BREAKING: China acquired +35 tonnes of gold in July via the London OTC market, its 3rd-largest monthly purchase since mid-2025, according to Goldman Sachs estimates. This is 75% more than the official +20 tonnes reported by China's central bank for July. This also follows estimated purchases of +48 and +40 tonnes through the OTC market in May and June, respectively. This brings the total for these 3 months up to +123 tonnes. By comparison, China’s central bank has officially increased its gold reserves by +80 tonnes in the first 8 months of the year. China’s gold accumulation is far larger than its official figures reveal.