Chinese gold demand is up 4.5% so far this year over last year, according to figures from the Shanghai Gold Exchange (SGE). The full year figure is on track for 2,050 tonnes by the end of the year. That’s below the record 2015 year of 2,596 tonnes, but still well above last year’s 1,970 tonnes. But how much can we trust these figures?
As we’ve reported before, China has a long history of not releasing complete or always-reliable economic numbers, a trend that continues to this day. Your Gold Enthusiast believes the SGE figures show at least the general trend, but probably aren’t as spot-on accurate as an accountant would like.
Today’s featured article discusses both of these observations. It also provides insight into the monthly movements of gold in the SGE. It’s always nice to peek behind the wall and see what’s going on back there.