Structure
The SGE trades physical-backed contracts with mandatory delivery for most. Daily withdrawal data hints at real Chinese physical demand absorbed off the exchange.
Precious metals intelligence
Shanghai Gold Exchange
The SGE is the dominant Chinese gold venue and one of the only major exchanges built around physical delivery rather than paper settlement.
SGE premium
Spot SGE pricing often trades at premium to London. A persistent wide premium signals strong Chinese physical demand and constrained import flow. A premium collapse signals demand fatigue.
Why Western traders watch it
SGE flows leak into global pricing via arbitrage. Sustained premium pulls metal from London vaults toward Shanghai, tightening Western inventories.
Daily metals brief
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Dealer reference
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APMEX
Broad bullion catalogCoins, bars, and market references.
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Retail bullion pricingUseful for comparing product premiums.
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Dealer quote checkGood for bid, ask, and spread discipline.
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Bullion and storage contextUseful for physical-market terms.
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