22 May 2015

Shanghai Gold Exchange Sees 45.48 Tonnes in Withdrawals In Latest Week

Withdrawals from the Shanghai Gold Exchange in the latest week were 45.48 tonnes.

That is 1,462,216 troy ounces taken out of their exchange in one week

They use real physical bullion that moves between suppliers and customers, and actually leaves the exchange?  How barbaric!

There are a total of 372,631 deliverable (registered) ounces of gold at these prices in all the Comex warehouses.

It is a good thing that you do not need to have the product to set the prices in the thoroughly modern markets of London and New York.

Related: China Sets Up Gold Fund for Central Banks