Year to date withdrawals from the vaults of the Shanghai Gold Exchange (SGE) came in at a staggering 1,958 tonnes on 25 September 2015 – a record high – according to data released by the SGE on Friday. In week 38, which runs from 21 September until 25 September, 66 tonnes of gold were withdrawn from the vaults. The weak price of gold throughout 2015 and the crashing Chinese stock market has stimulated the Chinese people to purchase gold in great quantities.

Total PBOC official gold reserves are now at 1,708.5 tonnes. According to my analysis there are now approximately 14,593 tonnes of gold in China mainland