October 2025: Central banks are betting on gold – what's left for citizens?

Demand for gold has been rising recently, primarily for the following reasons:

• Hedging against geopolitical risks
• Diversification away from the US dollar
• Inflation protection and loss of confidence
• Mistrust of US fiscal policy 

One of the most important drivers behind this movement are large central banks increasing their gold reserves. While the US has long had stable reserves of 8,133.5 tons, countries such as China and Russia are increasingly acting on geopolitical grounds. The People's Bank of China, for example, has continuously increased its total holdings to just under 2,300 tons in recent years, as has Russia with over 2,300 tons. In contrast, the Bundesbank is keeping a steady hand – but with 3,352 tons, it holds the second-largest reserves worldwide after the US. Italy follows with around 2,450 tons.

However, it is interesting to look at the gold reserves per capita: Germany and Italy are at the top of the list with around 40 g per capita, well ahead of France and the Netherlands with around 35 g each – and far ahead of the US with only around 24 g. The picture is much more robust for Switzerland, however, where each citizen accounts for around 116 g of gold reserves – currently equivalent to just under €12,000!

This clearly confirms Switzerland's reputation as a relatively “safe haven” in this respect as well.