China completed its 18th consecutive month of gold purchases, pushing reserves to an all-time high. Moreover, the People’s Bank of China notched the largest single monthly demand surge in 15 months, signaling a rapacious appetite for physical gold and a policy-driven accumulation. Meanwhile, Chinese consumer demand remains tepid, but the real drivers of precious metals prices remain strong. The World Gold Council (WGC) reports that the PBOC loaded up on eight tons of gold in April, representing the largest month-to-month rise since April 2024. Over the past few years, the central bank has notched several streaks of ... (full story)