« … Philip Klapwijk, managing director of Hong Kong-based "... And there is still room for demand to grow, said Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights. Amid limited investment options in China, the protracted crisis in its property sector, volatile stock markets and a weakening yuan are all driving money to assets that are perceived to be safer.
“The weight of money available under these circumstances for an asset like gold – and actually for new buyers to come in – is pretty considerable,” he said. “There isn’t much alternative in China. With exchange controls and capital controls, you can’t just look at other markets to put your money into.”
https://www.scmp.com/business/china-business/article/3259781/shining-example-how-china-propelling-golds-record-breaking-rally
https://www.bloomberg.com/news/articles/2024-04-21/china-is-front-and-center-of-gold-s-record-breaking-rally