Tag Archives: COMEX

Gold Market Charts – November

BullionStar's monthly 'Gold Market Charts' articles examine recent developments in the world's largest physical gold markets using graphical gold charts created by the GOLD CHARTS R US market chart website. The physical gold markets covered include India, China, Russia and Switzerland and where relevant, the COMEX gold futures vault inventories.

Note additionally that BullionStar's website also hosts gold and silver price charts under the BullionStar Charts menu, which also allows you to chart currencies, commodities, stock indices and Bitcoin in terms of gold and other precious metals.

SGE Gold Withdrawals

Physical gold withdrawals from the vaults of the Shanghai Gold Exchange (SGE) during October 2017 reached 151.54 tonnes. SGE gold withdrawals are a suitable proxy for Chinese wholesale gold demand due to the fact that nearly all gold supply in the Chinese gold market makes its way through the SGE vaulting network to be traded on the SGE's gold trading platform.

Shanghai Gold Exchange Gold Withdrawals (in tonnes), October 2017. Source: www.GoldChartsRUs.com

For the 10 months from January to October 2017 inclusive, cumulative gold withdrawals from the SGE have now reached 1656 tonnes. On an annualised basis, this would be 1987 tonnes, and would be the third highest year of SGE gold withdrawal activity on record.

SGE Gold Withdrawals 151.54 tonnes, October 2017. Source: SGE Data Highlights October 2017.

Chinese and Indian Gold Demand (CHINDIA)

The regularly featured chart below of combined Chinese and Indian gold demand captures  a gold demand estimate from the world's two largest gold consuming nations. The methodology of the chart data takes the latest month's SGE gold withdrawals as a proxy for Chinese wholesale gold demand, and to this figure adds total reported gold holdings of the Chinese central bank. This is because the People's Bank of China sources gold from other supplies sources independent of the SGE. Since India sources nearly all of its gold demand from abroad, net gold imports (imports - exports) into India are used as a proxy for total Indian gold demand.

For the month of September, CHINDIA gold demand is estimated to have been 253.1 tonnes. This comprised 214.24 tonnes of Chinese wholesale gold demand (SGE gold withdrawals), and 38.8 tonnes from net official gold imports into India.

Chinese and Indian Gold (CHINDIA) to September 2017. Source: www.GoldChartsRUs.com

For September 2017, there was zero contribution to CHINDIA gold demand from the Chinese central bank demand. This is because since October 2016, the Chinese authorities have not reported any changes to their official gold reserves, and Chinese state gold reserves remain (at least according to the official data) at 1842 tonnes. The following chart of monthly changes to official Chinese state gold holdings illustrates this lack of change in Chinese gold holdings since October 2016.

Chinese central bank gold holdings to October 2017. Source: www.GoldChartsRUs.com

Russian Gold Reserves

During October 2017, the Russian Federation through the Bank of Russia added 21.8 tonnes to its official gold reserves. This addition brought the total gold reserves of the Russian central bank to 1801 tonnes. On a year-to-date basis, the Russians have officially added 186 tonnes to their gold reserves and are on target to add a total of about 200 tonnes of gold to Russian central bank reserves during 2017.

Bank of Russia Gold Reserves

At 1801 tonnes, the Bank of Russia's gold reserves are now nearly on a par with those of the Chinese central bank (which holds 1842 tonnes). See recent BullionStar article "Neck and Neck: Russian and Chinese Official Gold Reserves" for full details of the nearly identical size of current official Russian and Chinese gold reserves.

The nature of Russian and Chinese central bank gold figures could give the impression that these 2 central banks are competitors in the gold market. However, the reality is that they should be seen more so as collaborators due to the fact that Russia and China, along with other BRIC nations, are now actively cooperating on a joint trading system to link their gold markets. See recent BullionStar blog "Russia, China and BRICS: A New Gold Trading Network" for full details.

Transparent Gold Holdings and Gold Price

The gold price in US Dollars continued to trade in a very tight trading range during November, fluctuating within the US$ 1270 and US$ 1290 range. The price trend was generally upwards as the month progressed, with the price approaching the US$ 1300 level a number of times, but not being able to breach this zone.

The US Dollar gold price finished the month at the US$ 1280 level. It remains to be seen whether the US$ 1300 range can be successfully surpassed for any length of period during the remainder of the year.

Gold Price in USD, 01 - 30 November 2017. Source: www.bullionstar.com charts.

The last few weeks have seen net inflows of gold into the group of transparent gold products and platforms that publish their gold holdings on a regular basis. This group includes gold-backed ETFs and similar products, as well as the vault inventories of futures exchanges which trade gold futures.

As of 01 December, the group of platforms, vehicles and exchanges captured by the below chart held a combined 90.25 million ounces of gold, or 1282.3 tonnes.

Gold-backed ETFs and similar product gold holdings: 12 months to November 2017

Swiss Gold Imports and Exports

According to data from Swiss Federal Customs, Switzerland imported 99 tonnes of non-monetary gold during October, and exported 140 tonnes of non-monetary gold. This resulted in a net outflow of 41 tonnes of non-monetary gold. Monetary gold is gold that is classified as central bank gold. Monetary gold is exempt from trade reporting when it moves across borders. Non-monetary gold is any gold that is not classified as monetary gold.

October's Swiss gold import figure was the lowest of the year-to-date, and also lower than any month in 2016.

Swiss Gold Imports and Exports, monthly data, 2 year rolling to end of October 2017, Source:www.GoldChartsRUs.com

The US, Dubai and Hong Kong accounted for the largest import sources of gold flowing into Switzerland during October. Interestingly, October also saw nearly 5 tonnes of gold coins being sent across the border from France to Switzerland. This trend of gold coins flowing from France to Switzerland also showed up in Switzerland's gold import statistics during September. Where exactly these coins are originating from is unclear.

Swiss Gold Imports by top source countries, Month of October 2017, Source:www.GoldChartsRUs.com

On the export side, of the 140 tonnes of non-monetary gold that were exported from Switzerland during October, a combined 66% of this total went to India, China and Hong, with India taking in 38 tonnes, China receiving 34.6 tonnes, and Hong Kong taking in 19.5 tonnes. In fourth place was the UK (more correctly the London Gold Market) which received 9.5 tonnes of gold from the Swiss during the month.

Swiss Gold Exports by top source countries, Month of October 2017, Source:www.GoldChartsRUs.com

COMEX Vault Inventories

Currently, there are approximately 29 tonnes of gold classified as 'Registered' residing in the COMEX approved gold vaults in New York, and 275 tonnes classified as 'Eligible' in the same group of vaults.

