<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>中央银行的黄金购买在九月份达到了今年的最高水平，几家新银行增加了其储备。</p>
<p>全球范围内，中央银行在九月份正式增加了 39 吨黄金的净额。这比上个月增长了 79%，也高于 12 个月平均的 27 吨。</p>
<p>强劲的九月份使得官方第三季度中央银行黄金购买总量达到净 220 吨。这比第二季度增长了 28%，比五年第三季度的平均水平高出 6%。</p>
<p>世界黄金协会表示，尽管价格创下新高，第三季度中央银行黄金需求的回升 “<em>证明了中央银行在面对更高价格时，仍然继续战略性地增加黄金储备</em>。”</p>
<p>截至 2025 年，中央银行根据官方数据已吞噬 634 吨黄金。这低于过去三年同期的水平，但高于 2022 年前的平均水平 400 到 500 吨。</p>
<p>巴西是九月份最大的买家，增加了 15 吨黄金储备。这是自 2021 年以来巴西黄金储备首次报告增加。巴西中央银行现在正式持有 145 吨黄金。</p>
<p>哈萨克斯坦国家银行继续增加黄金储备，购买了 8 吨。这是哈萨克斯坦黄金储备连续第七个月增加。哈萨克斯坦是第三季度最大的买家，黄金储备增加了 18 吨，达到 324 吨。</p>
<p>危地马拉银行是市场上的另一位新玩家，在九月份增加了 6 吨黄金储备。这使该国的黄金储备达到 13 吨，增长了 91%。</p>
<p>土耳其中央银行在九月份增加了 2 吨黄金储备。土耳其中央银行已经连续 28 个月净购买黄金——自 2023 年 6 月以来。</p>
<p>捷克中央银行采取了类似的策略——以缓慢而稳定的速度增加黄金储备。九月份又增加了 2 吨，这是其连续第 31 个月的黄金积累。捷克共和国现在持有 67 吨黄金。捷克官员表示，他们计划到 2028 年将黄金储备增加到 100 吨。</p>
<p>中国已连续 11 个月报告其 <strong>官方</strong> 储备增加，九月份又增加了 1 吨。中国人民银行在此期间增加了 399 吨的 <strong>官方</strong> 持有量。</p>
<p>中国的 <strong>官方</strong> 黄金储备总量现在超过 2300 吨，占其总储备的约 7%。</p>
<p>注意 “<strong>官方</strong>” 的强调。</p>
<p>中国是可能持有远超其公开披露的黄金的中央银行之一。正如 Jan Nieuwenhuijs 所报道的，中国人民银行正在秘密购买大量黄金。根据著名的货币金属研究员解析的数据，中国中央银行目前在北京持有超过 5000 吨的货币黄金——<em>这比公开承认的数量多出两倍以上。</em></p>
<p>加纳（1 吨）和俄罗斯（3 吨）在九月份也报告了黄金购买。</p>
<p>乌兹别克斯坦是九月份唯一显著的卖家，减少了 4 吨黄金储备。像乌兹别克斯坦和哈萨克斯坦这样的银行，通常会在购买和出售之间反复波动，尤其是从国内生产中购买的情况。</p>
<p>尽管波兰自五月以来没有增加黄金储备，但它仍然是今年最大的买家，黄金储备增加了超过 67 吨。该国目前持有 515 吨黄金，占总储备的 24%。</p>
<p>中央银行最近宣布计划将其黄金持有量目标提高到总储备的 30%，高于之前的 20% 目标。它在今年早些时候达成了这一目标。</p>
<p>与此同时，韩国中央银行官员最近表示，他们正在考虑增加黄金储备。韩国银行上一次扩大黄金储备是在 2013 年。该国目前持有约 104 吨黄金。</p>
<p>尽管今年中央银行的购买有所放缓，世界黄金协会仍然持乐观态度。</p>
<blockquote>
<p>“我们保持观点，中央银行将继续增加黄金储备。我们的中央银行黄金储备调查 2025 显示，受访者压倒性地（95%）预计全球中央银行黄金储备将在未来 12 个月内增加，而 43% 的人认为他们自己的黄金储备也将在同一时期内增加。值得注意的是，没有受访者预期其黄金储备会下降。”</p>
</blockquote>
<p>您可以在这里阅读有关该中央银行调查的更多细节。</p>
<p>总体而言，中央银行在 2024 年正式增加了 1044.6 吨黄金储备。这是连续第 15 年扩展黄金储备。</p>
<p>去年是中央银行黄金储备扩展的第三大年，仅比 2023 年少 6.2 吨，比 2022 年创下的历史最高水平低 91 吨（1136 吨）。2022 年是自 1950 年以来的净购买最高水平，包括 1971 年暂停美元兑换黄金以来的记录。</p>
<p>为了提供背景，2010 年至 2021 年间，中央银行黄金储备年均仅增加 473 吨。</p>
<p>世界黄金协会分析师表示，“<em>中央银行可能会继续其购买狂潮</em>”，称中央银行的购买在快速价格上涨的情况下 “<em>出乎意料地强劲</em>”。</p>
<p>世界黄金协会还指出，“多样化” 与 “减少美国资产” 是推动中央银行黄金购买的因素之一。换句话说，就是去美元化。</p>
<blockquote>
<p>“我们认为，除非地缘政治紧张局势发生实质性变化，否则这一叙述不会结束。国际货币基金组织已将美国的增长前景下调得比其他主要经济体更为严重，原因是政策不确定性。这表明其他国家在谈判中可能拥有杠杆，尽管这些谈判通常持续数月甚至数年，而不是几周。因此，我们不期望近期会有解决方案。”</p>
</blockquote>
<hr/>
<p><em>更多来自此作者：</em></p>
<p>美联储是否即将重新启动量化宽松？</p>
<p>银价牛市结束了吗？</p>
<p>第三季度黄金需求激增至创纪录水平</p>

BYRG

<p>中央银行的黄金购买在九月份达到了今年的最高水平，净增加 39 吨，比八月份增长了 79%。在第三季度，中央银行总共购买了 220 吨，比第二季度增长了 28%。巴西是最大的买家，增加了 15 吨，而哈萨克斯坦和危地马拉也增加了它们的储备。尽管整体购买有所放缓，世界黄金协会预测中央银行黄金储备将继续增长，95% 的受访者预计明年会增加</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2014/11/01/22/33/gold-513062_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>Central bank gold buying hit the highest level of the year in September, with several new banks adding to their reserves.</p>
<div class="lb-trans"><p>中央银行的黄金购买在九月份达到了今年的最高水平，几家新银行增加了其储备。</p>
</div><p>Globally, central banks officially added a net 39 tonnes of gold to their hi in September. That was up 79 percent month-on-month and was above the 12-month average of 27 tonnes.</p>
