As a quick back-of-the-envelope calculation, available gold production yearly is 2,200 tons approx , 52 weeks in the year gives 42.3 tons a week , 3 weeks = 127 tons , China Shanghai Exchange imports (deliveries) for 3 weeks = 160 tons !!!
The West continues to ignore this, until its to late of course !! - Silver Sufferer.
Original post at Koos Jansen site In Gold We Trust
Week 3, 2014 Withdrawals From SGE Vaults 60 Tons, YTD 159 Tons
Again an astounding trading week on the SGE; from January 13 – 17, 2014 physical withdrawals from the SGE vaults accounted for 60 tons of gold, year to date 159 tons. Although withdrawals are down 25 % from the previous week, the amount is still well above weekly global mine production.
This strong demand could be related to the Chinese Lunar year, which is celebrated on January 31, 2014. SGE withdrawals in the first three weeks were up 60 % compared to the same period in 2013.
A friend of mine who is traveling through Asia at the moment sent me a text message yesterday, it stated:
On three separate occasions I met with Chinese men who told me with a big smile China is buying A LOT of physical gold with printed dollars, they don’t understand why the rest of the world is just watching this happening. These people are positive the price of gold is going to rise substantially.
Overview SGE data 2014 week 3
- 60 metric tonnes withdrawn in week 3, 13-01-2014/17-01-2014
- w/w - 25 %, y/y + 98 %
- 159 metric tonnes withdrawn year to date
This is a screen dump from Chinese SGE trade report; the second number from the left (本周交割量) is weekly gold withdrawn from the vault, the second number from the right (累计交割量) is the total YTD.
This chart shows SGE gold premiums based on data from the Chinese SGE weekly reports (it’s the difference between the SGE gold price in yuan and the international gold price in yuan).
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.
In Gold We Trust