In addition to the well-known investors from Russia and China, many other central banks have recently bought gold of considerable size. These include Turkey, Australia and Qatar.
Gold as a hedge
More and more countries are using gold to hedge themselves against market turbulence. There has been a trend towards rising gold reserves for many months now. However, in addition to the well-known players on the international gold market, new national buyers have joined the ranks. The World Gold Council (WGC) has updated the list of global gold reserves. The official national gold reserves are mostly included as of July/August 2019.
There are no changes within the top 5. Russia’s gold reserves are now reported at 2,230.4 tonnes. This is 11.2 tonnes more than in the previous month. China’s national gold reserves have increased by 5.9 tons to 1,942.4 tons. Turkey has recorded a strong increase in gold stocks. The WGC reports an increase in stocks of 41.8 tonnes to 362.5 tonnes. According to the organisation, these are purely state-owned gold stocks. The Turkish central bank also includes the deposits of commercial banks in the official figures. Read more here: Turkey’s gold reserves rise sharply.
Australia is also increasing
According to the World Gold Council, Australia has also been expanding its gold reserves for a long time. The country is listed at 79.9 tonnes. In the previous month it was only 68.7 tonnes. Thus 11.2 tons must have been added. Prior to that, stocks had remained unchanged for five consecutive months. Qatar was also active in the gold market. Their reported gold holdings increased by 3.1 tonnes to 42.2 tonnes. Kazakhstan has sold 2.7 tonnes of gold and now officially owns 377.3 tonnes of the precious metal. For Uzbekistan, too, the figure of 325.7 tonnes is 2.1 tonnes less gold than in the previous month.
Worldwide gold reserves
The World Gold Council puts the total global gold reserves at 34,392.65 tonnes. Compared to the previous month, a decrease of 14.93 tonnes is astonishing. These figures should therefore be treated with caution. It should be noted that the reports follow at different times. Some countries do not provide regular data on their gold reserves. These include Iran, Israel and North Korea.