<div class="lb-trans"><p>全球范围内，中央银行在九月份正式增加了 39 吨黄金的净额。这比上个月增长了 79%，也高于 12 个月平均的 27 吨。</p>
</div><p>A strong September drove official third-quarter central bank gold purchases to a net 220 tonnes. That was up 28 percent from Q2 and 6 percent above the five-year third quarter average.</p>
<div class="lb-trans"><p>强劲的九月份使得官方第三季度中央银行黄金购买总量达到净 220 吨。这比第二季度增长了 28%，比五年第三季度的平均水平高出 6%。</p>
</div><p>The World Council said the pickup in central bank gold demand in Q3, despite record prices, “ <em>is evidence that central banks continue to add gold strategically, despite facing higher prices</em>.”</p>
<div class="lb-trans"><p>世界黄金协会表示，尽管价格创下新高，第三季度中央银行黄金需求的回升 “<em>证明了中央银行在面对更高价格时，仍然继续战略性地增加黄金储备</em>。”</p>
</div><p>So far in 2025, central banks have gobbled up 634 tonnes of gold based on official data. This is below the level through the same period over the last three years, but above the pre-2022 average of 400 to 500 tonnes.</p>
<div class="lb-trans"><p>截至 2025 年，中央银行根据官方数据已吞噬 634 吨黄金。这低于过去三年同期的水平，但高于 2022 年前的平均水平 400 到 500 吨。</p>
</div><p>Brazil was the biggest buyer in September, adding 15 tonnes of gold to its reserves. It was the first reported increase in Brazil’s gold holdings since 2021. The Brazilian central bank now officially holds 145 tonnes of gold.</p>
<div class="lb-trans"><p>巴西是九月份最大的买家，增加了 15 吨黄金储备。这是自 2021 年以来巴西黄金储备首次报告增加。巴西中央银行现在正式持有 145 吨黄金。</p>
</div><p>The National Bank of Kazakhstan continued adding gold to its holdings with an 8-tonne purchase. It was the seventh straight month of increasing Kazakh gold reserves. Kazakhstan was the biggest buyer in Q3, increasing its gold stockpile by 18 tonnes to 324 tonnes.</p>
<div class="lb-trans"><p>哈萨克斯坦国家银行继续增加黄金储备，购买了 8 吨。这是哈萨克斯坦黄金储备连续第七个月增加。哈萨克斯坦是第三季度最大的买家，黄金储备增加了 18 吨，达到 324 吨。</p>
</div><p>The Bank of Guatemala was another new player in the market, adding 6 tonnes of gold to its reserves in September. That pushed the country’s gold holdings to 13 tonnes, representing a 91 percent increase.</p>
<div class="lb-trans"><p>危地马拉银行是市场上的另一位新玩家，在九月份增加了 6 吨黄金储备。这使该国的黄金储备达到 13 吨，增长了 91%。</p>
</div><p>The Central Bank of Turkey increased its holdings by 2 tonnes in September. The Turkish central bank has been a net purchaser for 28 consecutive months – since June 2023.</p>
<div class="lb-trans"><p>土耳其中央银行在九月份增加了 2 吨黄金储备。土耳其中央银行已经连续 28 个月净购买黄金——自 2023 年 6 月以来。</p>
</div><p>The Czech Central Bank has followed a similar strategy – growing its gold reserves at a slow, steady pace. It added another 2 tonnes in September, its 31st straight month of gold accumulation. The Czech Republic now holds 67 tonnes of gold. Czech officials say they plan to increase gold reserves to 100 tonnes by 2028.</p>
<div class="lb-trans"><p>捷克中央银行采取了类似的策略——以缓慢而稳定的速度增加黄金储备。九月份又增加了 2 吨，这是其连续第 31 个月的黄金积累。捷克共和国现在持有 67 吨黄金。捷克官员表示，他们计划到 2028 年将黄金储备增加到 100 吨。</p>
