Chinese Gold Demand 41t in week 37, 1331t YTD
By GCRU Gold News on Sunday, September 21 2014, 01:00 - Permalink
Let us go through the latest data from the SGE. In week 37 (September 8 -12) the amount of physical gold withdrawn from the SGE vaults in the mainland accounted for 41 tonnes, up 4.88 % from a weak earlier.
As I expected last week the Chinese were happy to buy gold on the dips in week 37 as the price has been tumbling down since July 10. The West has forgotten about gold all together, the Chinese are buying. Year to date there has been 1331 tonnes withdrawn from the SGE vaults (- 16.2 % y/y), annualized 1870 tonnes.