05/07/2026
Central banks just doubled down on gold in May.
They net bought 41 tonnes — more than double April’s 19 tonnes. Poland was the biggest buyer again, adding 18t and bringing their 2026 total to 64 tonnes (reserves now at a record 614t). China picked up another 10t — their 20th consecutive month of buying — pushing holdings to 2,331 tonnes. Turkey was the outlier, selling 3t to defend the lira.
The World Gold Council’s latest survey shows 89% of central banks expect global gold reserves to keep rising over the next 12 months, with a record 45% planning to add more themselves.
Gold climbed +2% last week after four straight down weeks, but it’s still trading about 25% below its peak.
This isn’t noise — it’s a clear long-term shift happening in the background. What do you think, are central banks preparing for something?