The Big Picture Brief, home

Geopolitics & money, explained calmly

Gold & reserves tracker

Where the world’s gold is going

A few calm, sourced charts on three questions: what China’s central bank is buying, what central banks worldwide are adding, and where US gold exports are shipped.

Real data only · every chart names its source and when we pulled it

Not financial advice This page helps you understand the news. It is not a recommendation to buy, sell or hold gold, currencies or anything else.

Next up

US Federal Reserve interest-rate decision

Wed 28 Oct 2026, 18:00 UK time

What we’ll be watching: What the Fed does with rates, and what it signals for the dollar and borrowing costs.

Dates as of 26 Oct 2026. Times are UK time.

Data as of: China Sep 2026 · central banks Q2 2026 (some countries to Sep 2026) · US gold exports Aug 2026, totals and by destination · US Treasuries Aug 2026 · gold price Sep 2026. Pulled 26 Oct 2026.

Next update expected: Wed 4 Nov: US trade figures, including gold exports (Sep 2026)

Upcoming dates
  • Wed 28 Oct US Federal Reserve interest-rate decision
  • Thu 29 Oct European Central Bank rate decision
  • Wed 4 Nov US trade figures, including gold exports (Sep 2026)
  • Thu 5 Nov Bank of England rate decision
  • Fri 6 Nov US jobs report (Oct 2026)
  • around Thu 5 Nov World Gold Council: Gold Demand Trends (Q3 2026) expected
  • around Sat 7 Nov China’s central bank gold reserves (Oct 2026) expected
  • Tue 10 Nov US inflation (CPI) (Oct 2026)

China’s gold

2,410 t

end of September 2026, after 23 months of additions in a row.

PBoC / SAFE

Central banks

+184 t

net reported additions in Q2 2026. Poland: +158 t in 12 months.

IMF IFS

US gold exports

$86.6bn

January to August 2026, against $40.1bn a year earlier.

US Census / BEA

Gold price

$4,335

an ounce, September 2026 average. Below February’s $5,015 peak.

IMF commodity prices

01 · China

What China’s central bank is buying

The People’s Bank of China publishes its gold holdings every month. Here is what it reports, and what it may not.

China · monthly

China has added gold for 23 months in a row

What this shows: the tonnes of gold the People’s Bank of China added to its reported holdings each month since July 2015. September 2026: +23 t, and +103 t so far this year. Shaded areas are pauses with no reported change.

IMF data PBoC release, not yet in IMF data pause, no reported change

What this means

China’s central bank has been a steady, regular buyer, not a one-off one. The current run began in November 2024, after a six-month pause; the run before that lasted 18 months (November 2022 to April 2024).

What it can hide: China reports what it chooses to put on the central bank’s books. Analysts think it buys more than it reports: Goldman Sachs estimated Chinese buying through London at about 148 t from May to August 2026, against 65 t reported. That is a market-flow estimate, not an official figure, and it is not charted.

Source
International Monetary Fund, International Financial Statistics (to June 2026); State Administration of Foreign Exchange, Official Reserve Assets (July to September 2026, rounded to about 0.3 t). Goldman Sachs estimate as reported by the financial press, October 2026.
Last updated
Data as of September 2026 (published 7 October 2026) · pulled 26 Oct 2026

Education, not financial advice.

China · total held

2,410 tonnes, about six times the 2000 level

What this shows: the tonnes of gold China says it holds, since 2000.

What this means

Most of the growth came in a few big jumps (2009 and 2015) that were announced after years of no change, then in steady monthly steps since late 2022.

What it can hide: a flat line does not prove nothing was bought; it means nothing was reported.

Source
International Monetary Fund, International Financial Statistics; People’s Bank of China (77.47m oz, end-September 2026). Converted at 32,150.7 troy oz per tonne.
Last updated
Data as of September 2026 · pulled 26 Oct 2026

Education, not financial advice.

China · US government bonds

China has been holding fewer US Treasuries

What this shows: US Treasury bonds and bills held by Japan, the UK and China, in US$ billions. China: $591bn in August 2026, the lowest since August 2008 and down from $700bn a year earlier.

What this means

Alongside its gold buying, China’s recorded lending to the US government has been falling since 2013. Foreigners overall still held $9.33 trillion.

What it can hide: holdings are counted where they are kept, not by who owns them. Bonds held through custodians in Belgium or the UK can belong to someone else, China included.

Source
US Department of the Treasury, Treasury International Capital (TIC), major foreign holders.
Last updated
Data as of August 2026 · pulled 26 Oct 2026

Education, not financial advice.

02 · Central banks worldwide

What central banks are adding

Reported changes in official gold holdings, by year, by quarter and by country.

Central banks · by year

Central banks turned from sellers to buyers

What this shows: the net change in the gold all central banks report holding, in tonnes, 2001 to 2025.

What this means

They sold every year from 2001 to 2007 and have bought every year since 2011. This is a long-running shift, not one year’s story.

