According to Goldman, China Secretly Buying Up Massive Amounts Of Gold, 10x More Than Officially
👉According to the Goldman Sachs nowcast of central bank and other institutional gold buying on the London OTC market, October saw central banks buy a whopping 64 tonnes in October (vs. pre-2022 average of 17 tonnes), with China once again the largest buyer adding 55 tonnes, which is striking since the official number reported by the PBOC was one-tenth that, or just 5 tonnes. In other words, China is secretly buying up ~10x more gold than it admits. 👉Commenting on the surge in purchases, the Goldman analyst writes that "surveys and history suggest that EM central banks buy gold as a hedge against financial and geopolitical shocks" and adds that "central bank purchases will remain elevated because fears about geopolitical shocks have structurally risen since the freezing of Russian reserves in 2022, and because relatively low gold shares in EM central banks reserves vs. DMs leaves room for growth." In fact, 81% of the central banks surveyed by the World Gold Council expect global central bank gold holdings to rise over the next 12 months, with none anticipating a decline. 🚨 As shown on the chart below, what is far more striking is the staggering (and growing) divergence between the modest amounts of gold purchases reported by the hashtag#PBOC and the far greater amount China has actually purchased on the London OTC market, in a clear attempt to mask its staggering demand for the precious metal, and be extension, its diversification away from the dollar... Source; www.zerohedge.com
Draw your own conclusions
Source chart: @topdowncharts
The breakout continues:
Gold jumps 1.3%, biggest one-day move since November 22, well above the 50DMA and briefly above $2700. The race to new all time highs is on. Source: zerohedge
China’s central bank gold reserves hit a record 72.96 million fine troy ounces in November.
China bought 160,000 fine troy ounces of gold last month, resuming purchases after 6 months. China’s gold reserves have risen by a whopping 10 million ounces over the last two years. As a result, the value of the country’s gold reserves reached $193 billion in November, near the record $199 billion posted in October. Meanwhile, gold prices have rallied 28% year-to-date, and trade just 5% below all-time highs. China's gold stockpile is back on the rise. Source: The Kobeissi Letter, Bloomberg
Bitcoiners had to endure a run of * counts fingers * FIVE black swan events in the span of 8 years, each resulting in price dumps anywhere from 50% to 80%…
Source: Milk Road, Reddit
Breaking : Gold
Bitcoin $BTC is now outperforming Gold by the largest margin in history Source: Barchart
This is the largest daily gold selloff in four years (-3.5%)
Primarily due to profit-taking transitioning into long liquidation after last week's strong rally, Israel's Netanyahu "in principle" approval of a Lebanon ceasefire deal and the announcement of Scott Bessent as President-elect Donald Trump's nominee for US Treasury Secretary. Bessent is seen as another advocate of a smaller government and budget deficits. Source chart: Bloomberg, Tavi Costa
WORLD INVESTING LANDSCAPE IS CHANGING
Global central banks gold reserves hit 13%, the highest in at least 3 decades. At the same time, foreign ownership of US government bonds fell to ~24%, near the lowest in 2 decades. World is embracing gold at the expense of Treasuries. Source: Global Markets Investor, Apollo
