Chinese gold demand 694 MT YTD, Silver In Backwardation
By GCRU Gold News on Sunday, May 11 2014, 14:00 - Permalink
Total Chinese wholesale gold demand year to date reached 694 metric tonnes in week 18 (28-4-2014/30-4-2014), annualized 2004 tonnes. During that week 23 metric tonnes of gold were withdrawn from the vaults of the Shanghai Gold Exchange (SGE) in only three days! The SGE was closed on May 1 and 2. If the SGE would have been open for trading five days in week 18 withdrawals could have reached 39.16 tonnes, which is slightly higher than the yearly average of 38.5 tonnes. Chinese gold demand remains robust.