1911 Gold Corporation (TSXV: AUMB; OTCQX: AUMBF)
1911 Gold is Manitoba’s Gold Standard - Ready, Permitted and High-Grade 1911 Gold is an Emerging Gold Producer, with Significant Cash Flow Generation and District-Scale Growth Potential
As of the closing on November 24, 2025, the gold market found firm support near $4,100 per ounce, though its momentum has noticeably slowed. This week’s gold price movement will be influenced by multiple factors, with two key elements being market speculation regarding the actual scale of China’s gold reserves and upcoming US economic data.
A recent analytical report from Société Générale indicates that China’s actual gold purchases in 2025 may be ten times the officially reported data. Michael Haigh, Global Head of Commodity Research at the bank, pointed out that calculations based on reliable indicators such as UK gold export data suggest China may have accumulated over 1,080 tonnes of gold since mid-2022, not the officially disclosed 100-plus tonnes. This would bring its actual reserves close to 5,000 tonnes, second only to the US’s 8,133 tonnes.
This “secret accumulation” strategy reflects heightened vigilance among global central banks regarding geopolitical risks. Bruce Ikemizu, Director of the Japan Bullion Market Association, stated, “We live in a multipolar world, and the only currency countries can trust now is gold.” The continued shift of the People’s Bank of China (PBOC) from dollar assets to gold is prompting deep reflection in the market about the reshaping of the traditional reserve architecture.
According to data from the PBOC, China has increased its gold holdings for 12 consecutive months, with official reserves reaching 2,304 tonnes as of the end of October, accounting for approximately 8% of its foreign exchange reserves and ranking sixth globally.
Haigh noted that following the freezing of Russian assets, China and other countries have become acutely aware of the potential risks associated with holding dollar assets. Gold, as the “ultimate reserve asset unaligned with the Western system,” has become an important tool for central banks to circumvent sanction risks.
Adrian Ash, Research Director at London-based BullionVault, observed that China had previously gone years without disclosing any changes in its gold reserves. The fact that it continues to update this data even at historically high gold prices is in itself a signal to the market. The authorities are telling the public: buying gold is a wise move.
Regarding the short-term trajectory of gold prices, Kathy Lien, Director of Proptraderedge.com, noted, “On a zero-to-three-month basis, the best way to describe gold is that it is a crowded trade.” She warned that if the Thanksgiving holiday shopping data shows strength, it could reinforce expectations that the Federal Reserve will pause interest rate cuts, further strengthening the US dollar and potentially triggering a deep correction in gold prices.
Technically, the US dollar index has broken above its 200-day simple moving average for the first time since February. If this significant technical breakthrough continues, it will put pressure on gold. Market expectations for a Fed rate cut in December have already fallen from 79% to around 50%. Any better-than-expected economic data could prompt speculative funds to exit the gold market.
