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Gold Reserves
381.7t
Reserve Value
$35.59B
% of Reserves
83.4%
YoY Change
-5.1t
Est. Purchase Cost
—
Gold/Currency Ratio
N/A
Uzbekistan sells gold due to fiscal pressures from development needs and commodity export reliance. Reduction provides liquidity for infrastructure and reserve rebalancing. Profit-taking amid high prices funds domestic priorities.
Notable Activity
Uzbekistan cut reserves by 5.1 tonnes year-over-year.
Key Motivations
What this means
The gold/currency ratio measures how much of a country's money supply is "backed" by gold reserves. A higher ratio suggests stronger implicit gold backing of the currency.
Bullion Fear & Greed Index
Was the market fearful or greedy when Uzbekistan was buying? Central banks often buy gold during market fear — the opposite of retail.
Gold/Silver Ratio
Central banks buy gold, not silver. Track the gold/silver ratio to understand relative value between the two metals.
Mining ETFs
Central bank buying supports gold prices, which flows through to mining company valuations. Track GDX, GDXJ, and miner sentiment.
Data Sources
Gold holdings from IMF International Financial Statistics (IFS) and World Gold Council. M1 money supply from FRED and IMF. Geopolitical context enriched monthly. Last updated: 2026-03-31.