Central banks are sitting on massive stockpiles of gold after years of record purchases: Global central banks now hold ~38,666 tons of gold, reflecting ~17% of all gold ever mined. Still, the largest portion of gold remains in private hands, with ~97,645 tons held as jewelry, or ~43% of the total. Investment-related holdings, including bars, coins, and ETFs are ~50,978 tons, making up 23% of the total. The remaining ~32,602 tons, or 14%, fall into other categories, such as industrial use and private reserves. Central banks are now major players in the global gold market.(The Kobeissi Letter)