The gold market has a new class of buyer, and they are not retail investors. They are nations.
China
The People's Bank of China has reported buying gold month after month in a near-unbroken streak, taking its officially declared reserves to around 2,306 tonnes. Even that number is widely believed to understate the true position, since over half of global central bank buying in 2025 was undisclosed when it happened. Gold still makes up under 9 percent of China's total reserves, against more than 60 percent for the United States. If Beijing intends to close that gap, the buying has barely started.
Poland
Europe has its own accumulator. The National Bank of Poland added 102 tonnes in 2025 alone, lifting its holdings to 550 tonnes, and has publicly stated it wants around 700 tonnes. Its governor has been unusually direct about the reason: gold is the one reserve asset that belongs to no other country and depends on no one else's promises.
The pattern
India, Turkey, Kazakhstan and others have followed the same path. Nations are converting paper claims into physical metal, steadily and deliberately. Individual investors cannot buy 100 tonnes, but the principle scales down perfectly, and UK buyers get a bonus no nation enjoys: Capital Gains Tax free coins.
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Sources
- World Gold Council, Gold Demand Trends (China and Poland reserve data)
- World Gold Council, central bank gold statistics 2026
- HMRC Capital Gains Manual CG12602 (currency exemption)
Gold Tier Advisory provides information on physical gold ownership. We do not provide regulated financial advice. The value of gold can go down as well as up.