</div><p>China has reported an increase in its <strong>official</strong> reserves for 11 straight months, adding an additional tonne in September. The People’s Bank of China has increased its <strong>official</strong> holding by 399 tonnes in that span.</p>
<div class="lb-trans"><p>中国已连续 11 个月报告其 <strong>官方</strong> 储备增加，九月份又增加了 1 吨。中国人民银行在此期间增加了 399 吨的 <strong>官方</strong> 持有量。</p>
</div><p>Total <strong>official</strong> Chinese gold reserves are now over 2,300 tonnes, making up around 7 percent of its total reserves.</p>
<div class="lb-trans"><p>中国的 <strong>官方</strong> 黄金储备总量现在超过 2300 吨，占其总储备的约 7%。</p>
</div><p>Notice the emphasis on &#34; <strong>official</strong>.&#34;</p>
<div class="lb-trans"><p>注意 “<strong>官方</strong>” 的强调。</p>
</div><p>China is among the central banks that likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to data parsed by the renowned Money Metals researcher, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – <em>more than TWICE what has been publicly admitted.</em></p>
<div class="lb-trans"><p>中国是可能持有远超其公开披露的黄金的中央银行之一。正如 Jan Nieuwenhuijs 所报道的，中国人民银行正在秘密购买大量黄金。根据著名的货币金属研究员解析的数据，中国中央银行目前在北京持有超过 5000 吨的货币黄金——<em>这比公开承认的数量多出两倍以上。</em></p>
</div><p>Ghana (1 tonne) and Russia (3 tonnes) also reported gold purchases in September.</p>
<div class="lb-trans"><p>加纳（1 吨）和俄罗斯（3 吨）在九月份也报告了黄金购买。</p>
</div><p>Uzbekistan was the only notable seller in September, reducing its gold reserves by 4 tonnes. It is not uncommon for banks that buy from domestic production – such as Uzbekistan and Kazakhstan – to flip-flop between buying and selling.</p>
<div class="lb-trans"><p>乌兹别克斯坦是九月份唯一显著的卖家，减少了 4 吨黄金储备。像乌兹别克斯坦和哈萨克斯坦这样的银行，通常会在购买和出售之间反复波动，尤其是从国内生产中购买的情况。</p>
</div><p>While Poland has not increased its gold reserves since May, it remains the biggest buyer of the year, having increased its reserves by over 67 tonnes. The country currently holds 515 tonnes of gold, accounting for 24 percent of total reserves.</p>
<div class="lb-trans"><p>尽管波兰自五月以来没有增加黄金储备，但它仍然是今年最大的买家，黄金储备增加了超过 67 吨。该国目前持有 515 吨黄金，占总储备的 24%。</p>
</div><p>The central bank recently announced plans to target its gold holdings at 30 percent of total reserves, up from the previous 20 percent target. It achieved that goal earlier this year.</p>
<div class="lb-trans"><p>中央银行最近宣布计划将其黄金持有量目标提高到总储备的 30%，高于之前的 20% 目标。它在今年早些时候达成了这一目标。</p>
</div><p>Meanwhile, South Korean central bank officials recently indicated they are considering increasing their gold holdings. The last time the Bank of Korea expanded its gold reserves was in 2013. The country currently holds around 104 tonnes of gold.</p>
<div class="lb-trans"><p>与此同时，韩国中央银行官员最近表示，他们正在考虑增加黄金储备。韩国银行上一次扩大黄金储备是在 2013 年。该国目前持有约 104 吨黄金。</p>
</div><p>Despite the slowdown in central bank buying this year, the World Gold Council remains bullish.</p>
<div class="lb-trans"><p>尽管今年中央银行的购买有所放缓，世界黄金协会仍然持乐观态度。</p>
</div><blockquote>
