The State Administration of Foreign Exchange (SAFE) reported 78.30 million ounces in China’s gold reserves for October, marking a 24th consecutive monthly rise in the official series.
The series moved from 77.47 million ounces at September’s end to 78.30 million a month later, a net gain of 830,000 ounces. The October amount is equivalent to about 2,435.402 metric tons.
The official reserve series records the movement in China’s reported stock, while a market estimate measures buying activity. Goldman Sachs used London over-the-counter bullion trading as an indicator of Chinese buying. Its estimate for May through August was 148 metric tons, compared with 65 metric tons in additions reported by the People’s Bank of China.
EconoTimes previously covered the 83-metric-ton gap between Goldman’s estimate and reported additions.
