As gold smashes through $4,000/oz, a wave of nations is leading a historic shift away from dollar dominance — and toward gold.

Here’s who’s driving the rush:

Russia – The textbook case of acceleration: +450 tonnes in H1 2025, a 43.8% jump from 2024. Total now 2,329.6 tonnes, worth $217B.

United States – No new purchases, but still holds the world’s largest reserve: 8,134 tonnes (~$1T in market value).

China – Ten straight months of buying (as of Aug 2025), reaching 2,300+ tonnes and boosting yuan credibility.

Turkey – Added 21 tonnes this year to reach 639 tonnes, using gold to cushion economic instability.

Poland – One of 2025’s biggest buyers: +67 tonnes YTD, raising its reserve target from 20% → 30% for long-term security.

India – Slower buying pace but repatriated ~100 tonnes from the UK — a strong move for asset sovereignty.

UAE – Regional leader with +26% surge in value (to $7.9B) and holdings now at 74.6 tonnes.

Iran – Over 100 tonnes imported in 2024 via trade and market flows, continuing accumulation.

Kazakhstan – Six consecutive months of buying, adding 8 tonnes in August alone.

El Salvador – The Bitcoin pioneer is quietly stacking gold too, marking new 2025 purchases as “long-term positioning.”

Bottom Line

This isn’t just diversification — it’s a geopolitical hedge. As trust in Western systems fades, nations are building “sanction-proof” financial fortresses.

Gold at $4,000 is a price tag on declining trust.

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