Gold isn’t trading like a commodity anymore. It’s trading like a confession — the closest thing markets have to a whispered admission that the old reserve architecture is buckling under the weight of a new geopolitical cycle. And the FT just confirmed the part everyone suspected but couldn’t publicly say: China isn’t buying a little more gold than it reports — it’s buying ten times more. Enough to move the global price structure, enough to distort every short-term signal, and enough to tell you that Beijing’s true hedge isn’t rhetoric, it’s tonnage. This isn’t a tailwind for gold. It’s a structural rewiring of how ... (full story)