China Continues Making Covert Gold Purchases in London
While the gold space has been obsessed over the gold streaming from London to New York in reaction to President Donald J. Trump’s tariff threats, even as it had little effect on price, the bigger story is that the People’s Bank of China (PBoC) is quietly stockpiling gold at a frenetic rate.
Direct gold exports from the U.K. to China—a proxy for PBoC purchases—remained impressively strong in November at 50 tonnes. As the Chinese central bank (PBoC) in 2024 has secretly bought approximately 600 tonnes with $50 billion U.S. dollars, it’s confident about where the dollar price of gold is going: UP.