It is clear there was a shift early this year where we see flows out of Asia and the Middle East increase dramatically with a corresponding reduction in flows from the USA and UK. Higher metal prices often results in more scrap flows from Asia, so the increase in gold prices in 2016 has been a factor behind this change. In the case of the UAE, as they are a source location for both legitimate and smuggling trade to India, as Indian demand has waned and the market there has become oversupplied (indicated by prices there going to a discount to London, see this article quoting an importing bank saying that “so far in 2016 our bullion business is down nearly 75 percent”) any stock build up by Middle East dealers would have to be liquidated.