China Wants to Control Gold Pricing - Craig Hemke
The Deep Dive Aug 18, 2026
Summary
China bought 60 metric tons of gold through July 2026, more than double its 24-27 metric ton annual pace of the prior two years.
The surge in Chinese official-sector gold buying is driving a notable lift in global central bank demand.
Beijing's motive is unclear — it may be selling dollars on price weakness or stockpiling reserves to back new exchanges.
Craig Hemke's takeaways
- Top takeaway He points out China purchased 20 metric tons of gold in July alone, putting the year-to-date total at 60 metric tons through July, versus only 24-27 metric tons across each of the prior two full years.
- He reads the surge as strategically ambiguous — either China using dollar weakness to diversify reserves or stockpiling gold to back its exchanges — and concludes it is materially impacting central bank demand.