The Gold Lens · Topic
PBOC
4 analyses on how PBOC is shaping the gold market.
Who Sold Gold in September?
Gold fell 8.5% in September. In the same month, funds holding physical gold took in $10 billion and China’s central bank made its largest purchase in three years. Ownership rose while the price fell. The selling came from the futures market, and that tells you what kind of fall this was.
12 October 2026 · 8 min read
The Western Buyers Came Back
In June, Western investors were pulling billions out of gold funds. In August they put in $18 billion — the second-largest month on record — and gold rose 13%. What brought them back was not a bet on the Fed, and that matters more than the rally.
15 September 2026 · 8 min read
The Two Kinds of Gold Buyer Just Traded Places
Western investors pulled billions from gold funds in June — North America's worst first half since 2013. The world's central banks used the same weakness to buy more. The correction has sorted gold's owners into two camps keeping very different time.
16 July 2026 · 7 min read
Why the PBOC's Gold Buying Spree Is About More Than Reserves
China's central bank has added gold for seventeen consecutive months since buying resumed in late 2024. The strategy reveals far more about Beijing's geopolitical calculus than its balance sheet.
7 April 2026 · 5 min readBrowse Other Topics