Goldman Sachs Note Hints China’s Real Gold Accumulation May Be Much More Than Double Official Numbers

Goldman Sachs analysts estimate that China’s actual gold accumulation may be more than double its officially reported reserves, citing discrepancies between reported purchases and activity in over-the-counter gold markets. The note suggests China is quietly building its gold holdings as part of a long-term strategy to diversify away from U.S. dollar assets and strengthen its financial position. If China’s true reserves are much larger than reported, it could reinforce expectations for continued central bank gold demand and provide long-term support for gold prices.