Registered gold is gold held in COMEX approved vaults for which warrants of title have been issued against COMEX gold futures contracts. Eligible gold is gold acceptable by the COMEX for delivery against the Exchange's gold futures contracts but for which warrants have not been issued. This eligible gold could be owned by anyone and is not connected to COMEX trading at the point in time that its classified as eligible. Note that the acceptable forms of gold bars for physical settlement of the COMEX 100 oz gold futures contract are gold kilobars and 100 oz gold bars.

COMEX vaulted gold in New York (Registered and Eligible), 2001 - 2017 (latest values early December 2017, Source:www.GoldChartsRUs.com

Gold Market Charts – August 2017

The August wrap-up of BullionStar’s monthly gold charts column looks at the latest data for Chinese gold demand, Indian gold imports, Swiss gold imports and exports, and Russian official gold reserve accumulation.

Separately, note that BullionStar’s website offers a range of dynamic charts under the BullionStar Charts menu. The data underlying these charts spans precious metals, major currencies, stock indices and major stocks, and also charting of BullionStar bullion products. Charting utilities on the BullionStar Charts page allows every asset / financial instrument featured to be measured in terms of every other asset or instrument featured.

Shanghai Gold Exchange (SGE) gold withdrawals

Physical gold withdrawals from the Shanghai Gold Exchange are a good proxy of wholesale gold demand in mainland China. Why this is so is explained in Koos Jansen's articles and also in summary article in the BullionStar Gold University titled "The Mechanics of the Domestic Chinese Gold Market."

During July, gold withdrawals from the SGE gold vaulting network across China totalled 144.7 tonnes, which was the second lowest SGE monthly gold withdrawals so far this year.

SGE gold withdrawals: July 2017: 155.508 tonnes.

SGE gold withdrawals: July 2017: 144.71 tonnes. Source: SGE July Data Highlights Report

For the year-to-date to the end of July 2017, physical gold withdrawals from the SGE vaults in China have now reached a cumulative 1129 tonnes, which if annualized would be 1935 tonnes, or approximately two-thirds of annual primary global gold supply.

Shanghai Gold Exchange
Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end July 2017. Source:www.GoldChartsRUs.com

Chinese and Indian Gold Demand (CHINDIA)

Adding SGE Gold withdrawals to Chinese central bank gold reserves gives a reasonable proxy for the combined amount of physical gold within China's borders that is controlled by both the Chinese population and the Chinese State. Further adding net Indian gold imports to this Chinese total gives a resulting figure known as Chinese and Indian Gold Demand (CHINDIA). CHINDIA gold demand is then a convenient metric of the total physical gold demand emanating from the world's two largest physical gold markets, i.e. China and India.

Source
Source

During June 2017 (the latest month calculated due to a 2 month lag on official reporting of Indian gold imports), total CHINDIA gold demand reached 216 tonnes.

Russian Gold Reserves

The central bank of the Russian Federation (Bank of Russia) reported official gold reserve additions of 12.4 tonnes during July 2017. For the year-to-date to end of July, Russian official gold reserves have now risen by 115 tonnes. With 5 months remaining in the year, the Russian central bank will now most likely need to announce average monthly gold purchases of 17 tonnes per month if it is to ensure total gold reserve accumulation of 200 tonnes for the full year of 2017. Therefore, expect the sensationalist reporting of Russian gold purchases, from some elements of the media, to intensify over coming months.

Source
Bank of Russia official gold reserves, 2006 to 2017-to-date, tonnes: Source:www.GoldChartsRUs.com

Transparent Gold Holdings

The gold price as measured in US Dollars ebbed lower during the first few trading days of August while remaining in a tight trading range near the $1260 level. Then from August 9 the price made a move up towards the $1300 level but this level was denied. A second attempt by the US dollar gold price a few days later made a brief move above $1300 but this was also short-lived. The remainder of August was the same story, with the gold price failing to rise above the $1300 mark, a situation which, from one perspective, continues to offer buying opportunities below this $1300 level.

Gold Price Chart, US Dollars
Gold Price Chart, US Dollars

The following chart shows the amount of physical gold held across a broad array of Exchange Traded Funds, futures exchanges and other products which regularly divulge their gold holdings.

During August, there was a slight increase in the quantity of gold reported in this combined category, however, but the change was practically imperceptible. This continues the trend for the year-to-date in which there is very little change month-on-month for the overall quantity of gold flowing into or out of these products and holdings.

ETF and similar product gold holdings
ETF and similar product gold holdings

Swiss Gold Imports and Exports

The most recent trade statistics from the Swiss Federal Customs Administration reveal that during July, Switzerland imported 152 tonnes of non-monetary gold, and exported 121 tonnes of non-monetary gold. Note that non-monetary gold refers to gold that is not central bank (a.k.a. monetary gold).

Swiss
Swiss Gold Imports / Exports, monthly data, 2 year rolling to end of July 2017, Source:www.GoldChartsRUs.com

After only sending 5 tonnes of gold to Switzerland during June, the UK (or more correctly the London wholesale Gold Market) returned in July to being the top exporter of gold to the Swiss, sending 81 tonnes into Switzerland's borders.

Imports
Swiss Gold Imports by top source countries, Month of June 2017, Source:www.GoldChartsRUs.com

Apart from January 2017 when the UK exported 84 tonnes of non-monetary gold to Switzerland, July was by far the busiest month of 2017 for gold shipments from the London vaults to the Swiss, as this next chart illustrates.

UK
Swiss - UK: Gold Imports and Exports, 2012 - 2017

As was noted in last month's issue of BullionStar's monthly charting article:

"during July, the world's largest gold ETF, the SPDR Gold Trust (GLD), saw its gold holdings shrink from about 840 tonnes to under 800 tonnes. This was a continuation of the downward trend that saw GLD gold holdings fall from the 865 tonne level in early June.

Could the bullion banks in London be raiding the GLD so as to source physical gold to send to the Far East via Switzerland? Possibly, but if so, this has not shown up in Swiss gold imports for June (see below), but could possibly show up in Switzerland's July import figures, which will only be released in August."

With the SPDR Gold Trust having lost approximately 65 tonnes of gold over June and July, it appears that at least some of this 81 tonnes of gold that flowed from London to Switzerland during July was gold that had been in the SPDR Gold Trust (GLD), or at least there is a correlation between outflows of gold from the SPDR Gold Trust, and London to Switzerland gold exports over the same period.

