| Ripple Effect — April 25, 2025
It’s no secret that China — at least its central bank — has been one of the biggest buyers of gold over the past few years.
It’s true, the Chinese don’t update their holdings, umn, quickly or often. Nevertheless, based on available sales data and other estimates, it’s possible to approximate how much China is buying.
Spoiler alert: It’s a lot. Over 50 tonnes in February alone.  For reference, at today’s prices, one tonne of gold is worth about $95.6 million. So multiply that out, and we get about $4.8 billion of gold buying from China alone in February.
To obtain that capital, China is likely scaling back its holdings of U.S. Treasuries, which also explains why the bond market has been selling off along with stocks over the past few weeks.
We doubt that China – and other central banks such as Russia’s and Turkey’s – are done buying. Just one of three factors contributing to a far greater gold price ahead. To review our research, click here.
-Addison | 
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Full details here. | P.S.: As always, your cheerful reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three. 
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
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