【Goldman Sachs: Central banks bought 79 tonnes of gold in August—four times the usual amount—and even moved gold bars 😱🥇】
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There’s one figure in Goldman Sachs’ report this week: 79 tonnes. That’s how much gold central banks around the world bought in August. Before 2022, the normal level was just 17 tonnes. More than four times as much; the seasonally adjusted three-month pace is 85 tonnes a month. I looked at that pace twice. $BTC , on the other hand, fell 2.2% today. 🥇
China’s central bank bought 25 tonnes in August. China’s central bank was the only major buyer named by Goldman Sachs. But gold still makes up a relatively small share of China’s reserves. By long-term allocation standards, it remains underweight. 🥢
The Dutch central bank admitted something in September. Over the past six months, 86 tonnes of gold were moved out of New York and Ottawa. Their destination: vaults in London. The Dutch central bank said the reason was escalating geopolitical turmoil. Gold bars in London can be liquidated the fastest and put to immediate use in a crisis. That’s what made me sit up straight. 🏦
The Bank of France made a move in March, too. It sold 129 tonnes in New York, equal to 5% of its reserves, then bought the gold back in Europe. Goldman Sachs also calculated another set of figures. In August, gold held in custody at the New York Fed fell by 40 tonnes. Over the same period, the Bank of England’s holdings rose by 46 tonnes. 🚚
In August, Goldman Sachs also asked central banks a question: Where do you keep your gold? 12% of central banks refused to answer outright, up from just 10% last year. The share diversifying their overseas storage locations jumped from 2% to 10%. Gold is currently at $4,085 an ounce, down 1.3% today. $BTC —safe-haven money hasn’t flowed in here. 🧭
My personal take: this isn’t buying gold; it’s buying “the ability to get it back at any time.” Central banks aren’t worried about the gold price—they’re worried their gold bars might be seized. Bitcoin has been called digital gold for more than a decade. But when it comes time to move gold bars, it’s still gold that people turn to. Safe-haven money trusts assets that can be delivered, not balances on someone else’s server. ⚖️
📌 Central banks bought 79 tonnes of gold in August, four times the usual amount; 86 tonnes of gold bars were moved from New York to London. Bitcoin didn’t attract safe-haven flows this time around.
What do you think the digital-gold narrative is still missing?
Join Mr. X’s fan group chat on the homepage 🔥
There’s one figure in Goldman Sachs’ report this week: 79 tonnes. That’s how much gold central banks around the world bought in August. Before 2022, the normal level was just 17 tonnes. More than four times as much; the seasonally adjusted three-month pace is 85 tonnes a month. I looked at that pace twice. $BTC , on the other hand, fell 2.2% today. 🥇
China’s central bank bought 25 tonnes in August. China’s central bank was the only major buyer named by Goldman Sachs. But gold still makes up a relatively small share of China’s reserves. By long-term allocation standards, it remains underweight. 🥢
The Dutch central bank admitted something in September. Over the past six months, 86 tonnes of gold were moved out of New York and Ottawa. Their destination: vaults in London. The Dutch central bank said the reason was escalating geopolitical turmoil. Gold bars in London can be liquidated the fastest and put to immediate use in a crisis. That’s what made me sit up straight. 🏦
The Bank of France made a move in March, too. It sold 129 tonnes in New York, equal to 5% of its reserves, then bought the gold back in Europe. Goldman Sachs also calculated another set of figures. In August, gold held in custody at the New York Fed fell by 40 tonnes. Over the same period, the Bank of England’s holdings rose by 46 tonnes. 🚚
In August, Goldman Sachs also asked central banks a question: Where do you keep your gold? 12% of central banks refused to answer outright, up from just 10% last year. The share diversifying their overseas storage locations jumped from 2% to 10%. Gold is currently at $4,085 an ounce, down 1.3% today. $BTC —safe-haven money hasn’t flowed in here. 🧭
My personal take: this isn’t buying gold; it’s buying “the ability to get it back at any time.” Central banks aren’t worried about the gold price—they’re worried their gold bars might be seized. Bitcoin has been called digital gold for more than a decade. But when it comes time to move gold bars, it’s still gold that people turn to. Safe-haven money trusts assets that can be delivered, not balances on someone else’s server. ⚖️
📌 Central banks bought 79 tonnes of gold in August, four times the usual amount; 86 tonnes of gold bars were moved from New York to London. Bitcoin didn’t attract safe-haven flows this time around.
What do you think the digital-gold narrative is still missing?