What it can hide: only reported changes are counted, and some buying is never reported. The World Gold Council’s estimates, which include unreported buying, are much higher: 1,092 t in 2024 and 863 t in 2025. The 2015 spike is China adding 604 t to its books in one month.

Source
International Monetary Fund, International Financial Statistics; our sums across all reporters, BIS excluded. WGC figures from World Gold Council, Gold Demand Trends.
Last updated
Data as of December 2025 · pulled 26 Oct 2026

Education, not financial advice.

Central banks · by quarter

+184 t in the second quarter of 2026

What this shows: the same net change, quarter by quarter, since 2016.

What this means

Quarters are bumpy: the dip in Q1 2026 is mostly Turkey (−118 t). The run of years says more than any single quarter.

What it can hide: recent quarters are still filling in: 110 countries had reported Q2 2026, against about 150 a decade ago. The WGC estimate for Q2 2026 alone is 289 t.

Source
International Monetary Fund, International Financial Statistics; World Gold Council (estimate cited).
Last updated
Data as of Q2 2026 (published September 2026) · pulled 26 Oct 2026

Education, not financial advice.

Central banks · who

The biggest reported buyers and sellers

What this shows: the largest changes in reported gold holdings by country, for the year you pick. China is highlighted.

What this means

A handful of countries do most of the reported buying. In 2026 so far Poland (+123 t) and China (+103 t) lead.

What it can hide: countries report on their own timetables, so ‘so far’ covers different months for each. Turkey’s numbers move with gold swaps and lending, not just buying.

Source
International Monetary Fund, International Financial Statistics; People’s Bank of China for China’s 2026 figure (to September).
Last updated
Data as of each country’s latest month · pulled 26 Oct 2026

Education, not financial advice.

Central banks · last 12 months

Who has been buying and selling

What this shows: the change in reported gold holdings over each country’s latest 12 months of data, in tonnes.

What this means

The biggest recent buyers are Poland (+158 t, now 673 t), Uzbekistan, Kazakhstan, China and Iraq. The sellers are much smaller.

What it can hide: Russia’s official sales this year, about 56 t from January to August 2026 per the World Gold Council, are not yet in the IMF data.

Source
International Monetary Fund, International Financial Statistics; World Gold Council (Russia, cited). BIS excluded.
Last updated
Data as of September 2026, or each country’s latest month · pulled 26 Oct 2026

Education, not financial advice.

Central banks · biggest holders

The ten biggest national gold holders

What this shows: tonnes of gold held, and gold’s share of each country’s total reserves at market prices.

What this means

The US still holds by far the most, 8,134 t. China, the most regular recent buyer, is fifth in the IMF data.

What it can hide: countries report on different timetables. China’s IMF figure is from June; its central bank says 2,410 t at the end of September. The IMF itself holds 2,814 t.

Source
International Monetary Fund, International Financial Statistics; People’s Bank of China.
Last updated
Data as of each bar’s own latest month · pulled 26 Oct 2026

Education, not financial advice.

03 · US gold exports

Where US gold is being shipped

Gold leaving the United States, month by month and by destination. The country figures are non-monetary gold only: bars and other traded gold, not official reserves.

US exports · monthly

US gold exports have more than doubled

What this shows: the value of non-monetary gold (mostly bars, not official reserves) shipped out of the US each month, in US$ billions, with imports in grey.

What this means

Exports were $86.6bn in January to August 2026, against $40.1bn a year earlier, with peaks of $17.1bn in October 2025 and $18.5bn in February 2026. The figures show the flow, not the reason for it.

What it can hide: these monthly figures are seasonally adjusted and are not broken down by country.

Source
U.S. Census Bureau and Bureau of Economic Analysis, U.S. International Trade in Goods and Services (FT-900), Exhibits 7 and 8, end-use ‘Nonmonetary gold’.
Last updated
Data as of August 2026 · pulled 26 Oct 2026

Education, not financial advice.

US exports · by destination, full year

Most went to Switzerland and the UK

What this shows: where US gold exports went, US$ billions, 2025 (terracotta) against 2024 (grey).

2025 2024

What this means

Switzerland ($47.9bn, up from $9.4bn) and the UK ($19.6bn) are the big refining and trading hubs. Hong Kong rose to $2.8bn from $0.6bn.

What it can hide: trade figures record where gold is shipped, not who ends up owning it. Much of it is refined or re-sold in Switzerland or London. These are full-year figures on a slightly different basis from the monthly chart.

Source
U.S. Census Bureau, exports by end-use code and country (end-use 12260, Census basis, not seasonally adjusted).
Last updated
Data as of 2025 (full year) · pulled 26 Oct 2026

Education, not financial advice.

US non-monetary gold · by destination, monthly

In August 2026, 87% went to Switzerland and the UK

What this shows: where US exports of non-monetary gold (bars and other unwrought or semi-finished gold, not official reserves) went in August 2026, in US$ millions (terracotta), against August 2025 (grey). Total that month: $7.1bn.

