SD Bullion Weekly
China May Be Buying 10Xs More Gold Than Reported
Precious metals continue to confirm their incredible year of price performance, with gold and silver rallying this week amid expectations of Federal Reserve liquidity and inflation.
Silver futures briefly reached a new nominal all-time high of $54.39 per ounce on Thursday, and gold surpassed $4,200 oz for the first time since last month.
We now have mainstream financial media like London's Financial Times publicly admitting that China may be buying as much as 10 times more gold than is being reported.
As well as acknowledging that government central banks are likely doing similar underdeclarations in their Official Gold Reserve buying.
Plenum Research, a Beijing consultancy, was cited in this article, backlinked in the show notes, which reported that in 2023 and 2022, China was estimated to have bought six times the official gold reported to the tune of nearly 1300 tons each year, going to Chinese gold reserves.
Of course, we all know the official gold reserves China's SAFE declares are a mere fraction of what it likely owns off balance sheets. Being the world's number one gold miner for nearly 15 years has likely also helped China amass more gold than we should venture to guess.
The spot silver and gold markets were up overall on the week, with a slight selloff at the close today.
The spot silver price closed at $50.50 oz bid, and the spot gold price ended at $4,082.50 oz bid price.
The spot gold-silver ratio ended the week at a still historically high level of 80.
The fact that, during this recent price consolidation in gold, the West has sold off so much tonnage while China's combined 20 unsecured ETFs have been the major net buyers should tell us something.
The West is still confused about what game we are apparently all playing, in terms of bullion versus all other goods, services, and asset classes ahead.
That will be all for this week's SDBullion Market Update. And as always, to you out there, take great care of yourselves and those you love.
9:22
CLIP SOURCES
- Whatβs Behind the Gold Vibe Shift? | Presented by CME Group
β’ Whatβs Behind the Gold Vibe Shift? | Prese...
- CHINAβS gold purchases could be more than 10Xs its official figures
https://www.businesstimes.com.sg/inte...
- Dr. Mark Thornton on silver being declared critical in the USA:
https://x.com/jessebday/status/198943...
- Win 500 Silver Coins, enter here:
https://SDBullion.com/sweepstakes