Lawrie Williams: Shanghai gold deliveries for August were phenomenal
SharpsPixley.com, London Sunday, September 6, 2015
August is always a weak month for physical gold moving through China's Shanghai Gold Exchange -- or rather it has been up until now. The big months for SGE withdrawals are normally at the beginning and the end of the year ahead of the Chinese New Year holidays, while trading in the summer months is usually thin.
But not this year. Gold moving through the exchange this August has totaled a phenomenal 301.96 tonnes, bringing the year-to-date total to 1,718.2 tonnes, some 219 tonnes more at the same time of year than in 2013, when China consumed a record amount of gold even according to the consistently much lower consumption estimates by the major precious metals analytical consultancies. ...
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