Central banks

  • Central banks continue to be positive on gold, with roughly the same number of central banks expected to buy gold compared to last year.

  • Gold’s performance during periods of crisis has risen to become the top reason for central banks to hold gold.

  • Central banks have also been venturing into non-traditional asset classes in recent years.

 

We highlight several key insights below

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How relevant are the following factors in your organisation's decision

Responses to this question showed a significant change from the previous surveys, perhaps indicating a growing recognition of gold’s performance during periods of market stress after a year of instability stemming from the pandemic.

2021 responses, all central banks

How relevant are the following factors in your organisation’s decision to hold gold?

How relevant are the following factors in your organisation’s decision to hold gold?
2021 responses, all central banks
Base: All central banks that currently hold gold (47); Advanced (15); Developing (32)

Base: All central banks that currently hold gold (47); Advanced (15); Developing (32)

 

 

How do you expect global central bank gold reserves to change over the next 12 months?

The majority of respondents believe that central banks will add more gold over the next 12 months, with 52% saying that global central bank gold reserves will increase. However, this is a decrease from last year when 75% of respondents felt that central banks would add more gold in the next 12 months. 

How do you expect global central bank gold reserves to change over the next 12 months?

How do you expect global central bank gold reserves to change over the next 12 months?
The majority of respondents believe that central banks will add more gold over the next 12 months.
The majority of respondents believe that central banks will add more gold over the next 12 months, with 52% saying that global central bank gold reserves will increase. However, this is a decrease from last year when 75% of respondents felt that central banks would add more gold in the next 12 months.  Base: All central banks (56); Advanced economies (20); EMDE (36) for 2021 data

Base: All central banks (56); Advanced economies (20); EMDE (36) for 2021 data

 

 

How do you expect your institution’s gold reserves to change over the next 12 months?

The number of respondents who will increase their own gold holdings has climbed to 21%, compared to 20% last year. No central bank is planning to decrease its gold reserves, a decline from 4% in last year’s survey. 

How do you expect your institution’s gold reserves to change over the next 12 months?

How do you expect your institution’s gold reserves to change over the next 12 months?
The number of respondents who will increase their own gold holdings has climbed to 21%, compared to 20% last year. No central bank is planning to decrease its gold reserves, a decline from 4% in last year’s survey
Base: All central banks (56); Advanced economies (20); EMDE (36) for 2021 data

Base: All central banks (56); Advanced economies (20); EMDE (36) for 2021 data

 

 

How do you purchase gold?

Buying gold on the international OTC market continues to be the most common form of central bank purchase, although the figure has fallen to 43% from 60% last year. 

How do you purchase gold?

How do you purchase gold?
Buying gold on the international OTC market continues to be the most common form of central bank purchase, although the figure has fallen to 43% from 60% last year.
This question was not asked in 2019. Base: All central banks that currently hold gold (46); Advanced (15); Developing (31) for 2021 data

This question was not asked in 2019.
Base: All central banks that currently hold gold (46); Advanced (15); Developing (31) for 2021 data

 

 

In what form do you purchase gold?

Good Delivery bars continue to be the mainstay of central bank gold purchases. Kilo bars and doré comprise far less popular amongst central banks, although their proportion has risen slightly compared to previous years.

In what form do you purchase gold?

In what form do you purchase gold?
Good Delivery bars continue to be the mainstay of central bank gold purchases. Kilo bars and doré comprise far less popular amongst central banks, although their proportion has risen slightly compared to previous years.
Base: All central banks that currently hold gold (46); Advanced (15); Developing (31) for 2021 data

Base: All central banks that currently hold gold (46); Advanced (15); Developing (31) for 2021 data

Source

World Gold Council

Update Schedule

The survey is expected to be conducted annually

Download the survey:

2021 Central Bank Gold Reserve Survey 2020 Central Bank Gold Reserve Survey 2019 Central Bank Gold Reserve Survey 2018 Central Bank Gold Reserve Survey
 

 

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