BREAKING: China’s central bank officially added +20 tonnes of gold in July, its largest monthly purchase since October 2023. This follows +15 tonnes and +10 tonnes acquired in June and May, respectively, and marks their 21st consecutive monthly increase in gold reserves. Year-to-date, China has officially raised its gold reserves by +60 tonnes, bringing its total gold holdings up to a record 2,366 tonnes. Meanwhile, China’s central bank has reportedly been moving more of its gold reserves from London to Hong Kong, signaling support for the city’s push to become a major global gold-trading hub. The relocation is set to continue as Hong Kong launches a new gold-clearing system aimed at making the city a bigger center for global gold trading and pricing. China’s appetite for gold remains incredibly strong.(The Kobeissi Letter)