中国连续9月增持黄金，还是买的太少了？特朗普对瑞士加征39%关税

Core Viewpoint - China's central bank has been steadily increasing its gold reserves for nine consecutive months, reaching a total of 73.96 million ounces (approximately 2300 tons), amidst speculation that this trend may soon halt due to external pressures, particularly from the U.S. [2][4][9] Group 1: China's Gold Accumulation Strategy - The Chinese central bank's approach to gold accumulation is characterized by a steady and methodical increase, purchasing 50,000 to 100,000 ounces monthly since November, which has resulted in a significant accumulation of hard currency [4][7] - Unlike other countries, China's gold purchases are all repatriated, enhancing its domestic reserves rather than relying on foreign storage [7][9] - China's gold reserves currently account for only 7% of its total reserves, significantly below the global average of 15%, indicating potential for further accumulation [9][11] Group 2: Impact of U.S. Tariffs on Gold Prices - The U.S. has imposed a punitive 39% tariff on Switzerland, which is expected to affect gold prices due to Switzerland's role in the global gold supply chain [4][11] - This tariff could lead to a situation where U.S. gold becomes more expensive compared to other countries, as Switzerland refines 70% of the world's gold [11][13] - The imposition of tariffs reflects a broader strategy by the U.S. to maintain dollar dominance, but it may inadvertently strengthen the position of gold as a reliable asset [11][15] Group 3: Global Monetary Dynamics - Central banks worldwide are accumulating gold at an unprecedented rate, with 95% indicating plans to continue buying in the coming year, signaling a shift in global monetary dynamics [11][15] - The rise in gold accumulation is seen as a preparation for potential instability in the dollar system, with countries like China reducing U.S. Treasury holdings while increasing gold reserves [15][16] - The evolving landscape suggests that gold is becoming more than just a safe-haven asset; it is emerging as a key player in the reconfiguration of the global financial order [16]