be somewhat anomalous anyway because of the Chinese New Year holiday. February figures have been revised downwards sharply from 179.24 tonnes to 148.24 tonnes, while the initially reported April figure of 171.17 tonnes has been adjusted downwards to 165.78 tonnes. This brings the cumulative total for the year to date to 690.68 tonnes –only marginally higher than at the same time a year ago, and well down on the record 2015 figure.
Table: Revised SGE Monthly Gold Withdrawals (Tonnes)
| Month | 2017 | 2016 | 2015 | % change 2016-2017 | % change 2015-2017 |
| January | 184.41 | 225.08 | 255.42 | – 18.1% | -27.8% |
| February* | 148.24 | 107.60 | 156.36 | +37.8% | -5.2% |
| March | 192.25 | 183.24 | 213.35 | +4.9% | -9.9% |
| April | 165.78 | 171.40 | 195.45 | -3.3% | -15.2% |
| May | 147.28 | 162.15 | |||
| June | 138.51 | 195.67 | |||
| July | 117.58 | 285.50 | |||
| August | 144.44 | 265.27 | |||
| September | 170.90 | 259.98 | |||
| October | 153.25 | 176.29 | |||
| November | 214.72 | 202.71 | |||
| December | 196.37 | 228.21 | |||
| Year to date | 690.68 | 687.02 | 820.58 | +0.5% | – 15.8% |
| Full Year | 1,970.37 | 2,596.37 |
Source: Shanghai Gold Exchange, Lawrieongold.com
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