Extracts from a Bloomberg article in images below.
Chinese buying of gold has surged with premiums highest for sometime plus massive gold futures volumes similar to a year ago when POG surged $400 from February 2024 and a big Chinese inflows of 20t in to ETFs much bigger than last year.
In addition in the week ending 11/4/25 saw over 52t of gold flow into gold ETFs (image below) - so in 2025 far to 11/4/25 301.5t of gold ETF buying which is not far off the average for central bank average buying since 2022. ETF inflows in 2024, 2023 and 2022 were minus 7t, minus 244t and minus 110t - no wonder POG has surged I'm so far in 2025.
The increase in ETF buying in 2025 is much bigger than the increase in central bank buying since 2022 ie CB buying increase was from 45t (ie from 45t to 90t) per month on average but ETF buying this year is up nearly 90t per month from 2024 and 155t per month from 2023.
If ETFs continue buying at the average rate so far this year fir the rest of 2025 then gold will keep on going much higher and may even reach $US4,000 - but then anything can happen
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