China Secretly Buys Over 91 Tons of Gold Monthly, Goldman Sachs Reveals
Goldman Sachs has revealed that China is secretly buying massive quantities of gold, with monthly purchases exceeding 91 tons. This is a significant increase from the previous average rate of institutional buying, which was just 17 tons per month.
The discrepancy between official figures and Goldman Sachs estimates highlights a long-standing issue in the gold market: central banks do not always disclose their purchases immediately or in full.
Goldman Sachs tracks the quantities of gold traded through the London over-the-counter market to domestic vaults or third-party custodians. This allows them to identify transactions that may not yet be reflected in official sovereign reserves data.
In July, China accounted for the majority of the total 44 tons of gold purchased by central banks, according to financial market assessments. Goldman Sachs estimates that China bought 35 tons of gold in July, making it the largest known buyer during that specific month.