The Shanghai Gold Exchange withdrawals were 52.26 tonnes for the week ending 14 November.
To put this into perspective, there are a total of 27 tonnes of gold bullion in the registered ‘deliverable’ at these prices category in all the Comex warehouses now.
That’s only a few days supply work in Shanghai.
The point of this, of course, is that as a price discovery mechanism the Comex hardly merits the title anymore relative to the new physical markets in Asia since so little bullion is actually changing hands and being withdrawn, and their leverage is so high.
Compared to China it is like a game of Liar’s poker. And how apt that comparison might be.
Click on picture to enlarge
Click on picture to enlarge
