Nearly every central bank on the planet thinks gold reserves are headed higher. The World Gold Council’s 2025 survey found that 95% of central bank respondents expect global gold reserves to increase over the next 12 months. That’s up from 81% in the 2024 edition of the same survey. More telling: a record 43% of central banks said they plan to boost their own gold holdings, not just predict that others will.

The numbers behind the buying spree

Central banks collectively purchased a net 244 tonnes of gold in Q1 2026, a figure that exceeded both the prior quarter and the five-year quarterly average. Goldman Sachs forecasts that central banks will buy an average of 60 tonnes per month throughout 2026. For context, that pace would put annual sovereign demand at roughly 720 tonnes, a volume large enough to meaningfully tighten supply in a market where annual mine production typically hovers around 3,500 to 3,600 tonnes.

Poland has emerged as one of the most aggressive buyers. The country has accumulated approximately 595 tonnes of gold and has publicly stated a target of reaching 700 tonnes by the end of 2026.

The demand is happening despite gold prices hovering near $5,000 per ounce. Central banks aren’t bargain hunting. They’re buying at premium prices because they believe the strategic case outweighs the sticker shock.

Why central banks are pivoting to gold

Gold doesn’t carry counterparty risk. No government can freeze it. No central bank can print more of it. The shift from 81% to 95% optimism about gold reserves in a single year reflects something beyond tactical positioning.

Poland’s aggressive accumulation is instructive. Located on NATO’s eastern flank, the country has obvious geopolitical reasons to want hard assets that can’t be digitally seized or devalued by foreign monetary policy.

What this means for investors

For crypto investors specifically, Tether, the issuer of the world’s largest stablecoin, has been accumulating gold reserves. When a company whose entire business model revolves around maintaining a dollar peg decides to hold gold as a reserve asset, it suggests that even within the digital asset ecosystem, there’s growing recognition that bullion serves as a meaningful hedge.

Goldman Sachs’ forecast of 60 tonnes per month in central bank purchases provides a useful benchmark. If actual buying exceeds that pace, it would likely add further upward pressure to prices. If it falls short, the market might interpret that as a cooling signal, though the structural trend would remain intact.