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Chinese Gold Demand 39t In Week 36, YTD 1290t

Robust Chinese gold demand is keeping up its pace. Chinese wholesale demand, measured by withdrawals from the Shanghai Gold Exchange vaults, was 39 tonnes in week 36 (September 1 – 5). Year to to date 1290 tonnes has been withdrawn from the SGE vaults.  
 
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India’s June Gold Import Highest in 12 Months

Despite the fact the new Indian government, led by Narandra Modi since May, hasn’t lowered the import duties on both gold and silver, Indians keep on buying precious metals. Despite the fact we already knew this, there was less gold being smuggled into the country and more imported through official channels last June; 77 tonnes were gross imported, which is up 48 % from a month earlier, and up 75 % from June last year. This was accompanied by falling premiums.

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German Gold Repatriation Accelerating

Headlines are easy to write, a bit of sensation in it and they will surely persuade people to read the accompanying article. Though I’m often disappointed to read articles that contain remarkably little of what the headline promises. On the other hand, I personally have written many articles that were read by few because my headline wasn’t catchy enough in a stream of apocalyptic headers readers a daily thronged upon. I call this the headline problem; no catchy headline, no readers.

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Another Week Of Strong Gold Demand In China

After a very strong week from August 18 to 22, in which SGE withdrawals accounted for 46 tonnes, the sequential week was nearly as strong; in between August 25 and 29 withdrawals from the SGE vaults accounted for 42 tonnes. Year to date 1251 tonnes has left the vaults, this is 17 % less compared to 2013. 
 
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Does The WGC Understand The Chinese Gold Market?

As I’m mostly occupied researching the Chinese gold market I feel obliged, again, to respond to the latest World Gold Council (WGC) report on China; Understanding China’s Gold Market, published July 2014. For readers ofChina specials it may appear the WGC is exposing in-depth information on the Chinese gold market, while partially true, all publications contain inaccuracies and inconsistencies and do not disclose the most crucial data that indicates Chinese gold demand is significantly higher than widely assumed. The WGC consciously withholds this data from the mainstream audience - their motives are left for speculation.

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Chinese Weekly Gold Demand Highest Since February

Withdrawals from the Shanghai Gold Exchange vaults, which equals Chinese wholesale demand, in week 34 (August 18 to 22) accounted for 46 metric tonnes, the highest weekly amount withdrawn since late February (25 weeks ago). Year to date wholesale demand stands at 1209 tonnes. It’s worth stressing that this number includes gold that is recycled through the SGE.
 
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Precious Metals Markets: China vs US

In anticipation to the launch of the Shanghai Gold Exchange international board, that presumably will start shifting gold pricing power from West to East, in this post we’ll examine the historical trading volumes of the Shanghai Gold Exchange (SGE), the Shanghai Futures Exchange (SHFE) and the COMEX. By charting the weekly volumes we get a clear view of the size of these exchanges. (In the London Bullion Market most likely the largest volumes are traded, but because this is an OTC market that doesn’t disclose much data we can’t use it in our West – East comparison.)
 
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India Imports 2559 MT Silver In 5 Months

While silver has been widely used as money in history, at the beginning of the 19th century gold became the dominant metal in trade. At the end of the 19th century central banks erupted around the world and began holding gold in reserve to back their currencies, the international monetary system in this period is known as the classic gold standard. When the last remnants of the gold standard were officially left behind n 1974, and the world was on a fiat standard, central banks held on to their gold. 

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East Asia Geared Up For RMB Gold Trading

Weekly withdrawals from the Shanghai Gold Exchange (SGE), which equals Chinese wholesale demand, have been nearly flat for four weeks in a row. 33 metric tonnes have been withdrawn in week 32 (August 4 – 8), up a modest 4.2 % w/w. Year to date 1,127 tonnes have been withdrawn, annualized 1,831 tonnes.
 
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Global Gold Trade Declines In H1 2014

After having seen unprecedented amounts of physical gold moving across the globe in the aftermath of the goldprice collapse in April 2013, trade has been less robust in the past few months. In 2013 the UK net exported 1424 metric tonnes, Switzerland gross imported 3061 tonnes and gross exported 2777 tonnes, Hong Kong gross imported 2239 tonnes and gross exported 1642 tonnes, and China net imported 1540 tonnes. Gold trade in the first half of 2014 is down form these extreme levels, mainly in the second quarter.

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Chinese Gold Demand 1094 MT YTD, Silver Premium At Record High

First let’s go through the Chinese SGE report published on August 8, which covers week 31 (July 28 – August 1). The total volume of gold traded on the Shanghai Gold Exchange (SGE) was 258 tonnes, of which 147 tonnes were traded as the spot deferred contracts Au(T+D) and mAu(T+D), the open interest closed at 141 tonnes. Total deliveries of the spot deferred contracts accounted for 55 tonnes in this week, gold withdrawn from the SGE vaults, which equals Chinese wholesale gold demand, accounted for 32 tonnes.

