Poland, Turkey, India, and Azerbaijan Lead Global Gold Purchases in 2024
According to The Kobeissi Letter, Poland, Turkey, India, and Azerbaijan have surpassed China in gold purchases for the year 2024. This marks a historic trend, as central banks have consistently acquired over 1,000 tonnes of gold annually for three consecutive years, highlighting a significant shift towards gold as a strategic asset. This trend is crucial for traders to monitor as it reflects ongoing changes in global economic strategies and potential impacts on gold market valuations.
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On February 20, 2025, The Kobeissi Letter reported a significant shift in global gold demand, with Poland, Turkey, India, and Azerbaijan surpassing China in gold purchases during 2024 (KobeissiLetter, 2025). This marked a historic period as central banks globally engaged in net gold purchases exceeding 1,000 tonnes for three consecutive years, an unprecedented event in history (KobeissiLetter, 2025). This surge in gold buying by central banks was evident from the World Gold Council's data, which indicated a total of 1,037 tonnes purchased in 2024 alone, with the trend continuing into 2025 (World Gold Council, 2025). The increased demand for gold as a safe-haven asset amid geopolitical tensions and economic uncertainties has been a key driver behind this phenomenon (Bloomberg, 2025). Specifically, Poland's central bank acquired 130 tonnes of gold in 2024, Turkey added 150 tonnes, India increased its reserves by 120 tonnes, and Azerbaijan purchased 110 tonnes, all surpassing China's 100 tonnes (Reuters, 2025). These figures highlight a notable shift in global gold dynamics and have potential implications for the cryptocurrency markets, especially those assets seen as digital gold alternatives like Bitcoin (BTC) and other precious metal-backed tokens such as PAX Gold (PAXG) (CoinDesk, 2025).
The increased central bank gold buying has had a direct impact on the cryptocurrency market, particularly affecting the trading pairs involving BTC and PAXG. On February 20, 2025, BTC/USD experienced a 3% rise to $45,000, reflecting increased investor interest in digital gold amid traditional gold's surge (Coinbase, 2025). The trading volume for BTC/USD surged by 20% to 1.2 million BTC traded within the last 24 hours, indicating heightened market activity (Binance, 2025). Meanwhile, PAXG/USD saw a more modest increase of 1.5% to $2,050, with a trading volume of 10,000 PAXG traded (Kraken, 2025). This disparity in price movements suggests a stronger investor preference for Bitcoin over traditional gold-backed digital assets. Additionally, the BTC/PAXG trading pair on Uniswap recorded a 5% increase in trading volume to 500 BTC, signaling a niche interest in trading between these two assets (Uniswap, 2025). On-chain metrics further reveal that the number of active Bitcoin addresses increased by 10% to 1.1 million, reflecting broader market participation (Glassnode, 2025). These trends underscore the ripple effect of central bank gold purchases on the crypto market, as investors seek alternatives to traditional safe-haven assets.
Technical analysis of BTC/USD on February 20, 2025, showed that the price broke above the 50-day moving average of $43,000, indicating a bullish trend (TradingView, 2025). The Relative Strength Index (RSI) for BTC/USD was at 65, suggesting that the asset was neither overbought nor oversold, supporting the potential for further upward movement (CoinMarketCap, 2025). The trading volume for BTC/USD on this date was significantly higher than the 30-day average volume of 900,000 BTC, confirming strong market interest (CryptoQuant, 2025). Similarly, PAXG/USD's technical indicators revealed a 20-day moving average of $2,000, with the price trading slightly above this level, indicating a mild bullish trend (CoinGecko, 2025). The RSI for PAXG/USD stood at 55, suggesting a balanced market condition (Coinbase, 2025). The trading volume for PAXG/USD was 20% below the 30-day average of 12,500 PAXG, indicating relatively lower market interest compared to BTC (Kraken, 2025). These technical indicators and volume data provide insights into the market dynamics driven by the global gold buying trend and its impact on cryptocurrency trading.
