The Phaserl


Gold Market Charts – May 2017

by BullionStar, via Gold Seek:

This monthly column looks at developments and trends in the world’s major physical gold markets via a series of gold market charts created by the GOLD CHARTS R US website. In most cases, the charts featured capture data to month-end April 2017 from official data which has become available during May.

Separately, the BullionStar website offers a large selection of dynamic charts under the BullionStar Charts menu. The data underlying these charts covers precious metals, major currencies, stock indices and major stocks, other commodities, and also BullionStar bullion products. The charting utilities on the BullionStar Charts page allows every asset / financial instrument featured to be measured in terms of every other asset or instrument featured.

Shanghai Gold Exchange (SGE) – Gold Withdrawals

In BullionStar’s “An update on SGE Vault Withdrawals and SGE Price Premiums”, dated 17 May, it was noted that the SGE’s monthly ‘Data Highlights’ report for the end of April 2017 stated that the Year-to-Date gold withdrawal total from the Exchange’s vaults was “771.9734 tonnes” which was “44.9 tonnes higher than the figure implied by the summation of the 4 individual months’ figures”. This was because the 4 individual months’ SGE gold withdrawal figures were 184.412 tonnes (January), 179.237 tonnes (February), 192.250 tonnes (March) and 171.174 tonnes (April), which total 727.073 tonnes.

After calling for the SGE to clarify the discrepancy, less than a week later the SGE re-published modified data on 23 May, in which it revised downward the cumulative withdrawal total for the January – April period to 690.6834 tonnes, i.e. 81.29 tonnes less than the initial cumulative figure. Of this 81.29 tonnes discrepancy, 5.39 tonnes was a downward revision of the April gold withdrawal total from 171.1743 tonnes to 165.7843, another 44.9 tonnes was the above mentioned difference, and the final 31 tonnes was an extra downward revision to the SGE year-to-date withdraw figures.

Therefore, based on a revised SGE gold withdrawal figure of 165.784 tonnes for April, the latest cumulative SGE gold withdrawal chart is as below.

Chinese and Indian Gold Demand (CHINDIA)

The ‘CHINDIA’ chart includes the 3 components of Shanghai Gold Exchange gold withdrawals, Chinese central bank official gold holdings, and gold imports into India. The calculation aims to capture total Chinese and Indian gold demand as far as possible. Indian gold import data is relatively slow in being released and has a two month lag, so the latest CHINDIA chart is dated end of March. For the month of March, SGE gold withdrawals added to Indian gold imports totalled 281.4 tonnes, which now brings the cumulative total for this calculation since the beginning of 2008 to 21,963 tonnes.

The People’s Bank of China (PBoC), China’s central bank, reported that its official gold reserves stood at 1842.6 tonnes (59.24 million ounces) as of the end of March, unchanged from the previous month. The PBoC also reported unchanged gold reserves at the end of April.

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