China’s official gold purchases are accelerating again.
In July, the People’s Bank of China added 640,000 ounces of gold — nearly 20 tonnes to its reserves.
It was the largest officially reported monthly purchase since October 2023.
China’s official gold reserves have now reached 76.08 million ounces, but what caught my attention most is the pace of buying.
It has increased every month since March.
And this is happening while gold is trading at historically high prices.
There is one important detail, though.
These are only China’s officially reported gold reserves.
There has long been debate over how much gold China actually accumulates outside the reserves reported directly by the PBoC. Gold could potentially enter the broader state system through other institutions and channels without immediately appearing in the central bank’s official statistics.
A number of analysts have argued for years that China’s true gold accumulation could be considerably larger than the official numbers suggest.
And that makes the recent acceleration even more interesting to me.
China isn’t waiting for cheaper gold. It is increasing its officially reported purchases even after the enormous rise in price.
Nearly 20 tonnes in July alone.
And that’s only the number we can see.
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