Although last week only 34 metric tonnes of gold were withdrawn from the vaults of the Shanghai Gold Exchange (SGE), down 6.52 % from the prior week, year to date there has been a staggering 488 metric tonnes withdrawn, up 29 % to compared to last year.
Year to date demand will probably come on par with last year when we enter april, as withdrawals exploded in April 2013.
What will happen after April is hard to say, this year’s average daily withdrawals stand at 6.7 metric tonnes, last years daily average was 6 metric tonnes (2197 mt / 365).
It will all depend on how much floating supply there is left…
At the current pace, 6.7 metric tonnes a day,
China will be roughly importing 1700 metric tonnes this year to meet SGE demand. My research has exposed that SGE withdrawals equal Chinese wholesale demand.
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