China stacking gold off the books — reported 20 tonnes, bought 25.

BREAKING: China purchased +25 tonnes of gold in August via the London OTC market, according to Goldman Sachs estimates.

This is +25% more than the official +20 tonnes reported by China’s central bank for this month.

This also follows estimated purchases of +35, +40, and +48 tonnes in July, June, and May, respectively.

Over these 4 months, China’s estimated gold purchases through the OTC market exceeded officially reported purchases by 83 tonnes, or +128%.

Meanwhile, global central banks are estimated to have acquired +79 tonnes of gold in August, +365% above the pre-2022 average of +17 tonnes.

China is stockpiling gold.

BREAKING: China purchased +25 tonnes of gold in August via the London OTC market, according to Goldman Sachs estimates.

This is +25% more than the official +20 tonnes reported by China's central bank for this month.

This also follows estimated purchases of +35, +40, and +48… pic.twitter.com/6qv1fCovBB

— The Kobeissi Letter (@KobeissiLetter) October 22, 2026

Estimates suggest China’s undisclosed gold accumulation may exceed 80 tonnes

Goldman Sachs estimates put Chinese gold purchases at 148 tonnes from May through August, compared with 65 tonnes officially reported, a difference of 83 tonnes. The largest monthly gap was in May, when estimated purchases reached 48 tonnes against 10 tonnes reported. The estimates suggest that official disclosures may understate China’s accumulation, although they do not independently establish that the difference sits in a secret central-bank stockpile.

China adds 63 tonnes of gold in one quarter

China’s officially reported gold purchases reached 63 tonnes in the third quarter, the country’s strongest quarterly accumulation since the third quarter of 2023. Its reported holdings reached approximately 2,410 tonnes by the end of September, extending the buying streak to 23 consecutive months. This accumulation continued even as gold prices pulled back during September.

Chinese gold ETF holdings reach a record as investors seek alternatives

Chinese gold ETFs added 11 tonnes in September, taking total holdings to a record 304 tonnes. Third-quarter inflows reached RMB 27 billion, or approximately $3.9 billion, as investors sought diversification amid weakness in Chinese equities and falling government bond yields. The buying shows that demand for gold extends beyond the central bank itself.