Goldman Sachs Estimates China's Gold Purchases 128% Higher Than Reported
Goldman Sachs suggests China may have bought 148 tonnes of gold from May to August, significantly exceeding official figures.
Goldman Sachs suggests China may have bought 148 tonnes of gold from May to August, significantly exceeding official figures. JUST (JST) is trading at $0.1393, down 0.1% since this brief published. This is an original TLT brief based on reporting by Blockonomi, with live market data added, as of Thu, 22 Oct 2026 22:15:02 UTC.
This discrepancy raises questions about China's actual gold reserves and its potential strategic motives in underreporting purchases, which could impact global gold markets and currency dynamics.
- Goldman Sachs estimates 148 tonnes of Chinese gold buying from May-August.
- Official figures reported only 65 tonnes, creating an 83-tonne gap.
- Gap represents a 128% increase over reported figures.
- Global central bank gold buying reached record levels in recent months.
Goldman Sachs has estimated that China may have purchased 148 tonnes of gold between May and August 2023, significantly surpassing the official figure of 65 tonnes reported by Chinese authorities.
The largest discrepancy was in May, with an estimated 48 tonnes against the 10 tonnes officially disclosed. The gap narrowed in subsequent months, with August showing only a five-tonne difference.
While Blockonomi reports these estimates, it is important to note that they have not been independently verified. The potential for unreported gold purchases could have significant implications for understanding China's true economic and strategic intentions.
This revelation comes amid a period of increased global central bank gold buying, which has reached record levels. The trend suggests a broader movement among nations to bolster their gold reserves.
In the current market context, with the total crypto market cap at $2.79T and 
Bitcoin experiencing a 4.12% decline in the last 24 hours, gold's appeal as a traditional safe-haven asset may be growing. The Fear & Greed Index stands at 68, indicating a state of 'Greed' in the market.
Since this brief published about 1 hour ago, JUST (JST) has moved from $0.1395 to $0.1393 — -0.11%.
The chart plots JST's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 JST ≈ ₦190.04 (about $0.1393), down 0.2% over 24 hours. The naira itself trades about 2.2% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Goldman Sachs Estimates China's Gold Purchases 128% High — questions & answers
Why might China be underreporting its gold purchases?
The underreporting could be a strategic move to avoid market speculation or to maintain an element of surprise in its economic strategies.
How does this affect the global gold market?
If accurate, these estimates suggest higher global demand for gold, potentially driving up prices and influencing currency dynamics.
What is the significance of the global central bank gold buying trend?
The trend indicates a growing preference for gold as a reserve asset, reflecting economic uncertainty and potential currency concerns.
How much is 1 JUST worth in naira today?
About ₦190.04 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.1393. The naira price moves with both JST's US-dollar price and the USDT/NGN rate; use our JUST in naira page for any amount.
Has JUST's price moved since this brief was published?
JST is down 0.11% since this brief first published — trading at $0.1393 now versus $0.1395 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Blockonomi. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.