226 Tonnes of Gold Withdrawn From the Shanghai Gold Exchange in January
The Shanghai Gold Exchange Releases January Gold Withdrawal Data
After reporting weekly withdrawals in recent years, the Shanghai Gold Exchange (SGE) did not release January 2016 weekly withdrawal numbers last month. Earlier this month, the SGE released their first indication of gold withdrawals in the form of a monthly report. The SGE reported 225.801 tonnes of gold had been withdrawn during the month of January.
This was about 1% less than December 2015 withdrawals and about 12% less than January 2015 withdrawals.
The Shanghai Gold Exchange has drawn attention from gold observers for its increasing gold withdrawals the past few years, which have rivalled annual global gold mining production.
China Aims For Greater Transparency in Gold Reporting
In July 2015, the People’s Bank of China (PBOC) released their first update to gold reserves in six years. The PBOC reported that they had added 604 tonnes of gold to their 1,054 tonnes held in reserve, bringing their total to 1,658 tonnes. In February 2016, the PBOC reported 1,778 tonnes of gold reserves, having added another 120 tonnes of gold to its reserves from July 2015 to January 2016. China’s gold holdings place it squarely among the top gold holding nations behind only France (2,435.50 tonnes), Italy (2,451.80 tonnes), Germany (3,381 tonnes) and the United States (8,133.50 tonnes).
With soaring gold imports, a robust physical gold exchange and the world’s largest producing gold mines (about 460 tonnes of gold produced a year), China is expected to take a greater role in helping to set the gold price in coming years.
About the Shanghai Gold Exchange
The Shanghai Gold Exchange was established on October 30, 2002, by the People’s Bank of China and organizes the trading of gold, silver, platinum and other precious metals.
All Blog Articles are provided by a third party and do not necessarily reflect the explicit views of BGASC, nor should they be construed as financial advice.