China's purchase of gold is nothing new; the status of gold is something that everyone in the world recognizes. However, the surge in gold prices half a month ago was somewhat unusual.

$PAXG China continues to quietly acquire gold:

China purchased +15 tonnes of gold in September, or ~10 times more than officially reported by the central bank, according to Goldman Sachs estimates.

Similarly, in April, estimated purchases reached +27 tonnes of gold, or 13 times more than officially reported.

Meanwhile, official numbers show China acquired another +0.9 tonnes in October, bringing official gold holdings to a record 2,304.5 tonnes.

Year-to-date, China’s reported gold purchases have reached +24 tonnes.

Assuming official purchases continue to be just 10% of what China is actually purchasing, this suggests China has acquired +240 tonnes of physical gold in 2025.

China's true gold reserves are far larger than disclosed.

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