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What's behind China's astonishing gold-buying spree?

The frenzy for the safe-haven asset sweeping the People's Republic
China's hunger for gold
The world's leading gold producer and second-biggest importer
Record global gold prices
China's consumer gold rush and the slumping property market
Gold as the go-to investment
China's traditional fondness for gold
China's Gen Z gold bean craze
China's gold bean mania
The downsides of China's gold bean obsession
The Chinese central bank's gold-buying spree
China's record-breaking gold purchases
China's surprisingly meagre gold reserves
Gold reserves in major nations
Countries with no gold reserves
China's foreign reserve vulnerability
China's US sanctions fear
Is China buying gold to prep for a Taiwan invasion?
China's vanishing gold resources
China's mission to dedollarise the global economy
China is swapping its US dollar reserves for gold
The proposed BRICS currency
A new currency for the Global South backed by gold
The US dollar's hard-to-shift global dominance
The potential consequences of dedollarisation for the US economy
Is the Chinese government trying to crash the US economy?
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FOTOGRIN/Shutterstock

The frenzy for the safe-haven asset sweeping the People's Republic

China is in the midst of a massive gold-buying spree. Consumer demand for the trusty commodity is skyrocketing and the nation's central bank is busily filling its coffers with vast quantities of bullion. As a result, global gold prices are reaching record levels, hitting new highs in October 2024.

With the country's gold fever showing no sign of slowing down any time soon, read on as we explore the extent of China's precious metal addiction and discover the possible reasons – some more troubling than others – behind its drive to stockpile gold like there's no tomorrow.

All dollar amounts in US dollars.

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Daniel Coughlin

18 October 2024

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