China just made it 19 months in a row. The People’s Bank of China purchased 320,000 ounces of gold in May, continuing what is now the longest uninterrupted buying streak since the central bank began frequently reporting its reserve data in 2015.

The purchase brings the PBOC’s total gold holdings to 74.96 million ounces, roughly 2,332 tonnes. It also happens to be the largest single monthly addition since December 2024.

The streak, explained

Here’s the timeline. The PBOC ran an 18-month gold-buying streak that ended abruptly in May 2024. After a six-month pause, purchases resumed in November 2024. Since then, the central bank hasn’t missed a single month.

The data, released on June 7, came packaged with another eye-catching figure: China’s total foreign exchange reserves hit $3.44 trillion. That’s the highest level in over a decade.

Why gold, why now

Look, 74.96 million ounces sounds like a lot. And it is. But gold still represents a relatively modest share of China’s total reserves compared to countries like the US, Germany, or Italy, where gold accounts for a much larger percentage of central bank holdings.

What this means for investors

That 320,000-ounce May purchase, the largest monthly haul in roughly 18 months, is particularly significant.

The $3.44 trillion forex figure is worth watching alongside the gold numbers.

The key question going forward is whether the buying pace holds. Nineteen months is already a record streak for the modern PBOC reporting era.