China Buying Twice More Gold Than Officially Reported Amid Surge In Central Bank Purchases

About a year after the FT confirmed what we had been reporting since 2024, that China was purchasing far more gold using hidden back channels than it officially admitted, China is still at it, and according to the latest monthly Goldman estimates (available to pro subs), central banks purchased 44 tonnes in July (more than double the pre‑2022 average of 17 tonnes), with the largest contribution once again coming from China, which purchased 35 tonnes in July...