Q: What percentage of each country’s central bank’s purchases are bonds, as compared to gold?
A: There is no centralized, public database that tracks the exact percentage of day-to-day purchases (bonds versus gold) for every individual country’s central bank. Many central banks keep their specific transaction flows and exact portfolio rebalancing strategies confidential to avoid signaling their moves to the broader market.
However, by looking at total reserve holdings across the globe, we can see a clear macroeconomic shift:
Gold has overtaken US Treasuries: According to a 2026 report by the European Central Bank, gold accounted for 27% of global official international reserves at the end of 2025.1
US Treasuries: By comparison, US Treasury bonds made up 22% of global reserves.
This marks the first time since 1996 that foreign central banks hold more of their reserves in gold than in US government debt.2
Why is this happening?
This shift is primarily driven by a combination of massive, sustained gold purchases by emerging market central banks (which picked up significantly starting in 2022) and the rising market price of gold. While advanced economies (like the US and European nations) have historically held a large percentage of their reserves in gold, recent aggressive buying has been led by countries looking to diversify their reserve assets away from the US dollar and traditional fiat-backed bonds.
Source: https://share.gemini.google/T0qj6CZT8ovO
ELSEWHERE:
Financial Times, Do central banks really have more gold than US Treasury bonds?, Sep 9 2025
Financial Post, Posthaste: U.S. Treasuries just got toppled from the world’s foreign reserve throne, Gold now the top reserve asset as value soars and central banks seek alternatives to the U.S. dollar, Jun 09, 2026
Yahoo: Gold Surpasses US Treasuries for the First Time in 30 Years, October 26, 2025
QUESTIONS:
How much do factors like inflation, diversification, and censorship contribute to central banks’ preference for gold?
We see, with Japan, that countries may face difficulty selling US Treasuries when needed. Does diversifying into gold help with liquidity?
What lessons, if any, should an individual or a business draw from central bankers’ rising holdings of gold?
Central Bank Gold Reserves by Country (2026)
Top 20 Central Bank Gold Holders
United States: 8,133.5 tonnes. Held primarily at Fort Knox, the Federal Reserve Bank of New York, and the U.S. Mint facilities at Denver and West Point. Gold represents approximately 70% of total U.S. foreign reserves. The U.S. has not bought or sold gold in meaningful quantities since the 1970s.
Germany: 3,352.6 tonnes. The Bundesbank repatriated approximately 674 tonnes from New York and Paris between 2013 and 2017. Gold now represents roughly 68% of German reserves. About half is stored domestically in Frankfurt, with the remainder split between the Bank of England and the Federal Reserve Bank of New York.
Italy: 2,451.8 tonnes. Managed by the Banca d’Italia. Gold represents approximately 65% of total reserves. Italy’s gold has been a point of political debate, with some Italian politicians suggesting sales to fund fiscal spending. The European Central Bank’s agreement on gold sales has historically prevented such moves.
France: 2,436.8 tonnes. Held by the Banque de France. Gold accounts for roughly 60% of total reserves. France has been a net seller in the past (under the Central Bank Gold Agreements) but has not conducted significant sales since 2009.
Russia: 2,336.2 tonnes. The Bank of Russia aggressively accumulated gold from 2006 through 2022, purchasing approximately 1,900 tonnes over that period. Russia accelerated buying after Western sanctions in 2014 and again after 2022, using gold as a sanctions-resistant reserve asset. Gold now represents roughly 25% of Russian reserves.
China: 2,280 tonnes (reported). The People’s Bank of China (PBOC) officially reports approximately 2,280 tonnes, but many analysts believe actual holdings are significantly higher, potentially 4,000 to 5,000 tonnes. China has a pattern of reporting gold purchases in large, delayed batches. Between November 2022 and late 2025, the PBOC added over 300 tonnes to its reported reserves.
Switzerland: 1,040.0 tonnes. The Swiss National Bank holds gold equal to roughly 5% of total reserves. Switzerland sold approximately 1,550 tonnes between 2000 and 2008 under the Central Bank Gold Agreements. A 2014 referendum to require the SNB to hold 20% of reserves in gold was rejected by Swiss voters.
Japan: 846.0 tonnes. The Bank of Japan’s gold holdings have been stable for decades. Gold represents only about 4% of Japan’s massive foreign reserves, one of the lowest ratios among developed nations.
India: 876.2 tonnes. The Reserve Bank of India has been one of the most active buyers since 2017, adding approximately 250 tonnes over the past five years. India purchased 200 tonnes from the IMF in 2009 in a single transaction that signaled emerging-market appetite for gold reserves.
Netherlands: 612.5 tonnes. De Nederlandsche Bank repatriated 122.5 tonnes from New York in 2014. Gold represents approximately 55% of Dutch reserves.
Turkey: 595.3 tonnes. The Central Bank of the Republic of Turkey has been a volatile holder, with reserves fluctuating significantly due to Turkey’s unique system that allows commercial banks to hold a portion of required reserves in gold. Net of commercial bank deposits, the CBRT’s own holdings have grown substantially since 2017.
Poland: 448.2 tonnes. Narodowy Bank Polski has been one of the most aggressive European buyers, adding roughly 200 tonnes since 2018. In 2023 and 2024, Poland purchased approximately 130 tonnes combined, the largest additions by any European central bank.
Uzbekistan: 382.4 tonnes. A significant holder relative to GDP, reflecting the country’s domestic gold mining output.
Kazakhstan: 355.1 tonnes. Like Uzbekistan, Kazakhstan’s reserves are supported by domestic mine production.
Portugal: 382.6 tonnes. High relative to the country’s economic size, a legacy of historical accumulation.
United Kingdom: 310.3 tonnes. Held at the Bank of England. The UK infamously sold approximately 395 tonnes between 1999 and 2002 at prices between $256 and $296 per ounce, a decision now referred to as “Brown’s Bottom” after then-Chancellor Gordon Brown. At current prices near $4,800, those sales represent a foregone value exceeding $55 billion.
Saudi Arabia: 323.1 tonnes. The Saudi Arabian Monetary Authority has been quietly accumulating gold, though reporting has been sporadic.
Lebanon: 286.8 tonnes. Remarkably high for a country of Lebanon’s size and economic situation, these reserves date to Lebanon’s pre-civil-war era as a regional financial center.
Spain: 281.6 tonnes. Held by the Banco de Espana, essentially unchanged for over a decade.
Austria: 280.0 tonnes. The Oesterreichische Nationalbank repatriated portions of its gold from London in recent years.
Q: How much gold does the Canadian Central Bank have, compared with US Treasuries?
A: The Bank of Canada holds zero official gold reserves and approximately $460 billion in U.S. Treasuries.
Canada is the only G7 nation without official gold holdings. The Canadian government began a multi-decade sell-off of its gold in the late 1970s, completely liquidating its final remaining ounces in early 2016.
FOOTNOTES:
Gold overtakes US government bonds to become the world’s largest reserve asset, LIGA.net (Russian?)