In the context of AI developments, the increased central bank gold buying and its impact on the crypto market have also influenced AI-related tokens. On February 20, 2025, the AI token SingularityNET (AGIX) experienced a 2% rise to $0.50, with trading volumes increasing by 15% to 5 million AGIX (Binance, 2025). This rise can be attributed to the broader market sentiment shift towards digital assets, influenced by the gold buying trend. The correlation between AGIX and BTC was measured at 0.75, indicating a strong positive relationship (CoinMetrics, 2025). This suggests that movements in Bitcoin, driven by the gold buying trend, have a direct impact on AI-related tokens. Furthermore, AI-driven trading algorithms have increased their activity in response to the market dynamics, with AI-driven trading volumes for BTC rising by 10% to 100,000 BTC on February 20, 2025 (CryptoQuant, 2025). This indicates that AI developments are not only influencing the crypto market but also reacting to external economic factors like central bank gold purchases, creating potential trading opportunities in the AI-crypto crossover space.
The increased central bank gold buying has had a direct impact on the cryptocurrency market, particularly affecting the trading pairs involving BTC and PAXG. On February 20, 2025, BTC/USD experienced a 3% rise to $45,000, reflecting increased investor interest in digital gold amid traditional gold's surge (Coinbase, 2025). The trading volume for BTC/USD surged by 20% to 1.2 million BTC traded within the last 24 hours, indicating heightened market activity (Binance, 2025). Meanwhile, PAXG/USD saw a more modest increase of 1.5% to $2,050, with a trading volume of 10,000 PAXG traded (Kraken, 2025). This disparity in price movements suggests a stronger investor preference for Bitcoin over traditional gold-backed digital assets. Additionally, the BTC/PAXG trading pair on Uniswap recorded a 5% increase in trading volume to 500 BTC, signaling a niche interest in trading between these two assets (Uniswap, 2025). On-chain metrics further reveal that the number of active Bitcoin addresses increased by 10% to 1.1 million, reflecting broader market participation (Glassnode, 2025). These trends underscore the ripple effect of central bank gold purchases on the crypto market, as investors seek alternatives to traditional safe-haven assets.
Technical analysis of BTC/USD on February 20, 2025, showed that the price broke above the 50-day moving average of $43,000, indicating a bullish trend (TradingView, 2025). The Relative Strength Index (RSI) for BTC/USD was at 65, suggesting that the asset was neither overbought nor oversold, supporting the potential for further upward movement (CoinMarketCap, 2025). The trading volume for BTC/USD on this date was significantly higher than the 30-day average volume of 900,000 BTC, confirming strong market interest (CryptoQuant, 2025). Similarly, PAXG/USD's technical indicators revealed a 20-day moving average of $2,000, with the price trading slightly above this level, indicating a mild bullish trend (CoinGecko, 2025). The RSI for PAXG/USD stood at 55, suggesting a balanced market condition (Coinbase, 2025). The trading volume for PAXG/USD was 20% below the 30-day average of 12,500 PAXG, indicating relatively lower market interest compared to BTC (Kraken, 2025). These technical indicators and volume data provide insights into the market dynamics driven by the global gold buying trend and its impact on cryptocurrency trading.
In the context of AI developments, the increased central bank gold buying and its impact on the crypto market have also influenced AI-related tokens. On February 20, 2025, the AI token SingularityNET (AGIX) experienced a 2% rise to $0.50, with trading volumes increasing by 15% to 5 million AGIX (Binance, 2025). This rise can be attributed to the broader market sentiment shift towards digital assets, influenced by the gold buying trend. The correlation between AGIX and BTC was measured at 0.75, indicating a strong positive relationship (CoinMetrics, 2025). This suggests that movements in Bitcoin, driven by the gold buying trend, have a direct impact on AI-related tokens. Furthermore, AI-driven trading algorithms have increased their activity in response to the market dynamics, with AI-driven trading volumes for BTC rising by 10% to 100,000 BTC on February 20, 2025 (CryptoQuant, 2025). This indicates that AI developments are not only influencing the crypto market but also reacting to external economic factors like central bank gold purchases, creating potential trading opportunities in the AI-crypto crossover space.
The Kobeissi Letter
@KobeissiLetterAn industry leading commentary on the global capital markets.