Chinese gold demand not letting up
Gold Researcher Koos Jansen has linked total Chinese demand to the off-takes from the Shanghai Gold Exchange (SGE). In the week 20-24 Jan that amounted to 57 tonne or 216 tonne to date and making January likely to exceed the all time record of 236 tonne last April. To put that into perspective, that is more than total global mine production. For a bit more perspective, the graph below show how Comex deliveries compare too. Why do we ‘go on’ about this? Because simple math would suggest that if just one buyer is exceeding all production, mint sales are breaking records, and prices are below production costs…. well what would you think gold prices should do?