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Even at Record Highs, Central Banks Are Hoarding Gold—What Do They Know That We Don’t?

Frank Balm May 8, 25

Let me spell it out for you: when governments start buying gold by the tonne, even when prices are peaking, that’s not a casual investment—it’s a red alert. While most people are stuck wondering if they can afford gas next week, central banks in China, Poland, and Czechia are stacking gold like there’s no tomorrow. And maybe that’s the point.

China: Quietly Ditching the Dollar

China’s central bank just made its sixth straight gold purchase in April, adding another 2 tonnes to its reserves. That brings their 2024 total to 15 tonnes and raises their overall stockpile to a whopping 2,294 tonnes. For context, that’s like filling a dozen semis with pure wealth insurance.

Now let’s not kid ourselves. China isn’t doing this for decoration. They’re systematically reducing their exposure to the U.S. dollar, dumping Treasuries, and loading up on hard assets. They’ve added about 30 tonnes over the past six months, all while gold prices have been breaking records. You think they care about the price tag? Nope. They care about preserving power and escaping dollar dependency.

As Ross Norman from Metals Daily put it, China’s playing it cool—only buying when prices make sense—but the strategy is clear: build a fortress out of gold.

Poland: Full-Speed Ahead

Meanwhile, Poland isn’t just tiptoeing into gold. They’re charging in. The National Bank of Poland (NBP) added 12 tonnes in April alone, bringing their total stash to 509 tonnes. So far in 2024, they’ve bought 61 tonnes, already two-thirds of last year’s massive haul.

That kind of aggressive buying tells you something: they see something coming. And they want to be on the winning side of the monetary reset when it hits.

Czechia: The Stealth Accumulator

Here’s the sleeper story. Czechia might not make headlines, but they’ve been buying gold for 26 straight months—that’s over two years of quiet stacking. In April, they added another 2.5 tonnes, pushing their reserves to just under 59 tonnestotal.

It’s not a flashy move, but it’s strategic. Small countries often see the writing on the wall before the big players admit there’s a fire. When the global house of fiat finally catches, Czechia’s gold stockpile will be worth its weight in political independence.

Central Banks Are Still Buying—Just Not Like Last Year

Now, some folks might point out that central bank gold demand has slowed a bit. The World Gold Council says 243.7 tonnes were bought in Q1 2025, down from 309.9 tonnes this time last year. But let’s not get lulled to sleep here.

That’s still 24% above the five-year average and only 9% below the blistering pace we’ve seen over the past three years. Central banks have been net buyers of gold for sixteen straight years. When a trend lasts that long, it’s not a trend—it’s a survival strategy.

What’s the Message Here?

Let me put it plain: the dollar is on borrowed time, and central banks know it. Between rising debt, rampant money printing, digital surveillance schemes like FedNow, and a fragile geopolitical chessboard, they’re betting big on the one thing that’s never defaulted—gold.

Now here’s the question: Are you following their lead—or just watching the clock tick down?