China Is Buying Gold—Even More Than Expected? Barrick Mining, Newmont, and Lahontan Gold Stand to Benefit

China Makes Major Gold Purchases in June

China once again significantly increased its gold reserves in June 2026. According to the Chinese central bank, holdings rose by 480,000 troy ounces—or just under 15 metric tons—to a total of 75.44 million troy ounces. This corresponds to approximately 2,346 metric tons of gold. According to the Reuters news agency, this was the largest monthly increase since October 2023 and also marked the 20th consecutive month of purchases. However, the purchase did not set a historic monthly record. According to the World Gold Council, the People's Bank of China had already purchased around 10 metric tons in May—the largest amount since December 2024.

Chinese gold imports have also remained at a high level recently. As "Reuters" reported, citing data from the Hong Kong Census and Statistics Department, net imports from the financial center to mainland China totaled approximately 50.7 metric tons in June. This represents more than a doubling compared to the same month last year. Compared to May, however, imports declined by a good 5%. Furthermore, the statistics only reflect shipments via Hong Kong. Gold imported directly through Shanghai or Beijing, for example, is not included. While this does not constitute a clear import record, physical demand from China remains substantial.

Is China Buying Even More?

The market has long suspected that China's actual gold purchases are significantly higher than the officially reported amounts. The "Financial Times" cited analyst estimates suggesting that the Chinese central bank may have acquired up to 250 metric tons in 2025, while only about 25 metric tons were officially reported. Such calculations are based, among other things, on trade flows, changes in inventory levels, and gold purchases that cannot be clearly attributed to any specific source. They therefore cannot be confirmed beyond a doubt. Nevertheless, the official increases in reserves, high import volumes, and the suspected covert purchases suggest that China intends to further reduce its reliance on traditional foreign exchange reserves and expand its holdings of gold as a strategic asset.

Profit from the Gold Rally with Barrick and Newmont

For investors seeking to benefit from the long-term rise in the price of gold, Barrick Mining and Newmont are considered core investments in the gold sector. Both companies have large, geographically diversified mine portfolios, high production volumes, and extensive gold reserves. As a result, they offer relatively direct exposure to the price of gold. Rising selling prices can have a disproportionately large impact on cash flow and profits when production costs remain stable. At the same time, operational risks, cost increases, and political uncertainties persist in individual mining countries. Exploration companies are a good option for adding to a portfolio to gain additional leverage on the gold price.

Lahontan Gold: An Exciting Explorer for Leverage on the Gold Price

One of the most exciting explorers right now is likely Lahontan Gold. The company is developing a portfolio of four gold and silver projects in the US state of Nevada. The focus is on the formerly producing Santa Fe Mine in the resource-rich Walker Lane Trend. Between 1988 and 1995, approximately 359,000 ounces of gold and more than 702,000 ounces of silver were mined there via open-pit operations. Today, the project has an indicated resource of approximately 1.54 million ounces of gold equivalent, as well as an inferred resource of an additional 411,000 ounces. Lahontan plans to bring the mine back into production as early as next year. At current gold prices, this is likely to be highly profitable.

The latest drill results from the 2026 Sonic drilling program provide additional reasons to buy the stock. The drilling targeted a historic tailings pile, previously classified as low-grade, located directly adjacent to the second heap leach pad. One drill interval returned an average of 2.40 g/t gold and 50.7 g/t silver over 9.9 m. In total, three of the drill holes evaluated so far achieved an average grade of approximately 2.3 g/t gold equivalent. According to the company, these grades are significantly higher than the expectations based on the historical classification of the tailings pile.

Of particular interest is that the material is easily accessible. Initial metallurgical indications suggest that portions of the gold can be recovered using conventional heap leaching. This could potentially allow the gold to be extracted at significantly lower costs. The Sonic program has now been completed. Lahontan has drilled nearly 100 holes across the four historic heap leach pads. Further results are expected soon.

Lahontan has set ambitious goals for 2026. Plans include an updated resource estimate and a revised preliminary economic assessment (PEA) for Santa Fe. At the same time, the company intends to advance the permitting process so that construction of the mine can begin in 2027. In addition, the company aims to expand the known gold and silver zones at Santa Fe through further exploration drilling. For the West Santa Fe satellite project, an initial resource estimate is scheduled by the end of the year. The investigation of the historic heap leach pads could represent an additional value driver.

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Gold appears to be on the verge of a new rally. The USD 4,000 per troy ounce level is holding. The example of China shows that central banks continue to rely on the precious metal. Investors can benefit from this with Barrick Mining and Newmont as core investments. Lahontan Gold is also an attractive addition to a portfolio. The planned start of production next year provides greater visibility for investors. At current gold prices, the company is expected to generate strong cash flow and should be well positioned to recover its mine development costs relatively quickly.