Exports
Swiss Gold Exports by top source countries, Month of July 2017, Source:www.GoldChartsRUs.com

Turkey, India, Hong Kong, China and Singapore were the 5 largest destinations for Swiss non-monetary gold exports during July. Between them, these 5 economies imported 91.3 tonnes of gold from Switzerland in July, or 75% of the month's total gold exports. All of these markets host buoyant physical gold markets and testify to the dominance of Eastern markets in generating the bulk of global physical gold demand.

Gold Market Charts – June 2017

This monthly series analyses recent developments in the world’s largest physical gold markets such as India, China, Russia and Switzerland and features charts as diverse as Swiss gold imports and exports, Russian Federation gold reserves, Shanghai Gold Exchange physical gold withdrawals, and COMEX gold futures vault inventories. The featured charts have been created by the GOLD CHARTS R US market chart website.

Shanghai Gold Exchange (SGE) - Gold Withdrawals

Shanghai Gold Exchange (SGE) gold withdrawal data for the month of May was reported by the Exchange to have reached 138 tonnes. Note, these gold withdrawal figures refer to actual withdrawals of physical gold bars from the Exchange's vast vault network, and are a suitable proxy for estimating Chinese wholesale gold demand.

Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end May 2017. Source:www.GoldChartsRUs.com
Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end May 2017. Source:www.GoldChartsRUs.com

For the year-to-date (end of May ~ Month 5), SGE gold withdrawals are now running at a cumulative 829 tonnes, which interestingly is very similar to cumulative SGE gold withdrawal totals recorded at the same point in 2016 and 2014. This suggests that total SGE gold withdrawals for the Year 2017 will be of the same magnitude as 2016 when they reached 1970 tonnes, or likewise 2014, when total withdrawals that year reached 2102 tonnes.

SGE Gold Withdrawals, cumulative year-to-date at end May (Month 5)
SGE Gold Withdrawals year-to-date (Month 5). Source:www.GoldChartsRUs.com

Chinese and Indian Gold Demand (CHINDIA)

The CHINDIA chart below is designed to show cumulative combined gold demand activity in the world's two largest physical gold markets, China and India. To do this, the chart employs 3 components, namely SGE gold withdrawals (as a proxy of Chinese wholesale gold demand), Chinese central bank gold reserves (which have no connection with the Shanghai Gold Exchange), and Indian gold imports (since India predominantly uses gold imports to meet the nation's gold demand). Since official Indian gold import data is released with more than 1 month's lag, the latest CHINDIA chart reflects data as of the end of April.

During April total CHINDIA gold holdings increased by 245 tonnes. This comprised 166 tonnes flowing to the Chinese wholesale market (SGE gold withdrawals), and a net 79 tonnes of gold imports into India during April (94.5 tonnes imports and 15.6 tonnes exports). There was no reported increase in Chinese central bank gold reserves during April.

Chinese and Indian gold demand combined (tonnes), 2008 - end April 2017. Source:www.GoldChartsRUs.com
Chinese and Indian gold demand combined (tonnes), 2008 - end May 2017. Source:www.GoldChartsRUs.com

Official Russian Gold Reserves

The Bank of Russia’s latest reserve update shows it having added a sizeable 21.8 tonnes of gold to the Russian Federation’s monetary gold reserves during May. And now for the first time, the official gold reserves of the Russian Federation stand at more than 1700 tonnes. Year-to-date, the Bank of Russia has now added 93.3 tonnes of physical gold to its reserves, which when annualised is 224 tonnes.

To add an extra 200 tonnes of gold to its gold reserves by the end of 2017 (compared to year-end 2016), the Bank of Russia needs to now add 107 tonnes more over the June to december period, or an average of 15.25 tonnes per month for the next 7 months. It may add more, so expect a year-end addition of between 200 tonnes and 220 tonnes. But don’t expect smooth monthly additions. The Bank of Russia’s gold buying trend tends to be choppy, and often consists of a large volume month followed by a month in which it only adds a few tonnes.

Russian central bank gold reserves
Russian central bank Gold Reserves, 2006 - end May 2017. Source:www.GoldChartsRUs.com

Transparent Gold Holdings - ETFs and Others

After having risen to just under $1300 during the first week of June, the US Dollar gold price ebbed lower during June, and by mid-month was trading in the $1250 range. The second half of the month saw the USD price trade in an extremely tight trading range between the $1260 and $1240 level, with 26 June witnessing a flash crash of the COMEX gold futures price which looked suspiciously like an intentional takedown during the illiquid hours of a trading day when  a number of gold markets were also on holiday. However, the mainstream financial media and establishment precious metals dealers, as always, failed to investigate this movement, taking the lazy approach of attributing the flash crash to a 'fat finger'.

Gold Price June 2017, US Dollar. Source: BullionStar Charts
Gold Price June 2017, US Dollars. Source: BullionStar Charts

The physical gold holdings of the group of platforms and vehicles that are tracked in the below chart rose slightly during June, by about 25 tonnes. Gold holdings of this group of products now stand at a combined 2725 tonnes.

Weekly Transparent Gold Holdings
Weekly Transparent Gold Holdings, Source:www.GoldChartsRUs.com

Swiss Gold Imports and Exports

According to Swiss customs statistics, Switzerland imported 132 tonnes of non-monetary gold during May 2017 and exported 171 tonnes of non-monetary gold, for a net 39 tonnes of non-monetary gold exports.

May’s gold export total was the highest monthly total so far this year, and signals that after net importing 151 tonnes of gold during the January to April period, the Swiss refineries are now drawing down on those inventories and shipping higher volumes of gold out to the Asian gold markets.

Last year, a similar trend was observed, during which the Swiss net imported 187 tonnes of gold over the January to April 2016 period, after which the remaining 8 months of 2016 saw Switzerland net export 153 tonnes of gold.

This switch from net imports to net exports during May 2017 suggests that the coming months will see further large volumes of gold exports from Switzerland as the inventory build-up from Q1 is further drawn down.

Swiss Gold Imports / Exports, monthly data, 2 year rolling to end of May 2017
Swiss Gold Imports / Exports, monthly data, 2 year rolling to end of May 2017, Source:www.GoldChartsRUs.com

The UK, or more correctly the London Gold Market, reappeared in May as the largest supplier of non-monetary gold to Switzerland, sending 27.2 tonnes to the Swiss. In second place was the US which shipped 14 tonnes of gold to Switzerland, closely followed by the UAE / Dubai, which exported 13.2 tonnes to Switzerland, and Hong Kong, which sent 12.8 tonnes. Together these 4 sources supplied 67.2 tonnes, or just over 50%, of Switzerland’s May’s gold import total of 132 tonnes.

