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Global gold reserves excluding the United States have risen to their highest level in nearly five decades. Following the 2008 global financial crisis, central banks—particularly in non-Western countries—once again stepped up their gold purchases, gradually increasing the metal’s role in their reserves.

While gold reserves outside the US continue to grow, US holdings have remained virtually unchanged for decades. At the same time, China is developing a global network of gold vaults, while interest in the precious metal also remains strong among major institutional investors.

The Centre of Gravity of Global Gold Reserves Is Shifting

Following the 2008 global financial crisis, central banks—particularly in non-Western countries—resumed stronger gold purchases. As a result, global gold reserves excluding the US have risen to their highest level in nearly five decades.

Meanwhile, US gold reserves have remained virtually unchanged for decades at approximately 8,100 tonnes.

Consequently, the US share of total global gold reserves has fallen from more than half in the 1950s to around 20% today. The data therefore indicate that the centre of official demand for gold is gradually shifting away from the US towards the rest of the world.

China Is Building a Global Network of Gold Vaults

Another significant development is coming from China. According to Bloomberg and S&P Global Ratings, China is developing a global network of gold vaults aimed at strengthening the use of the yuan in international trade.

Through Hong Kong and other locations, the system is expected to enable certain yuan-denominated transactions to be more closely linked to gold, potentially increasing confidence in and the usability of the Chinese currency outside its domestic market.

This forms part of a broader strategy to reduce dependence on the US dollar. If China succeeds in expanding the use of the yuan in international trade with additional support from physical gold, this could strengthen gold’s monetary role over the long term and accelerate the emergence of a more multipolar financial system.

Gold Is Also Attracting Interest from Major Institutional Investors

Interest in gold is not limited to central banks.

Net long positions held by hedge funds and asset managers in gold futures have risen to approximately USD 100 billion, close to record levels.

In just the past few weeks, their exposure has increased by more than USD 20 billion, which the source material describes as a significant increase in interest in precious metals.

How Much Gold Is There Compared with Global Financial Wealth?

Global financial wealth is estimated at approximately USD 333 trillion, while the value of all the gold ever mined is estimated at around USD 31 trillion.

The financial analysis also presents a hypothetical calculation: a shift of just 1% of global financial wealth into gold would represent approximately USD 3.3 trillion in additional demand. This would amount to almost six times the total annual demand for gold in 2025.

This is a hypothetical scenario illustrating the relative size of global financial wealth compared with the gold market, rather than a forecast of future demand.

Gold Remains an Important Part of the Broader Financial Landscape

Current data therefore point to several developments taking place in parallel: global gold reserves excluding the US have reached their highest level in nearly five decades, US reserves remain at approximately 8,100 tonnes, and the US share of global reserves has declined to around 20%. At the same time, China is developing a global network of gold vaults, while net long positions held by hedge funds and asset managers in gold futures have approached USD 100 billion.