Tag Archive: Shanghai Gold Exchange

Chinese Gold Market: Still in the Driving Seat

2018-07-20

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2018-07-20

With the first half of 2018 now behind us, it’s an opportune time to look at whats been happening in the Chinese Gold Market. As a reminder, China is the largest gold producer in the world, the largest gold importer in the world, and China’s Shanghai Gold Exchange is the largest physical gold exchange in the world.

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China Gold Import Jan-Sep 777t. Who’s Supplying?

2017-11-14

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2017-11-14

Gold Supply and Demand Data, 2013 - Q3 2017
While the gold price is slowly crawling upward in the shadow of the current cryptocurrency boom, China continues to import huge tonnages of yellow metal. As usual, Chinese investors bought on the price dips in the past quarters, steadfastly accumulating for a rainy day.

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Estimated Chinese Gold Reserves Surpass 20,000t

2017-08-02

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2017-08-02

Shanghai Gold Exchange Vaults, Jan 2009 - June 2017
My best estimate as of June 2017 with respect to total above ground gold reserves within the Chinese domestic market is 20,193 tonnes. The majority of these reserves are held by the citizenry, an estimated 16,193 tonnes; the residual 4,000 tonnes, which is a speculative yet conservative estimate, is held by the Chinese central bank the People’s Bank of China.

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An update on SGE Vault Withdrawals and SGE Price Premiums

2017-05-20

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2017-05-20

SGE Gold Withdrawals, 2008 - May 2017
In 2016, withdrawals of gold from the Shanghai Gold Exchange totalled 1970 tonnes, the 4th highest annual total on record. This was 24% less than SGE gold withdrawals recorded in 2015, which reached a cumulative 2596 tonnes (See Koos Jansen’s 6 January 2017 blog at BullionStar “How The West Has Been Selling Gold Into A Black Hole” for more details of the 2016 withdrawals).

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China Net Imported 1,300t Of Gold In 2016

2017-02-15

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2017-02-15

Hong Kong - China gold Trade Jan 2011 - Nov 2016
For 2016 international merchandise trade statistics point out China has net imported roughly 1,300 tonnes of gold, down 17 % from 2015. The importance of measuring gold imports into the Chinese domestic gold market – which are prohibited from being exported – is to come to the best understanding on the division of above ground reserves in and outside the Chinese domestic market.

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How The West Has Been Selling Gold Into A Black Hole

2017-01-21

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2017-01-21

Monthly Gold Withdrawn From Shanghai Gold Exchange Vaults vs Gold Price
In December 2016 Chinese wholesale gold demand, measured by withdrawals from the vaults of the Shanghai Gold Exchange (SGE), accounted for 196 tonnes, down 9 % from November. December was still a strong month for SGE withdrawals due to the fact the gold price trended lower before briefly spiking at the end of the month, and the Chinese prefer to buy gold when the price declines (see exhibit 1).

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