Aug 2026 Aug 2025

What this means

Switzerland ($4.5bn) and the UK ($1.7bn) are the world’s big refining and trading hubs, so most US gold goes there first. Over the 12 months to August 2026, exports came to $127.6bn: Switzerland $70.1bn, the UK $26.5bn, Hong Kong $13.7bn.

What it can hide: trade figures record where gold is shipped, not who ends up owning it. Much of it is refined or re-sold in Switzerland, London or Hong Kong. Single months swing a lot: Hong Kong took $2.7bn in April 2026 but $15m in August 2026.

Source
U.S. Census Bureau, international trade data via the Census Data API: exports by HS code and country, HS 7108.11 + 7108.12 + 7108.13 (non-monetary gold; excludes 7108.20, monetary gold). Census basis, not seasonally adjusted. Regional groupings (EU, ASEAN, continents) are left out.
Last updated
Data as of August 2026 · pulled 26 Oct 2026

Education, not financial advice.

US non-monetary gold · destinations over time

Switzerland has been the main destination

What this shows: monthly US exports of non-monetary gold to the four biggest destinations of the past 12 months, in US$ billions, October 2024 to August 2026.

What this means

Total exports peaked at $17.9bn in February 2026. Switzerland was the biggest of these destinations in 17 of the 23 months, the UK in 5.

What it can hide: the lines show shipments, not buyers. Traders move gold between New York, London and Zurich vaults when prices differ between those markets, and it can flow back later.

Source
U.S. Census Bureau, international trade data via the Census Data API: exports by HS code and country, HS 7108.11 + 7108.12 + 7108.13 (non-monetary gold; excludes 7108.20, monetary gold). Census basis, not seasonally adjusted. Regional groupings (EU, ASEAN, continents) are left out.
Last updated
Data as of August 2026 · pulled 26 Oct 2026

Education, not financial advice.

This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.

04 · More context

Gold, the dollar and reserves

Three background charts for reading the ones above.

Context · gold and the dollar

Gold has climbed while the dollar has barely moved

What this shows: gold’s monthly average price in dollars since 2006 (top), and the dollar against its trading partners (bottom).

What this means

Gold is up roughly eightfold in dollars; the dollar itself is only about a fifth stronger. Gold’s rise is not mainly a story of a weaker dollar.

What it can hide: these are monthly averages, so the sharpest daily swings are smoothed away. Prices are not adjusted for inflation.

Source
International Monetary Fund, Primary Commodity Prices; Federal Reserve Board, H.10 nominal broad dollar index.
Last updated
Data as of September 2026 · pulled 26 Oct 2026

Education, not financial advice.

Context · reserve currencies

The dollar’s share of reserves is slowly shrinking

What this shows: the share of the world’s foreign-currency reserves held in each currency, where the currency is known.

What this means

The dollar is still the main reserve currency, at 56.7% in Q2 2026, but down from 71% in 1999. The change is slow.

What it can hide: shares move with exchange rates as well as decisions. When the dollar falls, its share falls even if nobody sells. Gold is not counted here.

Source
International Monetary Fund, Currency Composition of Official Foreign Exchange Reserves (COFER).
Last updated
Data as of Q2 2026 (published 30 September 2026) · pulled 26 Oct 2026

Education, not financial advice.

Context · gold in other money

Gold has risen most in yen and least in euros

What this shows: gold’s price in five currencies, with January 2016 set to 100.

What this means

Wherever you live, gold has roughly quadrupled since 2016; the differences mostly reflect currencies moving against each other.

What it can hide: part of each line’s rise is that currency weakening against the dollar. The euro line stops in August while the September exchange rate is pending.

Source
Our calculation from IMF Primary Commodity Prices and IMF exchange rates (monthly averages).
Last updated
Data as of September 2026 · pulled 26 Oct 2026

Education, not financial advice.

About the data

  • Prices are monthly averages from the IMF. The LBMA Gold Price is licensed, so it is not charted here.
  • Gold holdings are converted from troy ounces to tonnes (32,150.7 oz per tonne).
  • Central bank figures are what each country reports, on its own timetable. Some report months late, and some buying is never reported.
  • China’s latest months come from its own reserve release, because the IMF copy lags by about three months.
  • US gold trade totals are from the Census Bureau’s monthly trade release (FT-900). Monthly exports by destination come from the Census Data API and cover non-monetary gold only (HS 7108.11 to 7108.13; monetary gold, 7108.20, is left out). Regional groupings such as the EU or ASEAN are left out so each country is counted once.
  • Release dates in ‘Next up’ come from each publisher’s own calendar. Dates marked ‘expected’ follow the usual pattern and are not yet confirmed. Times are UK time.
  • Every series shows its source and the date we pulled it (26 Oct 2026).

This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.

Not financial advice Past prices tell you nothing certain about future ones.