Oct 10, 2026 · 10 min · 9 segments
Gold closed the week at $4,195 per ounce, while silver held above $60 as central banks and institutional investors continued to reshape the precious metals market. China reportedly added more than 23…
Before we begin answering this question about who has the most gold, let me weekly bullion market update you right here on some recent ongoings within the broader gold industry.
Perhaps the largest central banker quoted on gold was the president of the German central bank.
Rising government debt levels strengthens the case for central banks to increase their gold holdings, according to Bundesbank President Hakeem Najil.
The recent rise in global government bond yields has boosted the relative attractiveness of debt securities again.
At the same time, rising debt levels have increased concerns about the credit risk of these assets.
Furthermore, geopolitical risks are likely to continue to shape reserve management decisions.
Taken together, the case for further diversification into gold remains significant for central banks, said Naschiel over in Sorrento, Italy.
The most aggressive official gold reserve buyer in the EU currently has bought over 100 tons this year, of which apparently 25 tons were recently added.
Poland's gold reserves are heading to their 700-ton target perhaps by the end of this year.
Officially, China has about 77.5 million ounces of gold officially, or 2,410 metric tons.
Locally, gold buyers are buying the price dip in both investment and high-grade jewelry formats.
And that's been the way it's been probably since I've been in this industry, pretty much all the way since the 2008 global financial crisis.
The World Gold Council reported recently their Q3 demand for unsecured gold ETFs was strongest in fiat dollar terms on record, with over 30 billion net flowing into various gold price proxies around the world.
In terms of the actual physical gold market and answering who has the most gold, the question needs to be more precise.
Before we begin answering this question about who has the most gold, let me weekly bullion market update you right here on some recent ongoings within the broader gold industry.
Perhaps the largest central banker quoted on gold was the president of the German central bank.
Rising government debt levels strengthens the case for central banks to increase their gold holdings, according to Bundesbank President Hakeem Najil.
The recent rise in global government bond yields has boosted the relative attractiveness of debt securities again.
At the same time, rising debt levels have increased concerns about the credit risk of these assets.
Furthermore, geopolitical risks are likely to continue to shape reserve management decisions.
Taken together, the case for further diversification into gold remains significant for central banks, said Naschiel over in Sorrento, Italy.
The most aggressive official gold reserve buyer in the EU currently has bought over 100 tons this year, of which apparently 25 tons were recently added.
Poland's gold reserves are heading to their 700-ton target perhaps by the end of this year.
Officially, China has about 77.5 million ounces of gold officially, or 2,410 metric tons.
Locally, gold buyers are buying the price dip in both investment and high-grade jewelry formats.
And that's been the way it's been probably since I've been in this industry, pretty much all the way since the 2008 global financial crisis.
The World Gold Council reported recently their Q3 demand for unsecured gold ETFs was strongest in fiat dollar terms on record, with over 30 billion net flowing into various gold price proxies around the world.
In terms of the actual physical gold market and answering who has the most gold, the question needs to be more precise.
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