Central banks

The 2019 Central Bank Gold Reserves (CBGR) survey points to continued robust central bank demand for gold in the short and medium term. 11% of emerging market and developing economy (EMDE) central banks surveyed say they intend to increase their gold reserves over the next 12 months. This is similar to last year’s purchases, when 12% of the world’s 155 EMDE central banks bought gold. This gave rise to 651 tonnes of central bank gold demand, the highest level on record under the current international monetary system. The planned purchases are being driven by higher economic risks in reserve currencies. In the medium term, central banks see changes in the international monetary system, with a greater role for the Chinese renminbi and gold. 39% of EMDE central banks cited anticipated changes in the international monetary system being relevant to their decision to hold gold.

We highlight several key insights below.

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

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

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

 

 

Base: All central banks with gold holdings (32); Advanced economies (9); emerging market and developing economies (23)

 

 

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

The majority of central banks expect global central bank gold reserves to increase over the next year. 38% of central banks expect global gold reserves to remain unchanged but no central banks thought global gold reserves would decrease.

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

How do you expect global central bank gold reserves to change over the next 12 month
The majority of central banks expect global central bank gold reserves to increase over the next year. 38% of central banks expect global gold reserves to remain unchanged but no central banks thought global gold reserves would decrease.

Base: All central banks (39); Advanced economies (11); Emerging markets and developing economies (28).

 

 

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

8% of central banks expect to increase their gold holdings in the next 12 months. A higher proportion of emerging markets and developing economy central banks (11%) expect to increase their gold holdings. The majority of central banks do not anticipate a change in their gold holding level.

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?
8% of central banks expect to increase their gold holdings in the next 12 months. A higher proportion of emerging markets and developing economy central banks (11%) expect to increase their gold holdings. The majority of central banks do not anticipate a change in their gold holding level.
 

 

How do you purchase gold?

How do you purchase gold?

How do you purchase gold?

*With other central banks or international organisations

Base: All central banks with gold holdings (32); Advanced economies (9); Emerging market and developing economies (23)

 

 

In what form do you purchase gold?

In what form do you purchase gold?

In what form do you purchase gold?

 

Source

World Gold Council

Update Schedule

The survey is expected to be conducted annually

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