Shanghai oil price

China needs oil. 

But not heating oil.

Chinese gold demand rising

Chinese gold imports are rising. 

China Buying Silver Dip

China March 2026 silver imports at record high.

 

PBOC Balance Sheet Vs. Gold Price

 Michael Howell: The real driver of the gold price is China net liquidity injections.

Asia is the marginal buyer for gold and gold price is influenced by PBOC liquidity consisting of:
- MLF https://tradingeconomics.com/china/liquidity-injections-via-mlf
- Outright RRP https://tradingeconomics.com/china/outright-reverse-repo
- Bank RRP https://tradingeconomics.com/china/cash-reserve-ratio
- Daily RRP https://tradingeconomics.com/china/liquidity-injections-via-reverse-repo

China industrial boom and real estate bust

The new China economy. 

China silver export restrictions

As China becomes a net importer of silver again, the inventory at SHFE will rise. This rising inventory is correlated with higher silver prices. 

China's Silver on Critical Minerals List

On Oct 26, MOFCOM announced that tungsten, antimony, and silver will be added to China’s Key Export Supervision Catalog beginning November 2025. Exports will now require quota review and joint approval, replacing the prior self-reporting system. This means tightened export oversight through 2027 — not a relaxation of controls. While U.S. sources may highlight “general license” discussions, the official Chinese policy text confirms continued regulation of these critical minerals. For markets dependent on antimony, this underscores the strategic importance of North American supply chains and verified domestic production capacity. This notice tightens export controls, not loosens them — it shows that as of late October 2025, tungsten, antimony, and silver are now under stricter export supervision requiring government review and approval (rather than being freely exportable). So, contrary to the rumors about “general licenses removing controls,” this Chinese government release actually confirms the continuation or expansion of export controls into 2026–2027.

Remember, China exports a lot of silver.

China home sales slump

China real estate is still in bad shape.

10% Gold Allocation Chinese Insurers

10% of Chinese insurer assets into gold.

China gold imports

China gold imports are stable. 

China keeps buying gold

Another 50% gold move is on the horizon. 

Asia Gold ETF Buying

Asia is an emerging gold ETF buyer. 

Tariff Trade War De-escalation

USA - China lowered tariffs. 

Chinese insurers investing in gold

The Chinese insurance industry is starting to buy gold. 

China oil demand

China oil demand is falling off a cliff.

 

China Trade Surplus Goes Into Gold

China is winning and buying gold.

China energy per capita

China energy use per capita is peaking.

 

Population peaking.

China steel production is peaking.

China Silver Import Losses Vs. Silver Price

When China has silver import losses, silver will drop as they import less. 

China Diesel Consumption is Down

China oil consumption is down. 

China oil displacement with EV

EVs are taking over diesel demand in China.