Thursday, January 8, 2015

Chinese gold demand and SGE withdrawals: the role of leasing and inventory changes

Following on from my and Koos posts on leasing (here and here), Koos and I have been discussing leasing and SGE withdrawals. Koos says that when the gold is leased it’s transferred from the lessor’s SGE bullion account to the lessee’s SGE bullion account. It can then be:sold spot on the SGE by the lessee (ie miner, or speculator).withdrawn from the vaults. In this case it’s very likely the gold is leased by a jeweler for production - why else get your hands on the physical?In this post I'm interested in the second point and what it means for interpreting SGE withdrawal figures.



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