央行如何购买和存储黄金？

Core Insights - Global central bank gold reserves are approaching levels seen during the Bretton Woods era, with current reserves at 36,000 tons and a market value exceeding $4 trillion [1] - Gold now accounts for 20% of global foreign exchange reserves, surpassing the euro's 16% and becoming the second-largest reserve asset after the dollar [1] Group 1: Central Bank Gold Purchasing Mechanisms - Central banks primarily increase gold holdings through two methods: OTC market transactions and purchasing domestically produced gold [2] - The OTC market, particularly in London, is the most common method for central banks to acquire gold, often involving ownership transfers without physical movement of gold [3] - Some resource-rich countries, like the Philippines and Uzbekistan, prefer local direct purchases from small-scale producers, which are less visible and do not affect foreign exchange reserves [5] Group 2: Gold Storage Strategies - The global gold storage system is supported by three main pillars: the New York Federal Reserve, the Bank of England, and the Bank for International Settlements (BIS) [9] - The New York Federal Reserve holds the largest gold vault globally, while the Bank of England serves as a key center for gold pricing and transactions [10] - The BIS, known as the "central bank of central banks," provides essential custody and settlement services for gold transactions [10] Group 3: Strategic Shifts in Gold Storage - Central banks are exhibiting strategic differentiation in gold storage, with some opting for domestic storage to enhance sovereignty [11] - The trend of "gold repatriation" is notable, with countries like Germany and India moving significant amounts of gold back to domestic storage [12] - This shift has led to a "black box" effect in market data, as some central banks may delay or choose not to disclose gold purchases, resulting in discrepancies in reported data [13]