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After all, China is the second-largest economy
Real estate, manufacturing, and employment are all struggling, so buying gold
North America is selling, China is buying
Here in North America, gold ETF holdings decreased by about 2 million ounces in March, reaching a low for the year
On the Chinese side, however, holdings increased by about 500k ounces during the same period, 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