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On August 1, 2013 we a chart showing how the Shanghai Gold Exchange (SGE) is delivering 9x more physical gold than the US COMEX, and considering the ability to deliver is, at present, only , the price setting in foreign currency moves to Shanghai as currency convertability and foreign banks occupy the first of planned expansion in both 'trade zones' and national currency transaction limits.
Financial commentator Koos Jansen recently cited the , translated by Soh Tiong Hum, and cited SGE documents to substantiate methodology for estimating gold demand in China.
"Considering the ... system that forbids withdrawn gold from re-entering inventory, to a large extent the withdrawals number can be treated as the best benchmark for physical gold demand in the Chinese market."
Data shows 2,186,349kg in 2013, 1,133,368kg in 2012, and 1,047,414kg in 2011
The big news is in the first week of 2014 gold withdrawn from the SGE rose 48% over the same week in 2013, and 129% over the same week in 2012,
as the second week saw physical gold demand up 210% over the same week in 2013, and 58% over the same week in 2012, at 35.9mt and 79.3mt delivered (and withdrawn), respectively.
So now can we say SGE physical withdrawls are ranging from 3x to 8x available physical gold stock in COMEX warehouses?
Even if the bars bought from the SGE were immediately melted, recast & certified, then re-sold it would still mean a much more liquid, deep market.
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On August 1, 2013 we a chart showing how the Shanghai Gold Exchange (SGE) is delivering 9x more physical gold than the US COMEX, and considering the ability to deliver is, at present, only , the price setting in foreign currency moves to Shanghai as currency convertability and foreign banks occupy the first of planned expansion in both 'trade zones' and national currency transaction limits.
Financial commentator Koos Jansen recently cited the , translated by Soh Tiong Hum, and cited SGE documents to substantiate methodology for estimating gold demand in China.
"Considering the ... system that forbids withdrawn gold from re-entering inventory, to a large extent the withdrawals number can be treated as the best benchmark for physical gold demand in the Chinese market."
Data shows 2,186,349kg in 2013, 1,133,368kg in 2012, and 1,047,414kg in 2011
The big news is in the first week of 2014 gold withdrawn from the SGE rose 48% over the same week in 2013, and 129% over the same week in 2012,
as the second week saw physical gold demand up 210% over the same week in 2013, and 58% over the same week in 2012, at 35.9mt and 79.3mt delivered (and withdrawn), respectively.
So now can we say SGE physical withdrawls are ranging from 3x to 8x available physical gold stock in COMEX warehouses?
Even if the bars bought from the SGE were immediately melted, recast & certified, then re-sold it would still mean a much more liquid, deep market.
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