26 December 2015

Shanghai Gold Withdrawals Top 2500 Tonnes For This Year

With 57.75 tonnes withdrawn in the latest week, the number of tonnes of gold bullion withdrawn from the Shanghai Gold Exchange stands at 2,503 tonnes for the year to date.

This is the most gold ever withdrawn from this or from any exchange in a single year that I can find in the post-WW II era.

And this record breaking phenomenon is for the most part being ignored.  It seems in retrospect almost unprecedented, and is particularly odd given the relative  'drying up' of deliveries of physical gold in NY and the shrinking of the 'free gold float' inventories in London.