Central Bank Buying Driving Gold Higher - CoinStats

Weekly Precious Metal and Rare Coin
Market Report
October 12, 2026

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U.S. interest rates and the U.S. Dollar reached a 3-year high last week. This added to Gold’s recent bearish trend. Plus, another negative was that Gold trading exchanges in China were closed for a holiday. Gold reached a low of $4,065 on Wednesday before seeing sizeable buying, moving the price to a high of $4,212 on Friday. That $4,065 Gold price was the lowest value Gold has reached in the past two months. I like how Gold traded last week, and I think Gold will start moving higher this week and break above the $4,200 per ounce resistance level.

Gold closed last Friday at $4,192 per ounce, up $52 for the week.

Looking at the Gold price from a demand/supply viewpoint: Since the start of 2026, China, Poland, and Uzbekistan have been major Gold buyers. China, among others, is "buying the dips while continuing to reduce US Treasury holdings at a steady pace, as the de-dollarization theme continues unabated." The People's Bank of China’s (PBOC) Gold reserves are up 20% since 2022 (and 122% since 2015) to 2,345 tons, while its U.S. Treasury holdings are down 41% since 2020.

In August, Chinese Gold imports hit a record, as the country added 44 tons of Gold to bring the year-to-date total to 1,100 tons for 2026, according to China’s General Administration of Customs.

The National Bank of Poland remains one of the world's leading central bank buyers of Gold in 2026, accumulating a total of 98 tons through August as part of a strategic push toward a 700-tons reserve target. The Central Bank of Uzbekistan bought 50 tons of Gold during 2026.

Due to its economic problems, Russia has been the primary Gold seller in 2026, selling approximately 50 tons, its largest Gold liquidation since the 1998 financial crisis. Russian selling may be slowing down due to a deal made on Friday.

President Trump announced on Friday, in stark contrast to the oil and gas sanctions he signed last month, a diesel purchase from Russia. Russia will sell over 4 million tons of diesel within a short period of time, which helps the Russian economy and slows down any future Gold sales. Trump is clearly doing this before the elections to slow down the spiraling cost of groceries.

Key Economic data to watch this week:

• October 12th, Monday:
• October 13th, Tuesday: U.S. Existing Home Sales
• October 14th, Wednesday: U.S. CPI
• October 15th, Thursday: U.S. PPI, U.S. Retail Sales,
  U.S. Weekly Jobless Claims
• October 16th, Friday:

Today: This morning in Chinese trading, Gold moved over $4,200 per ounce, reaching a high of $4,218. Gold found sellers in London and the U.S. and moved down to $4,153 before finding buyers.

Last week, Silver dropped below the key $60 support level, reaching a 2-month low of $58.36 per ounce during early U.S. trading. Higher interest rates and the U.S. Dollar were major contributors to this decline. Silver appears to want to stay above the key $60 per ounce support level. Silver moved higher with Gold on Friday, closing the week at $60.74, up $0.54 per ounce for the week.

Today: Silver tested the key $60 per ounce support level, reaching a low of $60.04 during early U.S. trading. Silver moved higher after testing the support level.

I’m proud to provide the October 2026 version of CoinStats free of charge for our clients. It has been updated with current prices and populations for regular and plus grades. Other features on CoinStats for October 2026 are six different series: $20 Gold Saint Gaudens, $20 Gold Liberties, $10 Gold Indians, Morgan & Peace Silver Dollars, and the Walking Liberty Half Dollar.

The CoinStats report provides a list of my recommended certified U.S. Gold and Silver coins which are found listed on the Best Value page. These are not the modern issue bullion coins or low-grade circulated coins. These are PCGS-certified MS63 or higher Gold & Silver U.S. rare coins, dated prior to 1948, which have a proven track record of appreciation and also offer excellent liquidity.

The October 2026 version of CoinStats has updated populations and prices from PCGS. I have also included information on increases in all PCGS grade populations from issue to issue, plus increases in popular PCGS Registries at the bottom of the Best Value page. As we start 2026, there are many investment-quality rare Gold and Silver coins that are undervalued. We have identified them in Red on the CoinStats final page in each type. In the precious metals section, there are a number of rare coins with great value.

If you wish to receive a copy of the current CoinStats, just reply in the subject line with the series requested.

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