riday January 10, 2013, the first Chinese gold report was released by the SGE.
19.8 metric tonnes on gold were withdrawn from the SGE vaults in week 1 of 2014.
Gold premiums at the SGE have been rising since November, and silver premiums are also on the move in Shanghai, currently up to 5%!
Submitted by Koos Jansen,
In Gold We Trust:
First let’s look at the amount of gold from the vaults. Below is a
screen dump from the withdrawals in the first trading week of 2014,
which covered 30-12-2013 / 3-1-2014 (there was no trading on
01-01-2014).
The
green number is the gold withdrawn from the vaults in the covered period. The
red number is
the gold withdrawn from the vaults year to date. Because the first
trading week consisted of two days in 2013 and two days in 2014 we can
calculate how much was withdrawn in the last two days of 2013; that is
35873 Kg minus 19881 Kg, is 15992 Kg. So we have to add 16 tons to what
I had recently reported as total Chinese gold demand in 2013; the exact total is (2181 + 16) 2197 tons.
The
purple number is gold withdrawn in the prior reported
week. That means weekly withdrawals diminished by 31.85 %. This could be
explained by the fact that jewelers purchased large amounts of gold
on the SGE in December to prepare for the sale around new year (on which
I reported
here).
Now the sale is cooling down this is also reflected in lower SGE
withdrawals. Gold demand may pick up this month as the Chinese will
celebrate Chinese new year, the year of the Horse, on
January 31, 2014, according to the
Chinese Lunar calendar.
Overview Shanghai Gold Exchange data week 1
- 19.8 metric tonnes withdrawn from the SGE vaults in week 1 (02-01-2014 / 03-01-2014)
- 19.8 metric tonnes withdrawn from the SGE vaults year to date (that’s still more than the official gold reserves of Sri Lanka)
Source:
SGE,
USGS
For more information on SGE withdrawals read
this,
this,
this and
this.
This chart shows SGE gold premiums based on data from the SGE weekly
reports (it’s the difference between the SGE gold price in yuan and the
international gold price in yuan). We can see gold premiums on the SGE
are in an upward trend since November.
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.
What I also saw was in the reports is that silver premiums are on the
move, currently at 5 %. I didn’t track them throughout 2013 but I will
from now on.