WS #16355
Goldman Sachs estimates that China purchased an additional 25 tonnes of gold via the London OTC market in August, significantly more than the 20 tonnes officially reported. This trend of covert accumulation follows months of substantial buying (35, 40, and 48 tonnes in prior months), signaling a strategic move to diversify reserves away from the US dollar. This long-term structural demand for gold supports its price floor and reflects growing de-dollarization efforts among central banks.
China Gold Accumulation
Goldman Sachs estimates that China purchased an additional 25 tonnes of gold via the London OTC market in August, significantly more than the 20 tonnes officially reported. This trend of covert accumulation follows months of substantial buying (35, 40, and 48 tonnes in prior months), signaling a strategic move to diversify reserves away from the US dollar. This long-term structural demand for gold supports its price floor and reflects growing de-dollarization efforts among central banks.