Central Banks Are Stockpiling Gold at Four Times Normal Rates and Moving It Out of the US

Goldman Sachs data shows central banks globally purchased 79 tonnes of gold in August 2026, more than four times the pre-2022 average of 17 tonnes per month, with purchases running at 85 tonnes per month on a three-month seasonally adjusted basis. The surge reflects deepening concern about reserve security and geopolitical trust, with senior officials privately warning that gold stored in the United States is no longer seen as reliably safe.

China was the largest identifiable buyer at 25 tonnes in August, driven by a strategy of diversifying away from the US dollar and other G7 currencies, a motivation Goldman described as "likely to remain in place." Central bank holdings at the New York Fed fell 40 tonnes in August, while holdings at the Bank of England rose 46 tonnes over the same period.

Storage reallocations underline the shift in sentiment. The Netherlands moved 86 tonnes out of New York and Ottawa to London after a six-month operation, citing the need to be better prepared for serious crises. France's Banque de France sold 129 tonnes held in New York and replaced that gold with purchases in Europe. A growing share of central banks, 12 percent in Goldman's 2026 survey, declined to disclose where their gold is stored, up from 10 percent the prior year, and 18 percent would not say where they plan to store it over the next 12 months.

The development comes as markets head into a busy week centered on the Federal Reserve's October 28 rate decision. Gold held the $4,000 support level after a brief dip, with analysts watching the Fed closely to determine whether prices hold. Silver broke below $55 despite falling Treasury yields, leaving the Fed meeting as the next major test for precious metals. Separately, MNI reported that the Bank of Japan is weighing whether to soften its warnings on upside price risks in its next Outlook Report, adding another central bank variable to an already crowded macro calendar.