Shanghai Gold Exchange Au(T+D) Weekly Delivery and Daily Settlement Volume Trends
For daily settlement updates, click here.
March 9, 2016 - withdrawal information will continue to be published... see SGE Confirms To Continue Publishing Withdraw Data!
January 26, 2016 - From gold expert Koos Jansen: Are SGE Withdrawals Gone?.
January 15, 2016 - the first weekly delivery report is out but the reporting format has changed. It looks like the SGE will now be providing more details, along the lines of weekly delivery, weekly trade volume and the ratio of delivery to trade for both gold and silver.
Translations by Google.
I have a query into the SGE to confirm that the January 8, 2016 physical gold delivery from vault was 238.2 tonnes -- seems too high thus the query. If the units for the table were 100 grams (rather than kilograms) then the number would be 23.8 tonnes which compares reasonably well with the 29 tonnes of physical delivery reported for 9 January 2015. But, I'm waiting for confirmation before making any chart updates.
The Shanghai Gold Exchange reports gold deliveries from vaults on a weekly basis (on a one week delayed basis). The cummulative weekly year to date deliveries for 2013, 2014 and 2015 reports are plotted below.
The full year gold deliveries from vault from 2008 to 2015 (year to date) follow:
An example of the weekly 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).
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):
| SGE Weekly Gold Delivery From Vault
versus Daily Settlement Volume (totals tonnes for year or year to date) | ||||
|---|---|---|---|---|
| 2013 FY | 2014 FY | 2015 YTD | ||
| Physical Gold Delivery From Vault | 2,186 | 2,102 | 2,503 | |
| Au(T+D) + 0.1*mAu(T+D) Settlement Volume | 2,977 | 3,302 | 3,434 | |
An ad hoc inspection the historic periods of negative GOFO rates suggests that when rates are negative, daily settlement volumes drop off and settlment volumes pickup after rates return to their normal positive values -- major periods of past negative GOFO rates were:
November 2014
April/May 2014
February 2014
October 2013
July/August 2013
The weekly physical gold deliveries, which I believe are always made from physical inventory, do not appear correlated with GOFO rates.
I strongly expect that as of mid April 2015, gold GOFO rates are solidly negative. TIA to anyone who can send me the current GOFO quotes.
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.
