The Kobeissi Letter, a widely followed X account focused on global macro trends, just posted a pretty incredible set of data. China is having historic demand for both silver and gold. Silver imports surged 78% month‑on‑month to a record 836 tonnes in March. Gold imports rose to 162 tonnes, the highest since March 2024. The numbers are not just large – they are unprecedented.
While Western markets focus on Bitcoin’s rally and Iran tensions, China is stockpiling precious metals at a pace never seen before.
What you'll learn 👉
Silver Demand Explodes – Record Imports, Solar Front‑Running
Chinese silver imports rose +78% month‑on‑month to a record roughly 836 tonnes in March. That is +173% above the 10‑year seasonal average for March. Year‑to‑date, silver imports have reached about 1,626 tonnes – the highest on record.
Two forces are driving this surge. First, retail investors are purchasing small silver bars as a lower‑cost alternative to gold. With gold near $4,750, silver at $78 offers a cheaper entry point for everyday savers. Second, solar manufacturers are front‑loading production ahead of the removal of export tax rebates on April 1st.
The global solar industry consumes about 20% of total annual silver supply. The majority of that activity is concentrated in China. When solar panel makers rush to secure silver before tax changes, the impact on physical demand is immediate and massive. The chart shared by The Kobeissi Letter (Bloomberg data, China General Administration of Customs) shows the vertical spike in March 2026, far exceeding any previous month. China’s demand for silver is exploding, and the supply side is not keeping up.
Gold Demand Reaccelerates – 17th Consecutive Monthly Purchase
China’s gold imports rose to 162 tonnes in March, the highest since March 2024. That marks the third consecutive monthly increase. Year‑to‑date, China has imported roughly 365 tonnes of gold.
Beyond private imports, the central bank is also active. China’s central bank acquired 5 tonnes of gold in March, the highest monthly addition since February 2025. That brings the 17th consecutive monthly purchase, and total official holdings have reached a record 2,313 tonnes.
The attached chart (Chinese gold imports, blue bars) shows a clear uptrend starting in late 2025 and accelerating into 2026. The March bar is the tallest since the 2024 peak. China is not diversifying away from gold, but doubling down on it. The combination of central bank buying and retail import demand creates a powerful bid under the gold market.
Read also: Here’s the Silver Price If Gold Hits $7,000
Our Take – Prices Flat for Now, But Geopolitics Could Ignite a Move
Gold and silver prices are mostly flat today. Gold is at $4,750 per ounce, silver around $78. Meanwhile, crypto is pumping. Bitcoin is up 3%, Ethereum 4%, and the total market cap has climbed above $2.6 trillion. Precious metals are taking a back seat to digital assets – for now.
But the fundamental backdrop for silver and gold has rarely been stronger. China is stockpiling both at record rates. The silver deficit is projected to widen again in 2026. Central banks are buying gold at a pace not seen since the 1970s.
What could break the current lull? Geopolitics. Iran has made a “final decision” not to attend talks with the US in Pakistan tomorrow. Iran believes a Pakistan‑brokered 10‑point ceasefire plan was undermined by “weak enforcement” and “ongoing maritime pressure.” Iranian officials say talks are “pointless” amid the US blockade of the Strait of Hormuz. Vice President JD Vance has now called off his trip to Pakistan.
If tensions escalate further, safe‑haven demand will return to gold and silver with force. The China stockpiling story is a slow‑burn bull case. A Middle East escalation would be an instant catalyst. For now, precious metals are resting. But the data says the next leg higher is a matter of when, not if.
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