Precious Metals

Mineweb reported that Shanghai Gold Exchange withdrawals for the week ended July 3, 2015 came to 44 tonnes.

Mineweb reported that Shanghai Gold Exchange withdrawals for the week ended July 3, 2015 came to 44 tonnes. That places withdrawals for the first half of the year at 1,180 tonnes, which is “comfortably a new record for the period.”
As quoted in the market news:

The previous record was in 2013 at just under 1,100 tonnes withdrawn in H1 and when the full year figure was 2,197 tonnes. Normally Chinese demand falters through the northern summer with a pick-up again from late September, but it seems to have been holding up particularly well so far this year, after a strong start leading up to the relatively late Chinese New Year. This means China is comfortably on track towards a new record full year figure if the stock markets collapses don’t take too much of a toll on investor liquidity and dent retail demands. For the moment at least government intervention seems to have arrested the market falls but it remains to be seen whether markets now will restart the downward move or pick up again.

Click here to read the full Mineweb report.

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