5 Things to Know About the New Chinese Gold Rush
- China’s central bank has added 30 tons of gold to its reserves in just two months, signaling a major shift away from US dollar holdings.
- Record-high gold prices above $2,400 per ounce are being driven by massive Chinese household buying, as millennials turn to gold bars over stocks.
- State-owned banks are slashing import quotas, creating a supply squeeze that pushes spot premiums in Shanghai to double those in London.
- New “digital gold” trading apps in China allow investors to buy fractional grams of physical gold, boosting accessibility and record retail demand.
- Analysts warn this could trigger a global gold shortage if China continues hoarding at this pace, affecting jewelry and tech industries worldwide.