In April, the People's Bank of China purchased +8 tons of gold, marking the largest single-month increase since December 2024. This follows a +5-ton purchase in March and represents their 18th consecutive month of gold buying, bringing the official total holdings to a record-breaking 2,322 tons. Since 2022, China's gold holdings have increased by +372 tons, a +19% rise. China is buying gold on the dip, preparing comprehensively in every aspect—you know what’s up.