Swiss Gold Imports by top source countries, Month of May 2017
Swiss Gold Imports by top source countries, Month of May 2017

Note that Swiss published gold exports predominantly refer to exports of fine gold bars, mostly in kilobar denominations. During May, Switzerland exported 68.1 tonnes of gold to India, 28.3 tonnes to China, 23 tonnes to Hong Kong, and 20 tonnes to Turkey. Therefore, on a combined basis, India, China and Hong Kong took a whopping 70% of Switzerland’s fine gold bar exports during the month. Adding in Turkey, these 4 markets represented a staggering 82% of Swiss fine gold exports.

India continues its track record as the largest recipient of Swiss gold for every month in 2017. Year-to-date including May, India has now imported 235 tonnes of fine gold from Switzerland, which on an annualised basis is 565 tonnes.

During June, a new harmonised Goods and Service Tax (GST) tax rate of 3% on gold was decided by India’s GST Council. This rate on gold, whose determination had been delayed due to continued discussions within the Indian bullion industry, will now apply nationwide from 1 July 2017, and is part of a significantly overhauled Indian GST regime change.

Although the rate on gold is now settled, the banks approved to import gold into India (nominated banks) who traditionally apply VAT at source on imported gold, still say that they are unclear as how this new GST will be applied and whether they will be shielded from price movements between the time they pay the GST at source and the time they pass the GST on to their customers. This grey area is reported by the Indian media to be causing some banks to defer non-essential gold imports and it may well subdue Indian fine gold import volumes during June and July.

Note that although China now imports more gold directly from Switzerland than it used to, some of the gold flowing into China still goes through the entrepôt of Hong Kong, so its worth keeping in mind that some of Switzerland’s gold exports to Hong Kong will invariably end up in the Chinese domestic gold market.

Swiss Gold Exports by top source countries, Month of May 2017
Swiss Gold Exports by top source countries, Month of May 2017,  Source:www.GoldChartsRUs.com

Swiss Gold Imports from London

Following April during which the London Gold Market only supplied 4.6 tonnes of gold to Switzerland, in May the London market re-emerged as an important gold supplier to the Swiss, sending 27.2 tonnes across Switzerland's borders. London's role as a net supplier of gold to the Swiss during 2017 therefore still seems intact, and year-to-date London has now sent 172 tonnes of non-monetary gold into Switzerland.

How this gold outflow is affecting the London commercial gold vaults (and the Bank of England gold vaults) will become clearer over the remainder of the year with the London Bullion Market Association (LBMA) promising to begin publishing the aggregate level of London gold (and silver) vault holdings in July. As reported here, this LBMA vault reporting will be on a three-month lagged basis but will in time allow comparisons between gold-backed ETF outflows, London gold vault holdings changes, and London to Switzerland gold trade flows.

Swiss Gold Imports and Exports with the UK, 5 year rolling period to May 2017
Swiss Gold Imports and Exports with the UK, 5 year rolling period to May 2017, Source:www.GoldChartsRUs.com

COMEX - Gold in storage New York approved vaults

Towards the end of June, the group of COMEX approved vaulting facilities (such as the vaults of Scotia, HSBC, JP Morgan and Brinks in New York City) which hold gold that can back COMEX 100 oz gold futures contracts, reported holding 26.46 tonnes of gold in the Registered category, and 282.38 tonnes of gold in the Eligible Category.

These quantities were very similar to May month-end when the same group of approved vaults reported holding 27.3 tonnes of Registered gold and 264.8 tonnes of Eligible gold. This relatively low and unchanging level of Registered gold as per usual underscores the fact that COMEX gold futures trading is literally a paper trading casino where 99.96% of contracts never result in physical delivery.

Registered gold refers to 100 ounce bars and 1 kilo bars of approved refiner brands for which a title warrant has been issued by an approved precious metals vault facility signifying delivery of a gold futures contract. Eligible gold refers to all acceptable gold bars (excluding Registered gold) residing in the set of COMEX approved vaults which is acceptable by the COMEX exchange for delivery against gold futures contracts.

COMEX vaulted gold in New York (Registered and Eligible), 2002 - 2016 and current 2017

COMEX vaulted gold in New York (Registered and Eligible), 2002 - 2016 and current 2017, Source:www.GoldChartsRUs.com

Gold Market Charts – April 2017

Each month, BullionStar's chart wrap-ups profile a series of gold market charts from the extensive GOLD CHARTS R US website. Most of the charts featured have recently been updated with the latest data from March 2017 and in some cases data from April 2017. The charts profiled have been selected so as to capture the most important trends and developments currently occurring in the world's major physical gold markets.

On the BullionStar website you will also find a large selection of dynamic charts under the BullionStar Charts menu. The data for these charts covers precious metals, major currencies, stock indices and major stocks, other commodities, and also BullionStar bullion products. The charting functionality within BullionStar's charts allows every asset or financial instrument listed to be measured in terms of every other asset or instrument listed.

Shanghai Gold Exchange (SGE) - Gold Withdrawals

March saw 192.25 tonnes of physical gold withdrawn from the vaults of the Shanghai Gold Exchange (SGE). This is the highest monthly withdrawal total so far in 2017, surpassing February’s 179 tonne figure and January’s 184 tonne figure.

SGE gold withdrawals are a suitable proxy for Chinese Wholesale gold demand – as explained in the Mechanics of the Chinese Gold Market article on BullionStar’s website.

For Q1 2017, SGE gold withdrawals have reached a cumulative 555.25 tons, which when annualised is a staggering 2221 tonnes. A continuation of these SGE withdrawal levels for the rest of the year would result in a 20% increase from 2016’s figure, when 1970 tonnes of gold was withdrawn from the Exchange, and would be the second highest year on record after 2015, when a massive 2596 tonnes of gold flowed out of the Exchange vaults.

SGEDeliveriesWithdrawals
Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end March 2017

Chinese and Indian Gold Demand (CHINDIA)

The below ‘CHINDIA’ chart represents 3 components, namely Indian gold imports, Shanghai Gold Exchange gold withdrawals, and Chinese central bank (PBoC) gold holdings changes. These 3 components together act as a proxy for combined Indian and Chinese physical gold demand. Since the PBoC does not buy gold on the Shanghai Gold Exchange, the addition of PBoC gold holdings to the calculation will not lead to double counting.

