Physical withdraws from the Shanghai Gold Exchange vaults were up 8 tons last week, 51 tons from 43 tons a week earlier, up 16.53%. As we heard a few days ago from the biggest refinery in Switzerland they have been working 24 hours a day in three shifts all year in order to supply the Chinese, and this is not slowing down. Chinese demand will reach over 2200 tons in total this year, on top of that it’s estimated the PBOC will have purchased another 500 tons.
Overview Shanghai Gold Exchange data week 48
- 51 metric tonnes delivered in week 48 (withdraws from the SGE vaults), 25-11-2013/29-11-2013
- w/w + 16.53 %
- 1979 metric tonnes delivered year to date
- weekly average 41.23 tonnes YTD, 2013 estimate yearly total 2144 tonnes.
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