China 'secretly' buys large amounts of gold - Adds reserves to reduce dependence on the US dollar
China's unreported gold purchases could be more than 10 times larger than official figures as the country quietly tries to diversify its reserves and reduce its reliance on the U.S. dollar. Analysts point to increasingly unclear sources of demand behind record gold prices.
Public purchases reported by China's central bank have been so low this year, 1.9 tons purchased in August, 1.9 tons in July and 2.2 tons in June, that few traders trust the official figures.
Societe Generale analysts estimate that Beijing's total purchases could reach up to 250 tonnes this year, or more than a third of total global demand from central banks.
The country's unreported buying rate shows the growing challenges facing traders trying to predict where prices will go next, in a market increasingly dominated by central bank purchases.
"China is buying gold as part of its 'de-dollarization' strategy. Unlike oil, where you can track the process with satellites, you can't with gold. There's no way to know where it's going and who's buying it," experts explain.
Central banks have been buying large amounts in recent years, fueling a surge that has pushed the price above $4,300 an ounce. Data from the World Gold Council shows that, over the past decade, the yellow metal's share of global reserves outside the US has risen from 10 to 26 percent, making it the second-largest reserve asset after the US dollar.
However, fewer and fewer of these purchases are reported to the International Monetary Fund, which collects data voluntarily. In the last quarter, only a third of official purchases were publicly reported, down from about 90 percent four years ago, according to estimates by the World Gold Council.
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