Goldman: China "Secret" Gold buying Surprises Yet Again
We see upside risk to our monthly average forecast
Housekeeping: We have as many as 9 posts lined up this weekend. We will try to bunch up most posts in one email GoldFix PM style. Busy times for sure.
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Goldman Sachs’ latest nowcast confirms continued strong central bank and institutional (low key, non reported) gold buying in April, with 68 tonnes purchased across non-US jurisdictions via the London OTC market.
China’s secretive Gold buying was first discussed at GoldFix in context of the first time Goldman disclosed theirnew methodolgy in pricing Gold in “Goldman Shares a Gold Secret
Their current figure remains far above the pre-2022 average of 17 tonnes at 88 tonnes and above above Goldman’s current aggresive estimates