Since Indian trade statistics are quite slow in being published, the February data for Indian gold imports is only now becoming available. Therefore the data in the latest CHINDIA chart is for February.

On a combined basis for February, Indian gold imports + SGE gold withdrawals + changes to official Chinese gold reserves totalled 271 tonnes. Net Indian gold imports for February were 77.9 tonnes. SGE gold withdrawals in February were 179.23 tonnes. Based on PBoC/SAFE data, China’s official gold reserves dropped by 14 tonnes in December, but rebounded by 14 tonnes in February (possibly due to a calculation change). This 14 tonnes was therefore added back to the CHINDIA total in February, hence the 271 tonne total.

ChinaIndiaDemand
Chinese and Indian gold demand combined (tonnes), 2008 - end February 2017

Russian Gold Reserves

The central bank of the Russian Federation, Bank of Russia, bought 800,000 ozs of gold to add to its official reserves in March. This is equivalent to 24.9 tonnes. The March increase was a sizeable one compared to February’s purchases of 300,000 ozs (9.3 tonnes), and was more on a par  with Russia's January purchase of 1 million ozs of gold (31.1 tonnes). Official Russian gold reserves now stand at 1680 tonnes.

The Bank of Russia has now bought 65.3 tonnes of gold during the first quarter of 2017, which on an annualised basis would be 261 tonnes or 8.4 million ounces. The Russians will probably not maintain this rate of gold accumulation for the entire year, and latter months could see smaller monthly purchases but would still come in with full year gold purchases in the 200 tonne range, similar to 2016 and 2015.

RussiaReservesTst
Russian central bank gold reserves, cumulative (tonnes), 2006 - end March 2017

Transparent Gold Holdings - ETFs and Others

The US Dollar gold price traded in a range of $50 during April. After starting the month near $1250 and ebbing slightly to $1245, the price rose to near $1295 by mid-month before drifting back to the $1265 region by month-end.

Gold-backed Exchange Traded Funds (ETFs) and other similar products and vehicles tracked in the following chart saw their combined holdings increase by a marginal 20 tonnes to so during April due to some small inflows in the early weeks of the month. These ETFs and vehicles now hold approximately 1270 tonnes of physical gold.

etftotchangeau04wt2
Weekly Transparent Gold Holdings, 1 year rolling period to 28 April 2017

Swiss Gold Imports and Gold Exports

Swiss trade data shows that Switzerland imported 153 tonnes of non-monetary gold in March 2017, while exporting 141 tonnes, implying net gold imports of 13 tonnes for the month. For Q1 2017, Switzerland has net imported 140 tonnes of gold. This signifies either a build-up of investment gold holdings or a build-up of gold refinery inventories, or both.

SWAUexports05cMarch
Swiss Gold Imports / Exports, monthly data, 2 year rolling to March 2017

Over 50% of Switzerland’s gold imports in March came from 4 sources, with the UK (London) leading the way, accounting for 25.6 tonnes, followed by Hong Kong (22.4 tonnes), UAE - Dubai (22.1 tonnes), and the US (13.9 tonnes). These 4 countries were also, and in this order, the largest suppliers of gold to Switzerland during February and January.

Hong Kong and Dubai have now become key suppliers of gold to the Swiss, so it will interesting to see how long this trend lasts and if it will reverse anytime soon. Hong Kong also had the distinction in March of sending nearly as much gold to Switzerland as it received from Switzerland, i.e. a strong two-way flow. See below for Hong Kong's gold exports.

SWAUlatestImpCountries
Swiss Gold Imports by top source countries, Month of March 2017

On the gold export side, India was the standout destination for Swiss non-monetary gold exports in March, taking in 55.6 tonnes. Neck and neck in 2nd and 3rd places were Hong Kong (24.3 tonnes) and China (24 tonnes). Together, India, China and Hong Kong took in 103.9 tonnes of gold, or nearly 75% of Swiss gold exports during March. India has now been the leading importer of gold from Switzerland for every month in the first quarter, and has imported a cumulative 119.2 tonnes of Swiss gold in Q1.

SWAUlatestexpCountries
Swiss Gold Exports by top destination countries, Month of March 2017

The UK (more correctly the London Gold Market) continues to be a supplier to gold to Switzerland, a trend which most recently began last October. From October 2016 to March 2017, London has supplied a cumulative 325 tonnes of gold to the Swiss gold sector, of which 140 tonnes was in Q1 2017.

SWAUexportsUK05March
Swiss Gold Imports and Exports with the UK, 5 year rolling period to March 2017

The Bank of England has now begun to release monthly data on the quantity of gold held in its gold vaults in London. This data is released on a 3 month lagged basis. See BullionStar blog “Bank of England releases new data on its gold vault holdings” for full details.

Since bullion banks and central banks hold gold in the Bank of England vaults, it should be possible to begin comparing fluctuations in Bank of England gold vault holdings against UK gold exports to and imports from Switzerland for the simple reason that  bullion bank non-monetary gold transactions in theory will affect both sets of data.

COMEX - Vaulted gold in New York COMEX vaults

As of the end of April, the series of gold vaults in and around New York City that are part of the COMEX approved vaulting network for COMEX gold futures trading held a relatively low 28.4 tonnes of gold in the "Registered" reporting category, and a further 275.7 tonnes in the "Eligible" category.

As a reminder, "Registered" gold is gold (100 oz bars and kilo bars) for which a warrant (document of title) has been issued by a precious metals vault facility in satisfaction of delivery of a gold futures contract. "Eligible gold" is all the gold (excluding Registered gold) that is residing in a COMEX approved vault and which is acceptable by the COMEX for delivery against gold futures contracts.

COMEXHoldingsAU2
COMEX vaulted gold in New York (Registered and Eligible), 2002 - 2016 and current 2017

Gold Market Charts – January 2017

This post features the latest versions of a selection of gold market charts created by the GOLD CHARTS R US website that have been chosen so as to capture gold demand, supply and physical movement data across some of the world's major gold markets. These include charts of Shanghai Gold Exchange physical gold withdrawals, Swiss gold export and import statistics, and Russian gold reserve changes.

For BullionStar's gold and silver price charts, go to BullionStar Charts where, for example, you can measure a wide variety of financial assets in terms of gold and other precious metals.

