Gold Exposure Hits 32-Year High as Central Banks and Investors Pile In

• Central bank gold reserves rose to 26.6% of total reserves in 2025, the most since 1993.
• Private investor gold allocation hit 2.7%, the highest portfolio share since 1984.
• Japan’s gold exports hit $25.5B as net exports topped 200 metric tons in FY2025

Gold exposure has climbed to its highest level in 32 years, as central banks and private investors increase allocations to hard assets. The shift reflects growing demand for reserve diversification, inflation protection, and assets less tied to currency risk.

However, the shift is no longer limited to central banks. New allocation data, Japan’s record export figures, and a strong futures chart all point to wider demand for hard assets.

Central Banks and Investors Lift Gold Allocations to Decade Highs

According to The Kobeissi Letter, central bank gold reserves rose to 26.6% of total reserves in 2025. That was the …

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