The People's Bank of China 🇨🇳 has been buying gold for 15 consecutive months.
Even after the metal market experienced one of its worst days in years:
gold - down 10% for the session,
silver - down 16%,
copper - down 5.7%.
Hedge funds are panicking, speculative positions are being cut by tens of percent, the 'bulls' are disappearing.
And central banks continue to accumulate.
Only in January, China bought an additional 40,000 troy ounces.
In 2025, official gold purchases exceeded 860 tons.
This is an important point.
When speculators sell through volatility — it's noise.
When central banks buy on the dip — it's a strategy.
The gold market is currently unstable, but the behavior of major players speaks louder than charts.
Someone is fixing emotions.
Someone is building reserves for years ahead.
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