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 note :4.7 (16 votes)
>> Next article
Since 2005, Mike Maloney has been the precious metals investment advisor to Robert Kiyosaki, author of the most successful financial book in history, Rich Dad, Poor Dad. Mike founded GoldSilver.com, an online precious metals dealership featuring concierge services, physical delivery of gold and silver to customer doorsteps around the world, as well as providing international 3rd Party Vault Storage options for customers' precious metal holdings
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Top Ten Reasons I Buy Gold Silver [#7] - These Assets Come With a ...
21 Sepvictoriashores1
HI Jeff I have read your articles with a lot of interest in your feelings with the future of Gold and Silver. I'm 75 years of age and have ...
What Is the Correct Amount of Money?
20 Sepgfs5431
If money is the heart of the economy, then the economies of the world are running with diseased hearts. Keynesians and other monetary intervention...
Pushback
20 SepGypsy
James, you're getting more difficult to read. As a Deplorable, I realize my under-education leaves me at a disadvantage when faced against the Mer...
Pushback
18 Sepdennyc3
If a university professor has been on the job for more than five years without venturing out into the world there's usually nothing to learn here. ...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
18 SepDRGEORGE
The world & the US $ have been on the brink for 10 years (or more). In 2008 it nearly happened but giving the 1% a stack of money saved the day. It...
'No evidence' of gold market manipulation, CPM Group's Christian in...
15 Sepneville
Despite being a so-called GOLD website ,I have read more anti GOLD articles on kitco than on any other site. Yes chris you are absolutely corre...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
15 SepSilverthumb2
I used to enjoy listening to Rickards. He sold out when he signed on with Agora Financial. Now he's just another ranting alarmist trying to get ri...
What's Killing the Jobs Market?
13 SepJ.0
It is hard to know where to begin to respond to your comment Recusant. You do not seem to understand how markets work. So, I'll throw out some po...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS