BREAKING: China purchased +25 tonnes of gold in August via the London OTC market, according to Goldman Sachs estimates. This is +25% more than the official +20 tonnes reported by China's central bank for this month. This also follows estimated purchases of +35, +40, and +48 tonnes in July, June, and May, respectively. Over these 4 months, China's estimated gold purchases through the OTC market exceeded officially reported purchases by 83 tonnes, or +128%. Meanwhile, global central banks are estimated to have acquired +79 tonnes of gold in August, +365% above the pre-2022 average of +17 tonnes. China is stockpiling gold.