Part 4/9:
While official data from the PBOC suggested a mere increase of five tons of gold in November, deeper scrutiny by researchers like Yan New Andis pointed to substantial undisclosed transactions, with significant imports from London noted in September and October alone. Enco’s analysis suggests that since 2022, China has possibly amassed an additional 1,000 tons, leading to estimates of total reserves closer to 5,000 tons, contradicting the official figure of approximately 2,300 tons.