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

Shanghai Gold Exchange: Gold Bullion Delivered From Vaults (Updated on Fridays)
2013 2014 % Chg 2014 over 2013
4 January 2013 to Tonnes Gold Delivered from Vault 2 January 2014 to Tonnes Gold Delivered from Vault
12 July 2013 1198.4 11 July 2014 997.6 -16.8%
5 July 2013 1147.7 4 July 2014 972.93 -15.2%
28 June 2013 1098.2 27 June 2014 946.5 -13.8%
21 June 2013 1043.8 20 June 2014 919.5 -11.9%
14 June 2013 988.1 13 June 2014 883.2 -10.6%
7 June 2013 964.5 6 June 2014 850.1 -11.9%
31 May 2013 918.2 30 May 2014 823.2 -10.4%
24 May 2013 880.1 23 May 2014 787.5 -10.5%
17 May 2013 835.3 16 May 2014 751.0 -10.1%
10 May 2013 786.9 9 May 2014 721.5 -8.3%
3 May 2013 731.4 30 April 2014 693.8 -5.1%
19 April 2013 557.0 18 April 2014 636.4 14.3%
29 March 2013 457.7 28 March 2014 559.1 22.2%
1 March 2013 291.5 28 February 2014 417.6 43.3%
2 February 2013 178.7 24 January 2014 215.9 20.8%

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 weekly Chinese language reports page, the location where weekly Chinese language reports can be accessed (note: weekly updates are typically released on Fridays with data for the previous Friday weekly close - i.e. there is a one week lag time in release of the weekly data).

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.

A July 2013 Bloomberg story, Gold Deliveries From Shanghai Bourse Jump on Physical Demand used the physical delivery data published by the SGE as a source (compare the year to date delivery numbers found on page 7 of the 5 July 2013 SGE weekly report (use the translation key above).

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 mAu(T+D) daily settlement volumes on a monthly basis, including current month to date. The mAu(T+D) is new in 2014 and is quickly becoming a popular item on the SGE. 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.