Shanghai Gold Exchange Au(T+D) Weekly Delivery and Daily Settlement Volume Trends
For daily settlement updates, click here.
In 2015 the New Year holidays came two weeks later. After accounting for holiday weeks, the 2015 physical delivery from vault in March is expected to lag 2014 on a YTD basis.
|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|
|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).
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):
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
Gold physical delivery from vault was: 2,186 tonnes
Au(T+D) Settlement Volume was: 2,410 tonnes
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.