GoldMinerPulse: Shanghai Gold Exchange Physical Gold Delivery (Settlement)

Shanghai Gold Exchange Au(T+D) Weekly Delivery and Daily Settlement Volume Trends


Seabridge Gold    

Shanghai Gold Exchange (SGE)

For daily settlement updates, click here.

Gold Delivery From SGE Vaults

The gold deliveries from SGE vaults are shown on a year to date for 2014 versus 2015. In 2015, the Chinese New Year came 2 weeks later than 2014 which accounts for some of the February variance.

Shanghai Gold Exchange: Gold Bullion Delivered From Vaults (Updated on Fridays)
2014 2015 % Chg 2015 over 2014
2 January 2014 to Tonnes Gold Delivered from Vault 5 January 2015 to Tonnes Gold Delivered from Vault
14 March 2014 487.78 13 March 2015 507.76 4.1%
7 March 2014 453.89 6 March 2015 456.31 0.5%
28 February 2014 417.67 27 February 2015 411.78 -1.4%
21 February 2014 368.63 20 February 2015 373.87 1.4%
14 February 2014 319.90 13 February 2015 373.87 18.3%
7 February 2014 255.89 6 February 2015 314.75 23.0%
31 January 2014 215.90 30 January 2015 255.42 18.3%
24 January 2014 215.90 23 January 2015 201.75 -6.6%
17 January 2014 158.94 16 January 2015 131.13 -17.5%
10 January 2014 99.14 9 January 2015 61.13 -38.3%

An example of the Chinese language report showing delivery volume from vault is presented below. The image below was taken from p. 7 of the 14 June 2013 report (available 21 June 2013) which can be found in the SGE Site in the weekly quote update section (direct link is not available).

Physical Delivery From Vault 14 June 2013

Charts prepared using the weekly gold deliveries from SGE vaults and other related information are available here. An excellent blog on Shanghai Gold Exchange physical delivery is also available here.

Data on daily delivery from vault is not available in any SGE report -- the quantitly labeled as delivery volume on the SGE English language pages should be understood as "settlement volume" and is definitely NOT delivery volume from vault.

I received the following explanation on the daily Au(T+D) delivery, which I track in the next section below, from a contact at the SGE:

Simply speaking, Au(T+D) is a product with margin and position concept, i.e. you get a long position after buying and get a short positon after selling. Delivery happens everyday between long and short positions. So delivery volume is the volume delivered from some short positions to some long positions. It's nothing relevant to the volume leaving the vault which is not an available data. Think about futures, delivery occurs from short positions to long positions, kind of similar concept for your understanding.

My SGE contact would not, however, comment on the approximately 20 days of 0 Au(T+D) delivery volume during April and May of this year.

Sorry as an exchange, we can not make comments on trading pattern. You have to analysis by yourself based on public info.

The SGE has a flexible range of good delivery bars, which I believe is consistent with an exchange that is commonly used for physical delivery to consumers (source: CHINA NATIONAL GOLD GROUP CORPORATION): Shanghai Gold Exchange Good Delivery

 

Daily Au(T+D) and mAu(T+D) Settlement Reports

The following chart shows Au(T+D) plus the 0.1 * mAu(T+D) daily settlement volumes on a monthly basis, including current month to date. (Note: GG has correctly pointed out that mAu(T+D) have a 100 gram settlement volume while the Au(T+D) has a 1Kg settlement volume. Therefore combining contracts on the basis of Au(T+D) plus 0.1 * mAu(T+D) gives a total settlement volume in kilograms and provides a fair basis for comparisons with 2013 and earlier year result. My apologies for any confusion I caused with my earliers presentations of the daily settlement volumes.)

Although settlement volume is NOT physical delivery from vault, there is a relationship worth noting. In 2013

On a year to date basis in 2014, a similar relationship between settlement volume and physical delivery from vault continues. IMO the data speaks for itself and is well worth watching.

To view the weekly physical gold delivery from SGE vaults, click here.