China Quietly Stockpiling Gold, Goldman Estimates Show
Goldman Sachs estimates China acquired 48 tonnes of gold via the London OTC market in May, the largest monthly purchase in over a year, while official figures show only 10 tonnes. China's central bank added another 15 tonnes in June, its biggest monthly increase in 2.5 years, marking 20 consecutive months of reserve growth.
China continues to accumulate gold at a pace well above official disclosures, according to estimates from Goldman Sachs.
In May, China purchased an estimated 48 tonnes of gold through the London OTC market -- 4.8 times more than the 10 tonnes officially reported by the People's Bank of China for that month. This was the largest monthly acquisition in over a year.
The central bank's official data shows an additional 15 tonnes added in June, the biggest monthly increase in at least two and a half years and the 20th consecutive month of reserve expansion. Year-to-date, officially reported gold reserves have risen by 40 tonnes.
Applying a conservative 2.0x multiplier to that official year-to-date figure, Goldman suggests China may have actually accumulated roughly 80 tonnes of gold so far in 2026. The gap between reported and estimated purchases highlights the scale of undisclosed accumulation via offshore markets.
Source: The Kobeissi Letter