50 Tons of Gold Withdrawn From Shanghai Vaults in 5 Days!

empty vaultThe amount of gold withdrawn from the Shanghai Gold Exchange vaults has been increasing in recent weeks. After an explosive week in April, when 117 tons of gold were withdrawn, weekly averages came down to a constant 40 tons throughout the year. At the end of October it seemed Chinese demand for physical gold was declining, but since  November weekly physical delivery has been north of 40 tons. In between December 9th and the 13th, 50.4 tons of gold were withdrawn from the vaults (Doc’s note: nearly 100% more than the Germans have been able to repatriate from the NY Fed in 14 months!)
Year to date 2073 tons have been withdrawn, which equals to Chinese gold demand according to the PBOC.


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Premiums in Shanghai have remained around 1 % over international spot in recent weeks.


USGS estimated total world mining production would be 2700 tons this years, but this estimate was made before the price collapsed in April. After the price drop numerous mines were shut down and thus total world mining production will be far lower than what was expected in January. It could very well be that SGE physical delivery in week 50, which was 50.4 tons, surpassed global mining production, which was estimated at 54.9 tons, but we can only be sure about this when we have the official mining data at year end.

Overview Shanghai Gold Exchange data week 50


- 50 metric tonnes delivered in week 50 (withdrawn from the SGE vaults), 09-12-2013/13-12-2013
- w/w  + 13.8 %
- 2073 metric tonnes delivered year to date
- weekly average 41.46 tonnes YTD, 2013 estimate yearly total 2156 tonnes.




For more information on SGE delivery read thisthisthis and this.

Shanghai Gold Exchange gold withdrawn from vault week 50, 2013


Screen dump from SGE trade report; the second number from the left (本周交割量) is weekly physical delivery, the second number from the right (累计交割量) is total delivery YTD.

Shanghai Gold Exchange withdrawals from vault week 50


Gold premiums on the SGE based on data from the weekly reports. Difference between SGE gold price in yuan and international gold price in yuan.


SGE premiums week 50, 2013 


Below is a screen dump of the premium section of the SGE weekly report; the first column is the date, the third is the international gold price in yuan, the fourth is the SGE price in yuan, and the last is the difference.

SGE premiums week 50

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SGE foreign exchange gold system

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  1. I’m not sure why this post didn’t garner a comment.   The 2,100 tons going east is probably a low total flowing in that direction.  I would not be surprised if it was the entire world production of 2700 tons or more. 

    • I’ve never been able to understand the reports on their exchange, definitely lost in translation for me… but that said I only ever read about the removals and never deposits… for their to be removals, their have to be deposits.  Looking at the chart above I would imagine inflows to the exchange were huge in earlier parts of the year when premiums were 2-4% over international markets… which brings up another question, how do they come up with ‘international price?’  Happy to learn the answer from someone who knows.

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