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The FT Confirms China's Secretive Gold Buying
As noted in this space prior breaking down reports from Goldman Sachs, Soc Gen, and others over the last three years; the following can be restated: China's central bank and related entities appear to be buying far more gold ( up to 10x more) than they officially report, creating a large and opaque source of demand that is closely tied to a broader effort to reduce exposure to the US dollar and that helps explain the current record bullion prices. Our latest breakdown below is based on some reporting by the Financial Times, in particular Leslie Hook's excellent work breaking down a SocGen piece titled "China's ... (full story)