Gold price rally is not linear, but stable

Central banks like gold because it provides security and liquidity. They currently hold about one-fifth of all gold ever mined. In 2025, the largest gold purchases were made in the fourth quarter alone by Poland, Uzbekistan, Brazil, Kazakhstan, and Kyrgyzstan, totaling 112.95 tons. At the same time, the largest sellers included Ghana, Singapore, Russia, Qatar, and Mexico, with a total of 33.51 tons. Purchases were therefore significantly higher than sales. The US owns the most gold, namely 8,133.5 tons according to the latest figures. Germany, in second place, owns 3,350.3 tons of gold.

In third place is the IMF (International Monetary Fund) as the largest multinational gold holder with 2,814 tons of gold. It is followed by Italy, France, Russia, China, and Switzerland. Not only central banks, but also private investors have increasingly discovered gold for themselves. At the end of January, the price of gold rose by 20 percent in one week, then fell by roughly the same percentage within two days. It can therefore be assumed that there are investors with a short-term focus. Volatility is therefore not surprising. Gold should be viewed as a longer-term investment.

But even if there are more ups and downs in the price of gold, the overall trend should still be clearly upward. This is because the gold holdings of ETFs correspond to around eight percent of global central bank holdings. In the long term, the influence of private investors is therefore likely to remain limited. And central banks, especially in emerging markets, still have great potential to further increase their gold reserves. Finally, lower US interest rates and geopolitical uncertainties will continue to strengthen the gold price.

Skeena Gold & Silver – https://www.commodity-tv.com/ondemand/companies/profil/skeena-gold-silver-ltd/ – is developing a high-grade, low-cost gold-silver project (Eskay Creek) in British Columbia, which has just been awarded an Environmental Acceptance Certificate (EAC). Two other projects that were previously in production are also in the spotlight.

GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/goldmining-inc/ – has large gold and copper projects in North and South America. The 100% company-owned Crucero project in Peru has significant antimony mineralization in addition to gold. On a gold equivalent basis, the indicated resources have been expanded by around 75% (thanks to the presence of the critical metal antimony). This increases the value of the project.

Sources:

https://www.kitco.com/news/article/2026-02-17/jp-morgan-says-theres-case-against-gold-rally-continuing-and-its-wrong;

https://www.gold.org/goldhub/data/gold-reserves-by-country;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-11-update/

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