Chinese gold demand, as measured by SGE withdrawals, accounted for 27 metric tonnes in week 26 (June 23 – 27), year to date the counter stands at 947 tonnes. A quick calculation tells us 639 tonnes (SGE withdrawals – scrap – mining) had to be imported for this, annualized 1278 tonnes. Note, these are estimates. For a clear structure of this blog I will expand in a separate post on a recent article by Reuters titled “China gold imports may drop 400T hit by financing curbs”.
My research indicates that SGE withdrawals equal Chinese wholesale gold demand. For more information read this.
This is a screen shot from the weekly Chinese SGE trade report; the second number from the left (blue – 本周交割量) is weekly gold withdrawn from the vaults in Kg, the second number from the right (green – 累计交割量) is the total YTD.
This chart shows SGE gold premiums based on data from the SGE weekly reports (it’s the difference between the SGE gold price in yuan and the international gold price in yuan).