The Great Gold Rush of the Central Banks, and Why America Already Holds the Winning Hand
Central banks bought a record 289 tonnes of gold in the second quarter. Poland and China led the way. But the biggest pile on Earth sits in Kentucky, New York and Colorado, and Washington still values it at $42 an ounce. We argue that is a hidden American strength.
By Clara Hughes
Altas World News Opinion Estimated read time: 7 minutes Key takeaways Central banks and other official buyers added a net 289 tonnes of gold in the second quarter of 2026, a record for any second quarter and 62% more than a year earlier, according to the World Gold Council [1]. The U.S. Treasury owns about 261.5 million troy ounces of gold, but under federal law it carries that gold on its books at $42.2222 an ounce, for a book value of about $11 billion [2]. At early-October market prices, the same gold is worth more than $1 trillion, by our calculation [2][3]. In our view, the world's rush into gold is a vote of worry, not a vote against America, and the country that already holds the most gold has the least to fear. A record quarter for official buying Something unusual is happening in the world's vaults. In the second quarter of this year, central banks and other official institutions bought a net 289 tonnes of gold, the World Gold Council reported. That was five times the revised first-quarter figure of 57 tonnes and a record for a second quarter [1]. Poland was the biggest buyer, adding 51 tonnes in the quarter and pushing its holdings to 632 tonnes by the end of June [1]. By the end of July it had reached about 640 tonnes, close to its goal of 700 tonnes, with gold making up roughly 28% of its reserves [4]. China was second. The People's Bank of China added 33 tonnes in the quarter, its largest quarterly addition since late 2023 [1]. In July it bought another 20 tonnes, its 21st straight month of buying, for a reported total of about 2,366 tonnes [4]. The buying is broad. Uzbekistan, Kazakhstan, Jordan and the Czech Republic were also notable buyers this spring [1]. The Bank of Korea announced its first official gold allocation in 13 years [4]. And it may not stop soon. In the council's latest survey of central banks, 89% expected world gold reserves to rise over the next year, and a record 45% expected to increase their own holdings [1]. Not every central b…