Central banks are reshaping the gold market: Global official gold reserves rose to 40,225 tonnes in Q3 2025, the highest since at least the 1950s. This now exceeds the 1960s peak of ~38,000 tonnes before the gold standard was officially abandoned in 1971. Non-Western countries have led the surge, increasing their holdings by nearly +10,000 tonnes since 2009. As a result, they now own a record 48% of all central bank gold, up from the ~25% seen in the 1990s. The modern day gold rush is thriving.(The Kobeissi Letter)