China is still quietly stockpiling gold: China acquired +48 tonnes of gold in May via the London OTC market, the biggest monthly purchase in over a year, according to Goldman Sachs estimates. This is 4.8x more than the official +10 tonnes reported by China's central bank for May. Meanwhile, China's central bank officially added another +15 tonnes of gold in June, marking its largest monthly purchase in at least 2.5 years and its 20th consecutive month of reserve increases. Year-to-date, China has officially raised its gold reserves by +40 tonnes. Applying a more conservative 2.0x ratio to that year-to-date figure suggests China may have actually accumulated closer to ~80 tonnes of gold so far in 2026. China's real gold purchases are far above what official figures suggest.(The Kobeissi Letter)