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Updated 01:54 22/09/20

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Withdrawals from the Shanghai gold exchange reach 2,119 tonnes as Russian Bank joins the exchange.


Duncan Richardson, News Editor
2 Nov 2015, 2:28 p.m.

Year to date a record 2,119 tonnes of gold has been withdrawn from the Shanghai Gold Exchange (SGE). The SGE is a yuan denominated gold trading platform located in Shanghai’s free trade zone, making it open to international investors. Unlike the U.S. backed Comex all contracts are settled in physical gold.

Considering the total world mine production per annum is estimated to be 2,860 tonnes the amount being withdrawn from the SGE is considerable. China also imports gold via Hong Kong and no doubt has other avenues for importing gold.

The amount being withdrawn from the SGE is accelerating year on year and last week alone 57 tonnes of gold bullion was withdrawn. As usual, physical buying in China is significantly higher than the figures reported by mainstream media.

In another sign Russia and China are working closer together, Russian Bank VTB announced it has been granted SGE status. This will give Russian gold miners direct access to the SGE. In 2014 Russia’s largest gold miner announced they would start working with China to help explore and mine gold along the Silk Road Economic Belt.

The belt covers 60 countries, most which lie along the ancient Silk Road and the 21st Century Maritime Silk Road. The majority of these countries have a cultural connection with gold.

View original source at: www.bullionstar.com

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