Switzerland’s gold reserves — all 1,040 tonnes of them — aren’t moving. That decision to hold rather than sell is a signal of confidence, not caution. The SNB’s holdings generated a CHF 7.8 billion valuation gain in Q1 2026 alone, confirming gold’s role as a portfolio anchor in volatile markets. Meanwhile, central bank gold demand globally exceeded 1,000 tonnes per year in 2022, 2023, and 2024 — nearly double the pre-2022 norm — before moderating to 863 tonnes in 2025, still well above historical averages. That sustained institutional buying is creating a structural price floor that retail investors rarely see — but ... (full story)