Welcome back to my weekly post on the Chinese gold market, usually centered around data regarding Shanghai Gold Exchange (SGE) withdrawals from the vaults. Iíve been away for a short while because I had some health issues Ė Iíll be fine, I just need a little time. The good news is I slowly started working a few days ago! Letís see what I didnít cover in recent weeks in terms of SGE withdrawals, trading volume and Chinese gold imports. Iíll try to catch up in a few post that cover important developments.
SGE withdrawals from May 4 until May 8 (week 18) accounted for 37 metric tonnes. As a rule of thumb this amount of gold is equal to Chinese wholesale gold demand Ė read this post for a comprehensive analysis of the mechanics of the Chinese gold market and all metrics used to measure demand. Year to date an incredible 858 tonnes has been withdrawn from SGE designated vaults, up 9 % y/y from 2013, up 19 % y/y from 2014.
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