Which countries Central Banks hold the most gold & which have added the most metal since 2020?
Which countries are buying the most gold for their reserves by Adrian Ash - Thursday 05/10/2023
https://www.bullionvault.co.uk/gold-n...
DEMAND to buy gold among central banks is a key part of the bullion market.
Over the past 10 years, central banks as a group have bought 1 in every 8 ounces produced by global gold mining. Their demand outweighed inflows to gold-backed ETF investment products 7 times over.
In fact, the total quantity of gold now held in national central-bank reserves – shown on BullionVault's interactive data table below – today accounts for 15% of all the gold ever mined in all of history.
Which countries are buying the most gold for their reserves?
Russia and China together account for more than 80% of the net central-bank gold demand reported to the International Monetary Fund since 2003. But looking at just the last 3 years, their proportion of the worldwide total falls to barely 1/5th. That's because, while China continued to invest in gold each month, Russia stopped and even reported some small sales amid the Western sanctions over its invasion of Ukraine.
Demand has meanwhile deepened among several other, smaller buyers.
Why do central banks buy and hold so much gold?
"Gold," says a research paper co-written by monetary historian Barry Eichengreen in 2023 and published by the IMF, "appeals to central-bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility."
Because those stresses have worsened so far in the 21st Century, gold's appeal has only grown for many central-bank buyers, as you can see on this interactive table (click the column headings to sort the table).
Overall, the total quantity of gold held in national central-bank reserves has increased 15% by weight since mid-2003 – and it has jumped 6-fold in US Dollar value to $1.9 trillion – led by Russia, China, India and Turkey.
Despite the overall growth in central-bank gold reserves, more than 1-in-5 (22.7%) of the countries covered in this table didn't hold any gold at any point over the past 20 years.
More notably, more than half of the other 126 (54.0%) owned less gold in mid-2023 than they did 20 years ago. Almost 1/3rd of those sellers are rich-world nations (30.9%), leaving only 4 advanced economies who have chosen to buy gold since 2003 (Ireland, Japan, Singapore, Taiwan).
So there's been a big split, in other words, between rich-world and emerging-market nations.
https://www.bullionvault.co.uk/gold-n...
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