Central banks around the world are quietly stockpiling four times more gold than usual and are moving it out of the U.S.

In recent years, significant global tensions have driven central banks to increase their gold reserves, with these institutions quietly accumulating four times more gold than their pre-2022 average. A report from Goldman Sachs highlights that global central banks purchased 79 tonnes of gold in August, far surpassing the 17 tonnes purchased on a pre-2022 average basis.

The surge in demand is primarily driven by China, which bought 25 tonnes of gold in August alone. However, the true extent of other economies' gold purchases remains unclear, as many central banks are keeping their gold storage locations a secret.

In response to geopolitical unrest, the Dutch central bank, De Nederlandsche Bank (DNB), recently moved 86 tonnes of its gold reserves from New York to London. DNB stated that this action was taken to improve the tradability of Dutch gold and better prepare for serious crises. Meanwhile, the Banque de France sold 129 tonnes of its gold reserves from New York and redirected them to Europe. The bank focused on achieving gold purity above 99.99%, rather than highlighting geopolitical factors.

Goldman Sachs' analysis found that the number of central banks declining to disclose their gold storage locations increased in 2026 compared to the previous year. Additionally, central banks have diversified their gold storage locations more in 2026 than in previous years, with a higher percentage (12%) keeping their locations confidential in 2026 compared to 10% in the prior year.

The trend suggests that central banks are likely to continue storing gold in more varied locations, both domestically and overseas. Goldman Sachs expects 18% of central banks to withhold information about their storage plans over the next 12 months, with 9% intending to diversify their gold storage further.