Central Banks Gold Survey

We know that EMR has its own growth engines irrespective of the gold price, but I thought this summary of "annual central bank gold survey" could be of interest (to gain confidence that spot prices are the floor rather than peak):

WGC Central Bank Gold Reserves Survey 2025

The World Gold Council (WGC) released its annual central bank gold survey in June. This Survey provides invaluable information on the most substantial and critical buyers of gold over the past few years. This year, the WGC drew 73 responses, its highest number in a year, and offers considerable insight into gold reserve management from the overall central bank community.

Summarized Key Highlights from the WGC Survey:

• 95% of central banks expect global gold reserves to rise over the next year, consistent with past surveys.
• A record 43% plan to increase their gold holdings; none expect a decline.
• Crisis resilience, diversification and inflation hedging remain core reasons for adding gold.
• 73% foresee lower USD reserve shares in five years, with gold, euro and renminbi (the official currency of China) gaining.
• More banks are actively managing gold (44% vs. 37% in 2024), with risk management rising in priority.
• The Bank of England is still the top vault (64%), but domestic storage rose to 59% in 2025; only 7% plan further increases.

We also summarized central banks’ factors for owning gold in 2025, categorizing them into four main categories and ranking them (see Figure 3). However, there has been a growing divergence between Emerging Markets and Developing Economies (EMDEs) and Advanced Economies (AEs) in the reasons for owning gold.

Source: Sprott Digest