Central banks are preparing a record assault on gold: a new cycle of reserve accumulation
Global financial regulators are showing unprecedented optimism toward gold. According to a fresh survey by the World Gold Council, which included 74 central banks, 45% of them plan to increase their gold reserves over the next 12 months. This figure is a record high in the history of observations and more than double the level seen in 2020.
For the third consecutive year, we are recording a steady increase in the share of central banks intending to replenish reserves. This is not a temporary spike in interest but the formation of a long-term trend. It is particularly telling that developing economies are leading this movement: 53% of regulators from this group announced purchase plans, compared to 48% a year earlier. This shift in demand reflects the desire of BRICS countries and other emerging markets to qualitatively diversify reserves and reduce dependence on traditional currency assets, primarily the US dollar.
Record Demand and Bullish Sentiment
The scale of expectations is impressive: 89% of all surveyed central banks predict an increase in global gold reserves over the next 12 months. This is the second highest result in the history of such surveys. Notably, none of the participants expect a decline in reserves—all "decrease" and "undecided" answer options are absent this year. The peak in optimism remains in 2025 with a figure of 95%, but the current level is also extremely high.
Regulators view current price levels not as a reason for caution, but as an excellent entry opportunity. Analysts note that central banks prefer to actively buy gold precisely during price dips, which further supports the market. The combination of record plans and near-universal expectations of growth paints a picture of powerful bullish sentiment that will provide support for gold prices in the medium term.
Expert commentary: I view this trend as a fundamental shift in global reserve policy. The massive move by central banks toward accumulating gold is not just protection against inflation, but a strategic response to geopolitical instability and an attempt at de-dollarization. For the crypto market, this is a signal: institutional interest in safe-haven assets is growing, and Bitcoin, as digital gold, could become a beneficiary of this process, although it still lags behind physical metal in accumulation pace.