Superpower 4 · Institutional Intelligence
Central Bank & ETF Flows
Central banks bought more gold in 2024 than any year since 1967. Three consecutive years above 1,000 tonnes. This is not a trade — it is a regime change.
01 · Annual central bank purchases
Three years above 1,000 tonnes.
2022
1,082t
Record year — triggered by Russia sanctions + reserve freezes
2023
1,037t
Second consecutive 1,000+ year
2024
1,037t
Third consecutive 1,000+ year — structural, not cyclical
2025 (est.)
1,100t
On pace to exceed 2022 record. Q1 alone: 310t
02 · Who's buying (2024)
The biggest sovereign buyers.
Largest buyer 3 years running. PBOC declared 7 consecutive months of purchases.
NBP targeting 20% gold allocation. Largest European buyer since 2018.
RBI repatriated 100t from Bank of England vaults. Buying accelerating.
CBRT rebuilding after 2023 drawdown. Strategic diversification.
CNB governor publicly committed to doubling gold reserves by 2028.
MAS quietly accumulating. No public statements.
03 · ETF holdings
Where the paper gold & silver sits.
Monthly changes in tonnes held. Positive inflows = institutional conviction rising.
| Ticker | Fund | Tonnes held | Monthly chg | AUM |
|---|---|---|---|---|
| GLD | SPDR Gold Shares | 878 | +14.2t | $68.4B |
| IAU | iShares Gold Trust | 412 | +6.8t | $32.1B |
| SLV | iShares Silver Trust | 14,200 | +380t | $12.7B |
| PHYS | Sprott Physical Gold | 68 | +2.1t | $8.9B |
| PSLV | Sprott Physical Silver | 5,100 | +120t | $4.2B |
SPDR Gold Shares
iShares Gold Trust
iShares Silver Trust
Sprott Physical Gold
Sprott Physical Silver
“When central banks buy gold for 3 consecutive years at 1,000+ tonnes, they are not hedging. They are repositioning.”