Shanghai Gold Exchange (SGE) - Gold Withdrawals

Physical gold withdrawals from China’s Shanghai Gold Exchange (SGE) totalled 196.37 tonnes during December 2016. This was the 3rd largest monthly gold withdrawal from the SGE in 2016, only surpassed by the months of November and January. December’s withdrawals brought total SGE gold withdrawals to 1,970 tonnes for the year of 2016, which was 24% less than the record withdrawal total of 2,596 tonnes during 2015, but approximately similar to 2014’s SGE gold withdrawals of 2,102 tonnes.

For the 9 years from 2008 to 2016 inclusive, total cumulative gold withdrawals from the SGE have now reached a staggering 13,028 tonnes.

Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end December 2016
Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end December 2016

Chinese and Indian Gold Demand

The inputs into the GoldchartsRUs CHINDIA chart have been extended since last month and now include 3 components, namely Chinese SGE gold withdrawals, Indian gold imports, and a new input category for China of the People’s Bank of China (central bank) gold holdings.

One of the aims of this chart is to track the movement of gold from West to East. Since the PBoC has been surreptitiously accumulating gold reserves since the early 2000s via gold imports that do not get reflected in SGE gold withdrawals, this PBoC component can be added to the chart data without leading to double-counting. The calculation methodology for Indian imports has also been revised slightly to now use Indian net gold imports.

Since the PBoC currently holds 1,821 tonnes of gold, the cumulative overall total gold tonnage for these 3 components is now 20,938 tonnes as of the end of November 2016.

Chinese and Indian gold demand combined (tonnes), 2008 - end November 2016
Chinese and Indian gold demand combined (tonnes), 2008 - end November 2016

Russian Gold Reserves

The Bank of Russia did not add any gold to its official gold reserves during December 2016, bucking a trend where it had purchased gold in all other months of the year.

Russian gold reserves had risen by 199.6 tonnes during the 11 months to November 2016, and in retrospect, given that the Bank of Russia had stated in late September that its goal was to add 200 tonnes for the full year, it appears there was no appetite by the Bank to augment gold holdings during December.

As of the end of December 2016, Russian official gold reserves, as reported by the Bank of Russia, now stand at 1,614 tonnes, and are the world's 6th largest in a ranking of central bank holders (excluding the IMF).

Russian central bank gold reserves, cumulative (tonnes), 2006 - end December 2016
Russian central bank gold reserves, cumulative (tonnes), 2006 - end December 2016

Transparent Gold Holdings - ETFs and Others

From late December 2016 through to January 2017, gold holdings of funds and vehicles which publicly reveal their gold holdings remained mostly static. Over the 5 week period from 23rd December to 27th January, the cumulative holdings of the funds tracked in the below chart increased marginally from 2,583.9 tonnes to 2599.8 tonnes.

There was no established overall trend in January, with small outflows from the group of gold-backed ETFs negated by similarly sized inflows. However, the overall trend hides the fact that there were noticeable gold outflows from some London-based ETFs such as the SPDR Gold Trust during January, but large inflows into other ETFs such as the German-based ETF product Xetra-Gold. All of this took place in an environment of the USD gold price rising from the 1160 region through to 1220 before falling slightly under the 1200 mark.

Weekly Transparent Gold Holdings, 2 year rolling period to 23 December 2016
Weekly Transparent Gold Holdings, 2 year rolling period to 23 December 2016

Swiss Gold Imports and Gold Exports

December 2016 was the strongest month of the year in terms of combined Swiss gold imports and exports (non-monetary gold). The Swiss economy imported a huge 270 tonnes of gold and exported 287 tonnes of gold. In fact, December’s gold imports and exports were the highest monthly totals of both gold imports and exports since May 2013.

Swiss Gold Imports / Exports, monthly data, 2 year rolling to December 2016
Swiss Gold Imports / Exports, monthly data, 2 year rolling to December 2016

Notably, gold imports from the UK (London) dominated and were the source of supply for 151 tonnes of gold, or 56% of December’s monthly import total, into Switzerland.

Swiss Gold Imports, Month of December 2016
Swiss Gold Imports, Month of December 2016

On the export side, during December Switzerland exported 154 tonnes of gold to China, 39 tonnes to Hong Kong, 23 tonnes to Singapore and 21 tonnes to India. Together these 4 Asian destinations accounted for 237 tonnes, or 82.5% of Switzerland's December gold export total.

Swiss Gold Exports, Month of December 2016
Swiss Gold Exports, Month of December 2016

As predicted by BullionStar in December, the reversal of gold flows between the UK and Switzerland which was confirmed in November, where London re-emerged as a supplier of gold to Switzerland, has continued into December. From BullionStar's December 2016 gold market chart commentary:

“Now that November's data is in, it adds to the confirmation that the reversal of gold flows has indeed been established, so we should expect to see continued exports of gold from London (UK) to Switzerland in December's Swiss data, which is released on about 23rd of January.”

At 150 tonnes, the immense size of Switzerland's December gold import total from the UK (London) was all the more remarkable given that December is a much shorter trading month due to trading holidays and other public holidays that might have affected transport operations undertaken by security carriers and airlines.

Furthermore, with transparent gold holdings having declined during December 2016, (e.g. declined by 134 tonnes from late November to 23rd December 2016 as per last month’s commentary), it appears that the some of the gold outflows from a number of the large London stored gold-backed ETFs are being again exported out of London vaults and into Swiss gold refineries.

Swiss Gold Import / Exports with UK, monthly data, 2012 - to December 2016
Swiss Gold Import / Exports with UK, monthly data, 2012 - to December 2016

COMEX - Vaulted gold in New York approved vaults

The amount of gold held in COMEX approved vaults as of the end of December 2016 totalled 323 tonnes, of which 44.4 tonnes represented warrants against Comex contracts, and 278 tonnes was eligible to be registered (of eligible bar size and gold quality). These Registered and Eligible categories as reported by Comex were significantly higher at the end of 2016 than at any of the previous three year-ends, and were more in line with the year-end totals during the 2010-2012 period.

COMEX vaulted gold in New York (Registered and Eligible), 2002 - late December 2016
COMEX vaulted gold in New York (Registered and Eligible), 2002 - end December 2016

Gold Market Charts – December 2016

This is the second in a new series of posts highlighting charts relating to some of the most important gold markets, gold exchanges and gold trends around the world. These include charts of the Chinese Gold Market, the flow of gold from West to East via the London and Swiss gold markets, and the holdings of gold-backed Exchange Traded Funds (ETFs). Please see the November 2016 chart post article for background on the charts chosen for this series.

All of the charts featured below originate from the GOLD CHARTS R US website. For BullionStar's gold and silver price charts, go to BullionStar Charts where, for example, you can measure a wide variety of financial assets in terms of gold and other precious metals.

