18/06/2026 12:58 - Economia
Lingotes de oro brillantes ordenados en estanterías metálicas dentro de una bóveda de banco central con luz cálida reflejándose en el metal precioso, atmósfera de seguridad y valor
The World Gold Council published its annual central bank reserve survey, conducted between February 5 and May 19, 2026. The results are clear: never before have so many central banks expressed a firm intention to buy gold as they do now.
of central banks plan to increase their reserves in the next 12 months
A historic record since the statistical series began in 2018foresee that global gold reserves will increase during the next year
Only 1% expect their reserves to decreaseThe survey reveals that central banks have accumulated an average of 1,000 tonnes of gold over the last four years, a significant increase from the 500-tonne average of the previous decade. This acceleration has clear explanations:
A parallel phenomenon is transforming the geography of gold: countries are withdrawing their reserves from the vaults of New York and London to store them on their own national territory.
| Country | Action | Quantity | Period |
|---|---|---|---|
| 🇫🇷 France | Total repatriation from the NY Fed | 129 tonnes | July 2025 - Jan 2026 |
| 🇮🇳 India | Reduction of gold held abroad | From 55% to 22% of reserves | March 2023 - March 2026 |
| 🇵🇱 Poland | Repatriation from the Bank of England | 100 tonnes | 2019 (precedent) |
| 🇩🇪 Germany | Maintains 37% of reserves in NY | 1,236 tonnes | Political pressure to repatriate |
The freezing of approximately USD 300 billion in Russian international reserves following the invasion of Ukraine in 2022 served as a wake-up call for many nations. The message is clear: assets held under foreign jurisdiction can be impacted by political decisions.
Gold has, for the first time, surpassed US Treasury bonds as the primary reserve asset for central banks.
Value of gold held by central banks
Invested in US public debt
Expect less weight for the dollar in 5 years
📋 Context: 84% of respondents believe gold will have a larger share of total reserves in five years, up from 76% in the previous year. This view is shared by both advanced and emerging economies.
Despite the strong appetite from central banks, the price of gold has experienced a significant correction in recent months:
The fall is explained by the truce in the Middle East following the US-Iran agreement signed on June 17, 2026, which reduced geopolitical tensions. Additionally, market optimism and modest capital outflows from gold ETF funds have pushed prices down.
🔍 How Do Central Banks Finance Purchases? According to the survey, 50% would do so through a national purchase program in local currency, while 38% indicated they would do so by selling existing reserves.
Charles-Henry Monchau, CIO of Syz Group, recalls an emblematic episode: in 1965, French President Charles de Gaulle sent a warship to New York to retrieve gold in exchange for dollars, challenging the Bretton Woods system that granted the US an "exorbitant privilege."
"History may not repeat itself, but in gold markets, it often rhymes with surprising precision," Monchau notes, emphasizing that confidence in the post-war reserve system is showing significant cracks.
Alfredo S. Quiroga
