Poland added 16 tonnes, raising its reserves to a record 531 tonnes. Brazil also purchased 16 tonnes, while Uzbekistan, Indonesia, Turkey, the Czech Republic, and the Kyrgyz Republic increased their holdings. In addition, countries with more volatile economies, such as Ghana and Kazakhstan, continued to accumulate gold.
A recent survey indicates that 95% of central banks expect their gold reserves to increase again next year. This broad-based demand reinforces gold’s role as a core reserve asset during times of global uncertainty.
Gold vs. Bitcoin: Diverging Trends in the New Market Cycle
Gold and Bitcoin (BTC) now sit at a significant crossroads. Gold benefits from central‑bank demand, geopolitical stress, and easing expectations from major central banks. However, Bitcoin benefits from risk appetite, institutional flows, and the search for high‑beta exposure. The two assets often diverge. However, the current environment indicates a clear trend in which precious metals are strengthening. At the same time, the momentum of cryptocurrencies is losing pace.
The gold-to-bitcoin ratio has already broken higher. This ratio tracks how many bitcoins one ounce of gold can buy. The chart below shows a confirmed breakout from the descending channel, signalling a major shift toward hard assets with lower volatility. This shift occurs when markets price in softer economic growth, rising political risks, and unstable liquidity conditions.