Central banks bought 863 tonnes of gold in 2025. The World Gold Council says more are joining in 2026.

The buyers:
🇵🇱 Poland: largest buyer, 543 tonnes total, targeting 28% of reserves in gold
🇨🇳 China: 15 consecutive months of buying, 2,306 tonnes, nearly 10% of reserves
🇧🇷 Brazil: 43 tonnes in 3 months alone
🇨🇿 Czech Republic: explicit target of 100 tonnes by 2028
🇲🇾 Malaysia: first gold purchase since 2018
🇰🇷 South Korea: first gold investment since 2013
🇺🇿 Uzbekistan: consistent top 5 buyer
🇮🇩 Indonesia: steady monthly additions
New buyers are entering the market for the first time in years. Malaysia and South Korea both broke long buying droughts in 2026.
Meanwhile gold just dropped 23% in 53 days and retail investors are panic selling.
Central banks aren't selling. They're buying the dip the West is creating.
863 tonnes in 2025. The pace has doubled since the Russia sanctions froze $300 billion in foreign reserves. Every central bank watched that and asked: what asset can't be frozen?
The answer was gold.