Massive SGE Withdrawals Continue

Writing for BullionStar.com, Koos Jansen said that during January’s final trading week, “another huge quantity of gold” exited the vaults of the Shanghai Gold Exchange (SGE).

Others have recently suggested that strong withdrawals from the SGE suggest that Chinese gold demand remains strong.

As quoted in the market news:

According to the latest SGE data nearly 54 tonnes were withdrawn in week 4 (January 26 – 30), down 24 % w/w. Year to date a staggering 255 tonnes has been withdrawn, up 4 % from the strongest January ever in 2014.

Corrected by the volume traded on the Shanghai International Gold Exchange (SGEI), withdrawals in week 4 were at least 42 tonnes. Year to date withdrawals corrected by SGEI volume were at least 230 tonnes.

Click here to read the full BullionStar.com report.