China's buying way more gold than they're letting on.
Official numbers for June: +15 tonnes
Actual purchases via London OTC market: +40 tonnes
That's 167% more than what they reported. Same story in May — officially +10 tonnes, but closer to +48 tonnes through OTC channels.
In July, they officially added +20 tonnes, the biggest monthly buy since October 2023.
Year-to-date official total: +60 tonnes, bringing their reserves to a record 2,366 tonnes.
But here's the kicker: just May and June alone, they likely grabbed +88 tonnes through OTC markets — more than their entire official year-to-date total.
Why does this matter? Central banks don't accumulate gold this aggressively without reason. It's a hedge against currency risk, geopolitical uncertainty, and dollar dependence. When a major economy quietly stockpiles this much, it's a signal about where they see the world heading.
Watch gold. Watch the dollar. And watch what central banks do, not just what they say.
Official numbers for June: +15 tonnes
Actual purchases via London OTC market: +40 tonnes
That's 167% more than what they reported. Same story in May — officially +10 tonnes, but closer to +48 tonnes through OTC channels.
In July, they officially added +20 tonnes, the biggest monthly buy since October 2023.
Year-to-date official total: +60 tonnes, bringing their reserves to a record 2,366 tonnes.
But here's the kicker: just May and June alone, they likely grabbed +88 tonnes through OTC markets — more than their entire official year-to-date total.
Why does this matter? Central banks don't accumulate gold this aggressively without reason. It's a hedge against currency risk, geopolitical uncertainty, and dollar dependence. When a major economy quietly stockpiles this much, it's a signal about where they see the world heading.
Watch gold. Watch the dollar. And watch what central banks do, not just what they say.
