"The amount of gold withdrawn from the vaults of the Shanghai Gold Exchange (SGE), which equals Chinese wholesale gold demand, accounted for 45 tonnes in the trading week that ended on 6 November. Year to date SGE withdrawals have reached an astonishing 2,210 tonnes, which is more than the full year record set in 2013 at 2,197 tonnes. With nearly two months of trading left in the Chinese gold market, SGE withdrawals are estimated to reach more than 2,600 tonnes... How can so much gold be supplied to China without someone buying it and thus being genuine demand? It cannot. Chinese gold demand as disclosed by the World Gold Council (WGC) is fallacious... Does the mainstream media ever investigate this odd discrepancy? Of course not. According to them gold is just a commodity, a pet rock. Nobody cares about 2,500 tonnes of gold that have vanished into a black hole somewhere in China... Koos Jansen, SGE Withdrawals Break Yearly Record - World Gold Council Hides Insatiable Chinese Gold Demand
It will be interesting to see how this difference of opinions in the precious metals markets resolve. Gold is trading inversely to the dollar here. That is not how it always happens, but that is what is happening now, more or less. There were no deliveries at The Bucket Shop on Friday. The warehouses saw a little action, with a dribble of gold coming in and about 420,000 ounces of silver bullion leaving. Today was 'one of those days' where light volumes let stocks rally in a patriotic display of resolve that we will keep calm and bubble on. I hate to be too negative but most commentary on the metals in the prestige media ranges from useless to ridiculous. But why should the precious metals be any different from all the other things that the financial media likes to say these days. Let's see how the rest of the week goes. Have a pleasant evening.
