The West Owns Almost None Of The World's Gold

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A GoldSilver video argues the global gold base is far more dispersed than commonly assumed, with the key tradeable takeaway being that non-Western and non-household holders appear to control the marginal supply/demand balance. The description highlights that roughly 216,000 tons of gold have ever been mined, while mine supply only adds about 1.5% to total above-ground stock each year, implying that shifts in ownership preferences can have an outsized impact on price. The piece points to central bank buying as a major structural support, saying the pace has roughly doubled versus the 2010s and that one country has been the largest official-sector buyer for two consecutive years. It also claims gold’s share of global central bank reserves has overtaken U.S. Treasuries, while Asian gold ETF demand is at record highs even as North America sees outflows. A further bullish framing is that Indian households alone may hold more gold than the world’s ten largest central banks combined. For traders, the message is that the long-term bid for gold is increasingly anchored in official-sector reserve diversification and Asian investment demand, not Western portfolio flows. That supports the case for dips to remain shallow unless there is a sharp turn in real yields or the dollar. The main near-term question is whether North American outflows can continue to offset Asia/central bank demand, or whether the market resumes pricing a more persistent reserve reallocation trade.