There were 48.86 tonnes of gold withdrawn from the Shanghai Gold Exchange for the week ending 27 November.
Year to date, there have been a record 2,362 tonnes of gold withdrawn, far in excess of any other year at this time.
What is the reason for this? Why is there such a strong movement in the 'Silk Road' countries to continue to buy gold in large volumes? What can the central banks of the West do about this?
Gresham's Law informs us of the why's and the what's of this phenomenon.
"When an official market or cartel overvalues one type of money or asset and undervalues another with respect to its fair market value and risks, the undervalued money or asset will leave the country as best it can, or will disappear from circulation into hoards, while the overvalued money or assets will flood into circulation."
And so it is that gold is flowing from West to East.
More of the same sort of pricing games with 'synthetic' paper gold will only increase the flood of bullion into Asia. The price must be allowed to float according to the market.