China’s Gold Demand Surges Past U.S. in Early April
Inflows into Chinese gold ETFs have already surpassed Q1 totals—outpacing the U.S. and signaling a powerful shift in global demand.
Early this week John Reade, the Senior Market Strategist at the World Gold Council, wrote that he was shocked to learn that Chinese gold exchange-traded funds saw more gold inflows during the first eleven days of April than they did in the entire first quarter of 2025.
He further stated that this surge put China’s gold ETFs increases (in both ounces—9.356 million—and in monetary terms—$29.1 billion) in early April even higher than the gains in American gold ETFs, which have more than ten times the assets under management.
Last year, with China’s real estate and stock markets teetering and banks looking shakier than usual, there was a huge increase in private gold demand in that nation, happening right along with the central bank’s continuing addition of gold reserves. Chinese gold imports were insufficient to meet demand, so investors started purchasing futures contracts on the Shanghai Futures Market. The combined demand for gold on the Shanghai Gold Exchange and Shanghai Futures Market eventually exceeded the volume traded in the US COMEX gold markets.
With such strong gold demand, China’s central bank reported for several months that it had not added any gold reserves. However, some gold imports into China during those months did not go through the official reports of gold movements. China’s central bank likely continued adding gold reserves even in months when it claimed it didn’t.
China’s central bank acknowledged that it had added gold reserves in December 2024 and has reported adding gold reserves in each of the four months since.
The big news for the gold market in the first quarter of 2025 was the surge in gold imports into the US from the London Bullion Market Association. For the second quarter of this year, the major gold news may be the surge in Chinese gold demand, both private and government.
Last column’s numismatic trivia question.
Last time, I asked— Which living person was depicted on a US coin where the bill authorizing its issue was shepherded part way through Congress by this person’s relative? House Bill 3879 was introduced into the US House of Representatives in the 103rd Congress (1993-1994) to authorize the minting of coins to commemorate the 1995 Special Olympics World Games. The Bill was assigned to the House Banking, Finance & Urban Affairs Committee of which Rep. Joseph P. Kennedy II, son of the late Senator Robert F. Kennedy was a member. When this coin was issued by the US Mint in 1995, the obverse depicted Eunice Kennedy Shriver (1921-2009). Shriver, Kennedy’s aunt, was a major instigator of the establishment of Special Olympics. The reverse of the coin is dominated by a quote from Shriver, with her full name included at the end.
As the PCGS website states at 1995 Special Olympics Dollars “The decision to feature Eunice Kennedy Shriver so prominently on the coin, as seen by way of her large left-facing obverse portrait, did not originally sit well with her the Citizens Commemorative Coin Advisory Committee. However, Massachusetts Representative Joseph P. Kennedy II, who helped spearhead the authorization of the coin at the legislative level, led the push to see his aunt honored on the coin dedicated to the Special Olympics cause for which she long advocated.”
This week’s trivia question
Here is this week’s question. What is technically inaccurate about the 2001 US American Buffalo Silver Dollar? Come back next week for the answer.
Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He also received the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, the 2017 Exemplary Service Award, the 2012 Harry Forman National Dealer of the Year Award, and the 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild (including twice in 2020), the Professional Numismatists Guild, the Industry Council for Tangible Assets, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Michigan, and writes “Liberty’s Outlook,” a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries, "Things You ‘Know’ That Just Aren’t So,” and “Important News You Need To Know,” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).
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