Friday the numbers were released on total Chinese gold demand for 2013. Total demand can be measured
by the amount of physical gold that is withdrawn from the vaults of the
Shanghai Gold Exchange. In the last full trading week (#52, December 23
– 27) of 2013 there were 53 tons of physical gold withdrawn, which brings the yearly total to 2181 tons. Yes, total Chinese demand for 2013 was 2181 tons, excluding PBOC purchases. All
my sources in the mainland state the PBOC would never buy its gold
through the SGE, so total demand including PBOC purchases may have
reached well over 2500 tons. Which would imply total net import was
2000 tons (as I have written extensively about here).
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