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Several countries are suspected of concealing gold purchases. The motive is to hedge against uncertainties and crises.

Advertisement – This article is distributed on behalf of OR Royalties Inc. and Gold Royalty Corp., with which SRC swiss resource capital AG maintains paid IR consulting agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: June 11, 2026, 2:50 p.m. Zurich/Berlin

Secret gold purchases can impact financial markets. If large quantities of gold are purchased, investors may also focus more heavily on gold. This can drive up the price of the precious metal. The number of countries that do not disclose gold purchases may be larger than assumed. In today’s uncertain times, countries are increasingly seeking to hedge their bets, become less dependent on the U.S. dollar, and protect themselves against future crises. The U.S. holds more than one-fifth of all official gold reserves, with Germany in second place.

But not every gold purchase is reported. In 2022, for example, hundreds of tons of gold could not be accounted for. According to the World Gold Council, 2022 marked a record year in which central banks purchased more gold than they had in 55 years. Particularly in the case of China and Russia, there have long been suspicions that only a portion of their gold reserves is made public. Over the past two years, the People’s Bank of China has purchased more gold than any other central bank. It remains unclear how much more would need to be added to this figure in terms of unofficial gold reserves.

Central banks have been buying more gold, especially since the global financial crisis. Incidentally, Poland was the largest gold buyer last year. African nations are increasingly relying on gold reserves, such as Uganda, Madagascar, Tanzania, and South Sudan. There is also a growing number of African nations seeking to repatriate gold, mostly from the U.S. The United Arab Emirates is known as a major hub for gold. There, China and Russia can easily buy gold in secret.

Gold Royalty – https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ – focuses on gold, silver, and copper, as well as gold properties in North and South America. Record revenues were achieved in the fourth quarter of 2025 as well as for the full year 2025. The first quarter of 2026 once again brought the company record revenues.

OR Royalties – https://www.commodity-tv.com/ondemand/companies/profil/or-royalties-inc/ – focuses on gold, silver, and copper with interests and royalties in Canada, Australia, and the U.S. New royalties were recently added. The company pays dividends. The year 2025 saw record revenue. The first quarter of 2026 also ended with record revenue from streams and royalties.

Current company information and press releases from OR Royalties (- https://www.resource-capital.ch/de/unternehmen/or-royalties-inc/ -) and Gold Royalty (- https://www.resource-capital.ch/de/unternehmen/gold-royalty-corp/ -).

You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.

Sources: OR Royalties, Gold Royalty,

https://www.kettner-edelmetalle.de/wissen/geheime-goldkaeufe-zentralbanken;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.

Pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of the Market Abuse Regulation (MAR) (EU) 2016/958, we hereby note that authors, employees, and affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in the issuers discussed. Compensation/Relationship: IR contracts/advertorials: Author’s own positions: none; SRC net position: less than 0.5%; Issuer’s stake ≥ 5% in SRC: no. Update policy: no obligation to update. No guarantee regarding the German translation. Only the English version of this news release is authoritative.

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