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So far this year, central banks have bought about 25% of worldwide gold production.

China is one of the biggest gold buyers.

China has dumped over 25% of its massive stash of Treasuries since 2021. At the same time, China has bought vast amounts of gold — five million ounces since last November, or nearly $10 billion.

Central banks and governments are the largest individual holders of gold in the world.

Together they own over 1.1 billion troy ounces of gold out of the 6.8 billion ounces humans have mined over thousands of years.

And those are just the official numbers that governments report. The actual gold holdings could be much higher because governments are often opaque about their gold, which they consider a crucial part of their economic security.

Russia and China — the US’ top geopolitical rivals — have been the biggest gold buyers over the last two decades.

It’s no secret that China has been stashing away as much gold as possible for many years.