Goldman Sachs estimates Chinese buyers acquired 148 tonnes of gold from May through August 2026, compared with 65 tonnes in additions disclosed by the People’s Bank of China (PBoC), a difference of 83 tonnes, or 128% of the official total. Goldman’s monthly estimates were 48 tonnes in May, 40 tonnes in June, 35 tonnes in July and 25 tonnes in August, versus approximately 10, 15, 20 and 20 tonnes officially reported. The monthly gap narrowed from 38 tonnes in May to five tonnes in August, but the cumulative difference remained substantial. The comparison does not establish that Beijing secretly acquired 83 tonnes because Goldman infers purchases from market flows and trade indicators, while the PBoC reports changes in recorded holdings; combining the figures could also double-count overlapping purchases. Goldman separately estimated global central-bank purchases at 79 tonnes in August, more than four times the pre-2022 monthly average of 17 tonnes, compared with 39 tonnes of publicly reported net additions. The World Gold Council put China’s official holdings at 2,387 tonnes after a 20.2-tonne August increase and 2,410 tonnes after a further 23-tonne September increase, extending the buying streak to 23 months. The estimates come amid wider reserve diversification and changes in gold-storage locations linked to geopolitical and currency concerns.