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China bought 48 tonnes of gold in May, Goldman Sachs estimates

China bought 48 tonnes of gold in May, Goldman Sachs estimates

The bank said purchases through London’s OTC market were 4.8 times the 10 tonnes officially reported by China’s central bank for the month.

Fact Check
The claim accurately reports a Goldman Sachs estimate. The Kobeissi Letter (originating post) attributes the 48-tonne May figure and the 4.8x-over-official (vs 10 tonnes) framing directly to Goldman Sachs. Independent secondary financial commentary from GoldFix and Stephen Innes both confirm the same Goldman Sachs estimate of ~81 tonnes total central-bank May buying with ~48 tonnes attributed to China. The arithmetic (48 = 4.8 x 10) is internally consistent. This is an attributed estimate rather than an official PBOC figure, but the claim correctly frames it as a Goldman Sachs estimate.
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Summary

China acquired 48 tonnes of gold in May through the London OTC market (over-the-counter trading venue), marking its biggest monthly purchase in more than a year, based on Goldman Sachs estimates. The figure is 4.8 times higher than the 10 tonnes officially reported by China’s central bank for the same month, highlighting a gap between estimated market activity and disclosed reserve additions.

Terms & Concepts
  • London OTC market: Over-the-counter market for direct trading outside exchanges.
  • central bank: National monetary authority that manages reserves and currency.