China's Gold Buying Binge Signals New Era for Precious Metals

Willem Middelkoop says China is buying gold on dips and that the 'reset' for gold's monetary role is already underway. The Big Reset author told Kitco News that China favors a lower gold price so it can continue accumulating, contrary to popular belief.

Middelkoop stated that central banks are now the main driver of the gold price, with buyers concentrated east of Germany. He noted that 2022 saw a record 1,082 tonnes of gold bought by central banks, and this trend has continued in subsequent years.

The World Gold Council reports that gold has overtaken U.S. Treasuries to become the second-largest reserve asset behind the dollar, at about 27% of global reserves as of 2025. Middelkoop believes a recent Deutsche Bank report supports a gold price well above $10,000 and puts it at $14,000 to $15,000.

He also discussed the shift in trade flows, with gold becoming a top U.S. export by value as metal leaves the country. Middelkoop sees this as evidence that the initiative has passed from the U.S. to others, and that the revaluation of gold is now driven by market forces.