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Jan Nieuwenhuijs: China continues covert gold purchases in London
By Jan Nieuwenhuijs
Money Metals Exchange, Eagle, Idaho
Monday, January 27, 2025
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 is quietly stockpiling gold at a frenetic rate.
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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 in 2024 secretly bought approximately 600 tonnes with $50 billion U.S. dollars, it's confident about where the dollar price of gold is going: up.
Since February 2023 I have been publishing evidence of the PBoC buying significantly more gold than what it reports to the International Monetary Fund. These purchases have broken the West's dominance in the market by driving the price higher. ...
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