Shanghai Gold Exchange (SGE) - Gold Withdrawals

Total physical gold withdrawals from the SGE in November 2016 reached a substantial 214.7 tonnes, over 40% higher than gold withdrawals from the Exchange during October. November was also the second highest monthly withdrawal total of the year, only surpassed by January's withdrawal numbers. Year-to-date to November, gold withdrawals from the SGE have reached 1,774 tonnes.

As a reminder, gold withdrawals from the Shanghai Gold Exchange are a suitable proxy for Chinese wholesale gold demand because all non-monetary gold imported into China has to be sold on the SGE, and most Chinese gold mining output as well as most Chinese scrap gold is also sold through the SGE as 'standard' gold.

November's strong Chinese gold demand occurred in an environment of falling international gold prices, which is to be expected since Chinese gold buyers generally buy at lower prices ('buy the dips'), and unlike Western buyers, the Chinese do not chase upward gold price momentum.

Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - 2016
Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - end November 2016

Chinese and Indian Gold Demand

A suitable proxy of Chinese and Indian gold demand can be constructed by adding Shanghai Gold Exchange withdrawals to Indian gold imports. Gold import figures into India are an acceptable proxy for Indian gold demand since Indian domestic gold mining is virtually non-existent.

On a combined basis, CHINDIA gold demand for October 2016 totalled 225 tonnes, which incredibly, pushed the cumulative gold demand from these two major gold markets above the 20,000 tonne mark for the nine-year period 2008 - 2016. Note that this latest version of the CHINDIA chart is to the end of October 2016.

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Chinese and Indian gold demand combined (tonnes), 2008 - end October 2016

Russian Gold Reserves

The Bank of Russia, Russia's central bank, is one of the most active buyers of gold on the planet, and has been pursuing a massive physical gold accumulation strategy since the early 2000s. In November 2016, the Bank of Russia added another 1 million ounces of gold (31.1 tonnes) to its gold reserve holdings. This follows a 40 tonne gold purchase by the Bank of Russia in October and makes November the second highest monthly addition of the year for the Russians.

With the October and November additions, the Bank of Russia is now well on target to realise its planned purchase of 200 tonnes of gold during 2016.

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Russian central bank gold reserves, cumulative (tonnes), 2006 - end November 2016

Transparent Gold Holdings - ETFs and Others

This chart features a large group of products and vehicles, such as ETFs, which hold physical gold and which regularly report their gold holdings, thereby providing a window into the cumulative position and changes in such gold holdings on a week to week basis. As a group, these vehicles continued to see a net outflow of gold during December, with the outflow trend that began in early November continuing.

As of 23 December, these tracked transparent products held a combined 2583.9 tonnes of gold, which was 134 tonnes less than their aggregated total holdings of 2717.9 tonnes on 23 November 2016. In a similar manner to November, the gold outflows in December occurred in an environment of a falling US dollar gold price.

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Weekly Transparent Gold Holdings, 2 year rolling period to 23 December 2016

Swiss Gold Imports and Gold Exports

November was a notable month for Swiss gold trade flows and it actually recorded the highest monthly gold trade flows of the year. The Swiss refining and financial sector imported 187 tonnes of gold and exported 188.8 tonnes during November. November gold imports were the second highest of the year, and only a few tonnes short of the 194 tonnes imported in February 2016. Switzerland's November gold exports were the highest monthly exports of the year.

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Swiss Gold Imports / Exports, monthly data, 2 year rolling to November 2016

During November, the UK (London) re-emerged as the main provider of gold to Switzerland, with the Swiss importing 48 tonnes of gold from London. This is the highest monthly gold import flow from the UK to Switzerland since last January. The second largest source of gold flowing into Switzerland during November was Hong Kong which provided 35 tonnes, with the UAE (Dubai) a distant third providing 16 tonnes, and the US sending  just under 12 tonnes to the Swiss.

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Swiss Gold Imports, Month of November 2016

On the export side, Switzerland exported a sizeable 61.3 tonnes of gold to India during November as Indian demand improved on the back of the marriage season and jewellery industry restocking following the Diwali festival. Hong Kong received 44 tonnes from the Swiss, China was sent 30 tonnes, and remarkably France received over 10 tonnes of gold from Switzerland during November, nearly twice as much gold as was transported from Switzerland to the German market during the same period.

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Swiss Gold Exports, Month of November 2016

After exporting gold to the UK (London) for most of 2016, the tide reversed In November and Switzerland again became a substantial importer of gold from London receiving 48 tonnes. Although Switzerland also exported 5 tonnes of gold to the UK in November, Swiss net gold imports minus gold exports were still a sizeable 43 tonnes.

This reversal of trend was signaled in the October UK-Swiss gold trade data, when Swiss gold imports from the UK reappeared, and Swiss gold exports to the UK began ebbing. As stated in BullionStar's November commentary about the October UK-Swiss gold flow data:

"Is the recent tide of UK imports from Switzerland about to turn back to UK exports to Switzerland? The October data may provide some clues, but additional month's data is required before know whether a new trend is being established."

Now that November's data is in, it adds to the confirmation that the reversal of gold flows has indeed been established, so we should expect see continued exports of gold from London (UK) to Switzerland in December's Swiss data, which is released on about 23rd of January. The continued outflow of gold from the large ETFs which store their gold in London, e.g. SPDR Gold Trust and iShares Gold Trust, also points to further flows of gold from London to Switzerland as bullion banks distribute 400 oz gold bars previously held within the ETFs.

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Swiss Gold Import / Exports with UK, monthly data, 2012 - to November 2016  

COMEX - Vaulted gold in New York approved vaults

The amount of gold held in COMEX approved vaults for which warrants have been issued against COMEX gold futures contracts (Registered gold) totalled approximately 50 tonnes as of the end of December 2016. This was about 15 tonnes less than the 65 tonnes which was in the registered category at the end of November.

The amount of eligible gold stored in the reporting vaults in the form of gold kilobars and 100 oz gold bars - which is acceptable by the COMEX for delivery against its gold futures contracts but for which warrant have not been issued - stayed relatively flat at 269 tonnes compared to the previous month's figure of 264 tonnes.

See the recent BullionStar blog "COMEX and ICE Gold Vault Reports both Overstate Eligible Gold Inventory" for more detail on Eligible vs Registered gold reported by COMEX.

