Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
In the same category

Shanghai Gold Physical Market 9x Puny COMEX

IMG Auteur
Published : August 02nd, 2013
456 words - Reading time : 1 - 1 minutes
( 16 votes, 4.7/5 )
Print article
  Article Comments Comment this article Rating All Articles  
[titre article pour referencement]
0
Send
0
comment
Our Newsletter...
Category : Editorials









Take one look at actual quantities of delivered physical gold from trades based at the COMEX and the Shanghai Gold Exchange (SGE) in the first chart below:

24hGold - Shanghai Gold Physic...

The SGE is delivering more than 9x the COMEX on average in 2013 (chart in metric tons).

One source of all the beautiful gold is via imports from Hong Kong (HK).

At this point China has acquired more than their total take in 2011 (430.61 metric tons (mt)), sitting at 630.6mt imported through May alone.

24hGold - Shanghai Gold Physic...

Based on annual gold mined in China and their imports (from Hong Kong alone), over 7,000mt of gold now sit in China--much of which is likely adding to the 1,054mt of official gold (that implicitly backs the yuan).

Recall the People's Bank of China (PBoC) reminded the world of this 1,054mt total on March 13 in newspaper Xinhua, incredibly, an announcement of "increasing the reserves will elevate gold prices, which will force people to pay more for gold consumption and investment."

If you don't prefer Xinhua, also picked up on the same quote from the central banker that we feel supports the Chinese "" policy of encouraging and supporting (you can buy gold over the counter at banks) their citizens saving in gold terms, while using yuan for spending.

So who is already functionally irrelevant, and who's influence is to exert further control as time passes?








Take one look at actual quantities of delivered physical gold from trades based at the COMEX and the Shanghai Gold Exchange (SGE) in the first chart below:

24hGold - Shanghai Gold Physic...

The SGE is delivering more than 9x the COMEX on average in 2013 (chart in metric tons).

One source of all the beautiful gold is via imports from Hong Kong (HK).

At this point China has acquired more than their total take in 2011 (430.61 metric tons (mt)), sitting at 630.6mt imported through May alone.

24hGold - Shanghai Gold Physic...

Based on annual gold mined in China and their imports (from Hong Kong alone), over 7,000mt of gold now sit in China--much of which is likely adding to the 1,054mt of official gold (that implicitly backs the yuan).

Recall the People's Bank of China (PBoC) reminded the world of this 1,054mt total on March 13 in newspaper Xinhua, incredibly, an announcement of "increasing the reserves will elevate gold prices, which will force people to pay more for gold consumption and investment."

If you don't prefer Xinhua, also picked up on the same quote from the central banker that we feel supports the Chinese "" policy of encouraging and supporting (you can buy gold over the counter at banks) their citizens saving in gold terms, while using yuan for spending.

So who is already functionally irrelevant, and who's influence is to exert further control as time passes?


Data and Statistics for these countries : China | Hong Kong | All
Gold and Silver Prices for these countries : China | Hong Kong | All
<< Previous article
Rate :Average :4.7 (16 votes)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Napoleon vs. Cheney: "Interrogat...
18 Decwalmarde
Torture just put the moral line lower. Lets think about American exceptionalism. What we want ? we want to spread and defend that exceptio...
Napoleon vs. Cheney: "Interrogat...
18 Decwalmarde
Utilitarianism is bad philosphy. I'm also very disgust about torture. It will backfire in our face. We are now no better than ou...
Napoleon vs. Cheney: "Interrogat...
18 DecJosu O.5
I cannot overstate how important is that every american read this article. It's absolutely wonderful how you have summarized every aspect around to...
Muslim terrorism, the left and t...
18 Decend0
Does anyone still wonder why is Australia hotbed for second generation Muslim migrant radicalization? Does anyone still need an explanation on why ...
Gold & Silver Market Morning
17 Decsamking731
Gypsie, my take on what he's saying is on paper gold, not actual gold that you are holding in your hand. In that way, gold is gold, though Pandas ...
Gold & Silver Market Morning
17 DecGypsy1
You have me confused Julian. When you say "We believe that holders of gold in the Ruble. . . . ." I take it you are not talking about someone hold...
Gold Price chart showing big dro...
17 Decuser47791
The article ludicrously misinterprets the chart. What the chart shows is the market price of German Aktien, namely shares in British or stocks in A...
New Poll Shows US Citizens in Ev...
17 DecJosu O.1
It's very sad to see such support of torture in USA. What is incredible is that a lot of those people consider themselves christians and nice peopl...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.