While the gold space has been obsessed over the gold streaming from London to New York in reaction to President Donald J. Trump’s tariff threats, even as it had little effect on price, the bigger story is that the People’s Bank of China (PBoC) is quietly stockpiling gold at a frenetic rate.
Direct gold exports from the U.K. to China—a proxy for PBoC purchases—remained impressively strong in November at 50 tonnes. As the Chinese central bank (PBoC) in 2024 has secretly bought approximately 600 tonnes with $50 billion U.S. dollars, it’s confident about where the dollar price of gold is going: UP.
An Exceptional Bull Case for Gold
Since February 2023, I have been publishing evidence of the PBoC buying significantly more gold than what it reports to the IMF. These purchases have broken the West’s dominance in the market by driving the price higher (see here and here).
I found the smoking gun of the PBoC’s secret gold operations in November 2024. As private demand in China declined and premiums on the Shanghai Gold Exchange (SGE) turned negative in September, Chinese imports remained robust.
For those with knowledge of the Chinese market, there can only be one explanation for stout inflows when SGE gold is trading at a discount: the central bank is bringing in gold. It also fits hand in glove with the other evidence. […]
— Read More: headlineusa.com
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