Gold: Physical #gold volumes on the Shanghai Gold Exchange round out a rather slow month, down 17% year on year. 1/3 
Gold: Although we continue to hear that underlying demand is doing pretty well in China, efforts to better-control the use of gold in shadow financing may be contributing to a slowing in exchange volumes.
Gold: T+D volumes were also a bit soft in June, 10% lower than the average of 2018-to-date and roughly half the previous year's levels.
