Chinese Gold Import At 1,152t YTD, Annualized 1,438t

Posted on 13 Dec 2015 by

Withdrawals from the vaults of the Shanghai Gold Exchange (SGE), our measure of Chinese wholesale gold demand, accounted for 43 tonnes in week 47 (spanning from 30 November until 4 December). Year to date SGE withdrawals have reached 2,405 tonnes.

Shanghai Gold Exchange SGE withdrawals delivery 2015 week 47

Although Chinese gold import in 2015 will reach 1,400 tonnes and domestic mine output 476 tonnes, added together makes 1,876 tonnes (excluding scrap supply), the World Gold Council wants you to believe Chinese gold demand will be roughly 1,000 tonnes. Obviously this cannot be. Let’s zoom in on ‘the difference’ once more. 

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