China continues to quietly acquire gold: China purchased +15 tonnes of gold in September, or ~10 times more than officially reported by the central bank, according to Goldman Sachs estimates. Similarly, in April, estimated purchases reached +27 tonnes of gold, or 13 times more than officially reported. Meanwhile, official numbers show China acquired another +0.9 tonnes in October, bringing official gold holdings to a record 2,304.5 tonnes. Year-to-date, China’s reported gold purchases have reached +24 tonnes. Assuming official purchases continue to be just 10% of what China is actually purchasing, this suggests China has acquired +240 tonnes of physical gold in 2025. China's true gold reserves are far larger than disclosed.(The Kobeissi Letter)