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HMRC And Eurostat Alter Historic UK Gold Trade Data

It was in August 2013 when I started digging into UK gold trade data. While at the time China was importing unprecedented amounts of gold, through customs data I was able to track the source all the way back to the UK, home of the London Bullion Market. In 2013 the only available database for UK gold trade was Eurostat. When downloading the numbers from 2013 and all the years before something quite remarkable appeared to me. According to Eurostat the UK imported 614 tonnes of gold in August 2008 and 1,352 tonnes in September 2008, just from one country; Germany.

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Guest Post: 5 Chinese Ghost Cities That Came Alive

By Wade Shepard from Vagabond Journey, @vagabondjourney
 
Reports of the world’s most populated country having tens of millions of empty apartments and dozens of cities without people sounds like a sick twist of irony. But images of empty streets, barren skyscrapers, and thickets of brand new high-rise apartments housing nobody have been compulsively aired to a global audience that seems to have an insatiable appetite for Crazy China Stories. The dominant angle is that four decades of overzealous growth is starting to catch up with China and that the country’s irresponsible development may become the harbinger of the next global economic meltdown.

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Chinese Gold Demand 1063 MT YTD

For ten days I’ve been on vacation without internet, hence I missed one week to report on withdrawals from the Shanghai Gold Exchange (SGE) vaults. Here is a quick overview of what happened in the Chinese gold market in week 29 and 30.
 
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Massive Gold Deposit Found In Xinjiang Province China

In ​China’s Xinjiang Uygur Autonomous Region, the largest province in China, there has been a massive gold deposit discovered, according to Xinhua News. At least 127 tonnes has been found in resource rich Xinjiang, said the regional bureau of geology and mineral exploration and development.​ The deposit is located in Ulugqat near Kyrgyzstan in west Xinjiang​. Cui Hongbin, head of exploration team, expects total reserves may even exceed 200 tonnes.
 
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Chinese Gold Demand 998 MT YTD

According to the SGE reports published every friday on the previous trading week, Chinese wholesale gold demand year to date, as measured by SGE withdrawals, came in at 998 metric tonnes at the end of July 11 - at the time of writing it surely has passed 1000 tonnes.
 
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India Imported 713 MT Of Silver In April, 1921 MT YTD

Precious metals analysts have received a few gifts from the authorities this year. In January the Swiss Customs Administration (SCA) decided to disclose their gold trade data country specific (previously only the total import and export numbers of bullion were available), also in January British customs (HMRC) decided to add gold in their trade database (in previous years UK gold trade could only be tracked through Eurostat), and this week the Indian customs department (DGCIS) published their trade statistics of April with full disclosure of the exact tonnage of gold and silver that was imported and exported.

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ICBC: A New Global Currency Setup Is Being Conceived

At the LBMA Bullion Market Forum in Singapore on June 25, 2014, two very important speakers attended; Xu Luode, chairman of the Shanghai Gold Exchange, and Zhou Ming, General Manager of the Precious Metals Department at ICBC. Me and Torgny Persson have written about the speeches from Xu and Zhou in previous posts, in this post we will take a closer look at what Zhou said, based on what Chinese media have written about it (whereas Western media are reluctant to cover this).

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Chinese Gold Demand 973 MT YTD, Copper In Backwardation At SHFE

From now on I will also be writing blog posts at BullionStar.com. I’ve tried to make a living from donations and ads on this website, but it didn’t work out. That’s why I decided to expand my activities and to write for BullionStar.
 
If you go to the BullionStar homepage you can find my latest posts on gold, silver and related topics in the sidebar under de header Articles. We just got started and still have some work to do on the structure and graphics, but I’m confident it will turn out great!

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How Long Will People Trust Fiat Money?

I had an interesting conversation with a central banker a couple of days ago. He’s a friend of a friend and works at the Dutch central bank, an expert in fiat money – will be working at the ECB next month. I invited him for drinks to ask him about banking in general and the Turkish banking system (more on that in a future post). I was very happy to talk to him as it’s always valuable to get information from professionals.

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Does The PBOC Purchase Gold Through The Shanghai Gold Exchange?

Nope – that’s my answer. It’s my assumption the People’s Bank Of China (PBOC) does not buy any gold through the Shanghai Gold Exchange (SGE), for a number of reasons. In previous posts I’ve speculated about these reasons, here’s a recap; from Koos Jansen (April 15, 2014):
 
The main objectives for the PBOC to accumulate gold are:
 

Supporting the renminbi for its internationalization (adding trust and credibility)
Owning hard currency as the cornerstone of capitalism.
Owning reserves that protect the Chinese economy from external/internal shocks and inflation.

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