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Koos Jansen: Despite rising price, staggering gold withdrawals in Shanghai
By Koos Jansen
Bullion Star, Singaore
Friday, January 30, 2015
As I wrote last time on data from the Shanghai Gold Exchange (SGE), in Week 2 of 2015 withdrawals from the vaults of the SGE (which equal Chinese wholesale demand) came in extremely high at 70 tonnes, the third highest amount ever. But in Week 3 (January 19–23) the Chinese withdrew even more at 71 tonnes, up 0.89 percent week over week, and the third highest amount ever. Year to date 202 tonnes have been withdrawn from the SGE vaults, up 15 percent year over year. Like last week, this was happening while the price of gold was rising sharply -- staggering numbers. ...
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