Beijing’s Gold Grab Isn’t Slowing—It’s Just Getting Smarter Publicly, China claims to hold 2,300.4 tonnes of gold—only 8% of its total reserves. But that’s a smokescreen. To match the average central bank ratio of 21.7%, China would need to more than double its current reserves—adding over 3,000 tonnes. And here’s the kicker: they’re buying quietly, in ways that don’t show up in the IMF’s official tallies. SocGen’s analysts compared IMF numbers with UK customs data. While the IMF says China bought just 2.9 tonnes in July, the real number may have been closer to 14 tonnes. And zooming out? Their true monthly average since late 2022 is closer to 33 tonnes—triple what the IMF reports. That’s not a rounding error.…
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