COMEX Delivery Decline vs China's Appetite for MORE
By GCRU Gold News on Tuesday, December 8 2015, 23:46 - Permalink
It's reported by the CME Group through it daily Gold Kilo Stocks report that the Brinks, INC warehouse in Hong Kong has had withdrawn a total of 826 tonnes in under nine months which is over four times the total stock holdings of all the CME warehouses in New York (200 tonnes).
Annualised the withdrawals equate to 1100 tonnes.
Here we see COMEX total holdings of 7.877 million ounces or 245 tonnes (of which 44.4 tonnes is stored in Brinks warehouse in Hong Kong for the HK Kilobar trade).
This leaves New York with a little over 200 tonnes of gold, 98.5% of which is Eligible stocks (not currently for sale) vs 1.5% Registered stocks (currently for sale)
Of note in the chart above in the bottom panel is the daily flow of stocks.
As delivery stocks run low (2015) there is a lot more stocks churning.
It is worth noting that the COMEX deliveries decline is coincident with the Chinese SGE withdrawals taking off.
As demand accelerates in the East demand is declining in the West.
