Central banks buying gold is a theme for bull investors in gold.
But that doesn’t automatically become a reason to buy. Several things to know before buying.
1/ Who exactly are buying?
I looked it up.
In 2025,
Biggest central bank buyer Poland: 102 ton
2nd place Kazakhstan: 57 ton
3rd place Azerbaijan: 53 ton
Down the list: Brazil, Turkey, China, India, etc.
Surprisingly, most developed countries are not on the list.
European central banks are net sellers.
2/ Net-net, are they buying more
In 2025, they actually bought less than 2024, about 20% lower in tons.
3/ Why do they buy?
The interesting surge happened in 2022.
This coincides with US kicked Russia out of SWIFT etc.
This explains the difference – if you are a retail investor living in OCED countries, you probably don’t need to buy gold vs. some central banks must buy gold to de-risk.
Munger said before, gold is “a great thing to sow into your garments if you’re a Jewish family in Vienna in 1939.”
If you are not trying to relocate out of a turbulent country, there is probably not much reason to buy gold.