China is ultimately the second-largest economy

Real estate, manufacturing, and employment are all struggling, so buying gold
North America is selling, China is buying
On this side of North America, gold ETF holdings decreased by about 2 million ounces in March, reaching a low for the year
On this side of China, holdings actually increased by about 500,000 ounces, with total holdings approaching 10 million ounces, at a relatively high level for the year
From early 2026 to now, China’s gold ETF holdings have increased by nearly 2 million ounces in total
North America, on the other hand, decreased by about 1 million ounces, with the initial increase at the beginning of the year mostly offset by outflows in March