China is, after all, the second-largest economy. Real estate, manufacturing, employment are struggling—so, buy gold. North America is selling, China is buying. In North America, gold ETF holdings dropped by about 2 million ounces in March, hitting the lowest point this year. Meanwhile, in China, holdings increased by about 500,000 ounces during the same period, with total holdings nearing 10 million ounces, sitting at a relatively high level for the year. From early 2026 to now, China’s gold ETF holdings have cumulatively increased by nearly 2 million ounces. North America, on the other hand, has reduced holdings by about 1 million ounces, with the gains from earlier this year essentially offset by March outflows.