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Monday
Oct132014

Making sense of Chinese gold demand

How much has Chinese gold demand fallen this year – 50% or perhaps only 10%? We unravel the conflicting data, which will ultimately be key to where the gold price is headed.


Author: Lawrence Williams
Posted: Monday , 13 Oct 2014 

LONDON (MINEWEB) - 

There is no doubt at all that Chinese demand for physical gold is having, and will continue to have, a huge impact on global gold flows and on the supply/demand balance, but making sense of the various figures quoted by the media is difficult and often counter-intuitive. 

For the serious follower of gold, perhaps there are two statistical analysts whose handles on Chinese data should be an absolute must to follow as they look far deeper into the statistics that are available to view – the Hong Kong net gold import figures into mainland China and the withdrawals from the Shanghai Gold Exchange (SGE) – the true indicator of Chinese physical gold demand. SGE figures are published weekly in Chinese so tend to be ignored by most of the global media while Hong Kong gold import/export figures are released monthly (in English) and are seized upon, misleadingly of late, by the press as a proxy for what is actually going on in terms of total Chinese gold demand.

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