The dragon is secretly stockpiling goldThe comparative chart of China’s gold purchases (Goldman Sach

The dragon is secretly stockpiling goldThe comparative chart of China’s gold purchases (Goldman Sachs estimates of London OTC market buying versus official PBoC reports) shows that China’s actual gold purchases are far higher than what is reflected in the central bank’s official statistics.From a macroeconomic perspective, this trend aligns with the strategy of diversifying foreign exchange reserves and reducing dependence on the dollar — a pattern also seen in many emerging-market central banks. Of course, these figures are estimates.@The_Economist_Telegram