From May through August, Goldman reckons Beijing bought more than DOUBLE what it officially reported.
Even August’s 25 tonnes was higher than China’s declared 20, and that was the smallest gap in months!
And the official numbers are hardly modest. China has been buying gold for 23 straight months, with September marking its biggest monthly purchase in nearly 3 years.
Beijing isn’t alone in this gold rush.
Goldman estimates central banks worldwide snapped up 79 tonnes in August, more than 4 TIMES their pre-2022 monthly average of 17.
But they’re not just buying gold, they’re also moving what they already hold OUT of North America.
The Dutch central bank shifted 86 tonnes of gold reserves from New York and Ottawa to London, citing growing geopolitical unrest.
Gold holdings at the New York Fed also fell by 40 tonnes in August alone.
Nobody’s officially breaking up with the dollar. But central banks seem awfully interested in having a VERY shiny Plan B.
Sources: Fortune, Goldman Sachs, DNB / Writer: Julie


