A Central Banker’s Guide to Gold as a Reserve Asset - 2019 edition

In 2018, central banks added more gold to their international reserves than at any time since the end of Bretton Woods nearly 50 years ago. Nineteen central banks reported a meaningful increase in their  gold reserves, giving rise to total purchases of 651 tonnes.

Today, central banks own almost 34,000 tonnes (t) of gold, making it the third largest reserve asset in the world. The increase in central bank demand for gold reflects current geopolitical, political and economic conditions, as well as structural changes in the global economy. Gold is both a liquid, counter-cyclical asset and a long-term store of value. As such, it can help central banks meet their core objectives of safety, liquidity and return.