COMEX vaulted gold in New York (Registered and Eligible), 2002 - 2016
COMEX vaulted gold in New York (Registered and Eligible), 2002 - late December 2016

Gold Market Charts – November 2016

This post highlights gold charts for gold markets and gold exchanges like the Chinese Gold Market, the flow of gold from West to East, the London Gold Market and Gold ETFs.

All of the charts featured below are originating from GOLD CHARTS R US. For BullionStar's gold and silver price charts, go to BullionStar Charts where you for example can measure different assets in terms of gold.

Shanghai Gold Exchange (SGE) - Gold Withdrawals

The Chinese Gold Market is the world's largest gold market, and the Shanghai Gold Exchange (SGE) is the world's largest physical gold exchange. In China, wholesale gold demand can be approximated by SGE gold withdrawals. This is so because domestic gold mining production, Chinese gold imports, and most Chinese gold scrap all get sold on the SGE. SGE gold withdrawals are regularly covered here at BullionStar by resident Chinese gold expert Koos Jansen.

This SGE Gold Withdrawals gold chart shows cumulative gold withdrawals in tonnes from the Shanghai Gold Exchange between 2008 to 2016.Over that period a phenomenal 13,000 tonnes of gold has physically been withdrawn from the gold vaults connected to the Shanghai gold exchange. The lower frame of the chart plots monthly gold withdrawals, which in October 2016 totalled 153 tonnes of gold.

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Shanghai Gold Exchange - Gold Withdrawals (tonnes), 2008 - 2016

Chinese and Indian Gold Demand

This CHINDIA chart combines the Chinese gold market and the Indian Gold Market demand in tonnes by adding Indian gold imports and the aforementioned Shanghai Gold Exchange Withdrawals. Over the nine-year period from 2008 to 2016, cumulative gold demand from these two huge nations is approaching a staggering 20,000 tonnes of gold. The lower section of the chart plots combined monthly Chinese gold demand and Indian monthly gold demand, and is a great proxy for tracking the ebbs and flows of gold through these two gold powerhouses.

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Chinese and Indian gold demand combined (tonnes), 2008-2016

Russian Gold Reserves

Additions to Russia's official gold reserves are closely scrutinized more than most since a) they are substantial and on an upward trajectory, and b) gold is championed by the Russian State as a strategic monetary reserve. This chart of gold reserves of the Central Bank of the Russian Federation from 2006 to 2016 shows this trend clearly with the Bank's gold holdings now nearing 1,600 tonnes.

The chart's lower section plots monthly changes to the Bank's gold holdings, with the latest month being particularly topical given that October 2016 witnessed the largest single monthly increase of gold (over 40 tonnes) in Russia's gold holdings since October 1998.

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Russian central bank gold reserves, cumulative (tonnes), 2006-2016

Transparent Gold Holdings - ETFs and other

Given the international gold market's traditional opacity, the growth and evolution of gold-backed Exchange Traded Funds (ETFs) and similar products over the last 10-15 years has given the world at least one window into more transparent gold flows, gold holdings and gold movements.

This chart tracks total gold holdings held in a large number of these products and vehicles over a 2 year rolling period and relates changes in these holdings to the US Dollar gold price. The tracked products currently hold a combined 2,700 tonnes of gold (left hand axis). The lower portion of the chart features weekly changes to total holdings, and highlights a change in trend (gold outflow) in conjunction with a dropping gold price over the last 3 weeks.

etftotchangeau05wtTransparent Gold Holdings, 2 year rolling period

Swiss Gold Imports and Gold Exports

As the world's largest gold refining center, hosting such gold refiners as PAMP and Argor-Heraeus, gold imports and gold exports into and out of Switzerland provide perhaps the most accurate insights into physical gold movements around the world. Since January 2014, the Swiss Federal Customs Administration has included monthly non-monetary gold, i.e. gold that is not related to central banks, import and export statistics in its foreign trade statistics. This includes data on a country level basis. And they even backdated the monthly data to 2012.

This chart shows Swiss gold imports and gold exports on a rolling monthly basis over a rolling 2 year period. Net import-exports are charted in the lower pane. Following net gold inflows over 2015 and into early 2016, there have been net gold outflows from Switzerland since May of this year.

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Swiss Gold Imports / Exports, monthly data, 2 year rolling

On a monthly basis, Swiss gold imports / gold exports from and to individual countries are probably the most interesting datasets published by the Swiss Federal Customs. This data is graphically represented in the below ‘latest month’ charts, which feature approximately 25 countries both as import sources and export destinations.

In October, the biggest suppliers of gold to Switzerland were the USA, UAE and Hong Kong, followed by France and the UK.

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Swiss Gold Imports, Month of October 2016

On a destination basis, in October Switzerland exported nearly 70% of its gold exports to three countries, namely Hong Kong, India and China, with the UK a distant fourth.

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Swiss Gold Exports, Month of October 2016

Swiss - UK gold flow has been a very topical theme this year, primarily because the UK (read London) became a major importer of gold from Switzerland from March 2016 until October 2016. Prior to this, the UK was a large gold exporter to Switzerland for much of the previous 3 years, especially in 2013. The inflows of gold into the UK from Switzerland during 2016 suggest that gold inventories in London were in short supply, a topic covered in BullionStar blogs here and here.

This chart shows Swiss gold imports and exports from and to the UK over a 5 year period from 2012 to 2016. Is the recent tide of UK imports from Switzerland about to turn back to UK exports to Switzerland. October may give some clues, but additional month's data is required before know whether a new trend is being established.

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Swiss Gold Import / Exports with UK, monthly data, 2012 - 2016

COMEX - Vaulted gold in New York approved vaults

The amount of gold backing Comex gold futures contracts that sits in storage in New York at Comex approved warehouses is always a topic of lively debate and controversy. Given the huge volumes of gold futures traded on the Comex each day and the fact that Comex trading is a key driver of global gold price discovery, this is a legitimate and important debate.

The below chart plots registered and eligible gold in these Comex approved warehouses over a 16 year period from 2001 to 2016. Registered gold is gold (100 oz bars and kilo bars) for which a warrant (document of title) has been issued by a vault facility in satisfaction of delivery of a gold futures contract. Eligible gold is all the gold (excluding the registered gold) residing in a Comex approved vault which is acceptable by the Comex for delivery against gold futures contracts.

Given the multitude of charts which exist on these Comex gold inventories, this one is a nice simple graphical representation of how much (or how little) gold is actually sitting there in the approved vaults in Manhattan, Queens and Delaware.

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COMEX vaulted gold in New York (Registered and Eligible), 2002 - 2016