China continues to stockpile gold behind the scenes:

China acquired +10 tonnes of gold in November, ~11 times more than officially reported by the central bank, according to Goldman Sachs estimates.

Similarly, in September, estimated purchases reached +15 tonnes, or 10 times more than officially reported.

Furthermore, China officially bought an additional 0.9 tonnes in December, pushing the total gold reserves to a record 2,306 tonnes.

This also marked the 14th consecutive monthly purchase.

In 2025, China’s total reported gold purchases reached +27 tonnes.

Assuming official purchases were 10% of what China is actually buying, this suggests China acquired +270 tonnes of physical gold in 2025.

China is stockpiling gold like we are in a major crisis.