<p>“We maintain our view that central banks will continue to add gold to their reserves. Our Central Bank Gold Reserves Survey 2025 shows that respondents overwhelmingly (95 percent) expect global central bank gold reserves to increase over the next 12 months, while 43 percent believe that their own gold reserves will also increase over the same period. Notably, none of the respondents anticipate a decline in their gold reserves.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们保持观点，中央银行将继续增加黄金储备。我们的中央银行黄金储备调查 2025 显示，受访者压倒性地（95%）预计全球中央银行黄金储备将在未来 12 个月内增加，而 43% 的人认为他们自己的黄金储备也将在同一时期内增加。值得注意的是，没有受访者预期其黄金储备会下降。”</p>
</blockquote>
</div><p>You can read more details about that central bank survey HERE.</p>
<div class="lb-trans"><p>您可以在这里阅读有关该中央银行调查的更多细节。</p>
</div><p>On net, central banks officially increased their gold holdings by 1,044.6 tonnes in 2024. It was the 15th consecutive year of expanding gold reserves.</p>
<div class="lb-trans"><p>总体而言，中央银行在 2024 年正式增加了 1044.6 吨黄金储备。这是连续第 15 年扩展黄金储备。</p>
</div><p>Last year was the third-largest expansion of central bank gold reserves on record, coming in just 6.2 tonnes lower than in 2023 and 91 tonnes lower than the all-time high set in 2022. (1,136 tonnes). 2022 was the highest level of net purchases on record, dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.</p>
<div class="lb-trans"><p>去年是中央银行黄金储备扩展的第三大年，仅比 2023 年少 6.2 吨，比 2022 年创下的历史最高水平低 91 吨（1136 吨）。2022 年是自 1950 年以来的净购买最高水平，包括 1971 年暂停美元兑换黄金以来的记录。</p>
</div><p>To put that into context, central bank gold reserves increased by an average of just 473 tonnes annually between 2010 and 2021.</p>
<div class="lb-trans"><p>为了提供背景，2010 年至 2021 年间，中央银行黄金储备年均仅增加 473 吨。</p>
</div><p>World Gold Council analysts said, “ <em>Central banks are likely to continue their buying spree</em>,” calling central bank purchases “ <em>surprisingly resilient</em>” given the rapid price increase.</p>
<div class="lb-trans"><p>世界黄金协会分析师表示，“<em>中央银行可能会继续其购买狂潮</em>”，称中央银行的购买在快速价格上涨的情况下 “<em>出乎意料地强劲</em>”。</p>
</div><p>The WGC has also noted that “diversification” with “a reduction of U.S. assets” is one of the factors driving central bank gold buying. In other words, de-dollarization.</p>
<div class="lb-trans"><p>世界黄金协会还指出，“多样化” 与 “减少美国资产” 是推动中央银行黄金购买的因素之一。换句话说，就是去美元化。</p>
</div><blockquote>
<p>“We don’t see an end to this narrative unless there is a material shift in geopolitical tensions. The IMF has downgraded growth prospects in the U.S. more than in other major economies, citing policy uncertainty. This suggests that other countries may have leverage in negotiations, although these typically last months and years, not weeks. Hence, we don’t expect any near-term resolutions.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“我们认为，除非地缘政治紧张局势发生实质性变化，否则这一叙述不会结束。国际货币基金组织已将美国的增长前景下调得比其他主要经济体更为严重，原因是政策不确定性。这表明其他国家在谈判中可能拥有杠杆，尽管这些谈判通常持续数月甚至数年，而不是几周。因此，我们不期望近期会有解决方案。”</p>
</blockquote>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者：</em></p>
</div><p>Is The Fed About To Restart Quantitative Easing?</p>
<div class="lb-trans"><p>美联储是否即将重新启动量化宽松？</p>
</div><p>Is The Silver Bull Market Over?</p>
<div class="lb-trans"><p>银价牛市结束了吗？</p>
</div><p>Gold Demand Surged To Record Level In Third Quarter</p>
<div class="lb-trans"><p>第三季度黄金需求激增至创纪录水平</p>
</div>

央行在九月份的黄金购买量达到年度最高水平