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Jan Nieuwenhuijs: China reaffirms tight grip on gold market, ushering in a new monetary era
By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Saturday, January 13, 2025
Without a doubt, the Chinese central bank is still the leading single entity that is driving up the gold price to record highs, year-to-date by more than 55%.
In the third quarter of 2025, the PBoC's gold purchases (reported and unreported) accounted for 118 tonnes, up 39% month over month and 55% year over year, according to my long-time methodology (now copied by Goldman Sachs, Bloomberg, MarketWatch, The Washington Post, Time magazine, the Financial Times, Financiele Dagblad, and El País, to name a few).
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My estimated total for Chinese monetary gold reserves stands at 5,411 tonnes in Q3, versus 2,304 tonnes reported by the central bank of China to the International Monetary Fund.
Why is China buying so much gold?
It’s because China is the second-largest economy globally, and due to the weaponization of the dollar since the Ukraine war began in 2022, the vast, covert buying spree by China and countries like Saudi Arabia should not be viewed as a hedge against the dollar but as a replacement for the dollar. ...
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