It is a historic Monday for financial markets: Anyone tracking the current gold price is witnessing an unprecedented development. For the first time in history, the precious metal has breached the $4,400 mark. But unlike previous rallies, this isn't just driven by retail speculation—it is a flight to safety by sovereign states. We analyze the crumbling trust in the US Dollar and reveal who is hoarding the most bullion right now.
For the 51st time this year, global tickers are flashing a new all-time high. At its peak on Monday morning, the price for a troy ounce climbed to $4,420 USD. This brings the year-to-date gain to an impressive 68 percent.
But behind the green charts lies a deeper message: The global financial system is undergoing a paradigm shift.
While US economic data and Fed rate cuts dominate the daily news cycle, a tectonic shift is happening in the background: "De-Dollarization."
More and more central banks—led by the BRICS nations and Eastern Europe—are actively reducing their holdings of US Treasuries. The reason is a rapid loss of confidence:
Official gold reserves have climbed to new record levels in 2025. China and Poland, in particular, have stood out recently with massive accumulations.
| Rank | Country / Institution | Gold Reserves (in Tonnes) | Trend 2025 |
|---|---|---|---|
| 1 | USA | 8,133 | Unchanged |
| 2 | Germany | 3,352 | Stable |
| 3 | Italy | 2,452 | Stable |
| 4 | France | 2,437 | Stable |
| 5 | Russia | 2,333 | Slight Increase |
| 6 | China | 2,304 | Strong Increase |
| 7 | Switzerland | 1,040 | Stable |
| 8 | India | 880 | Strong Increase |
| 9 | Japan | 846 | Stable |
| 10 | Netherlands | 612 | Stable |
| 11 | Turkey | 605 | Volatile / Increasing |
| 12 | Poland | 520 | Massive Increase |
Data: December 2025. Sources: World Gold Council / IMF Estimates.
Silver is also benefiting from this monetary awakening, trading just shy of $70 USD (+140% YTD). Experts at Goldman Sachs believe the peak is yet to come. In their latest note, they raised their gold price target to $5,000 for 2026, driven by the "insatiable demand from central banks."
When the world's most powerful financial institutions shift their wealth from unbacked paper currencies into physical gold, private investors should pay attention. Central banks don't buy gold to get rich; they buy it to stay rich.
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Stay forward-thinking
Your Nils Gregersen
