Rising Demand for Direct Ownership of Physical Gold

The Financial Times reports a marked shift among wealthy investors toward direct ownership of physical gold and secure, individually allocated storage. In 2026, purchases by this group have surged to record levels, signaling a retreat from electronic exposure in favor of tangible assets.

Industry observers highlight capacity constraints across premier vault facilities. London dealer Sharps Pixley notes its underground vault is fully utilized, while Swiss Gold Safe indicates a need to expand all six of its storage sites. In parallel, MKS PAMP is planning a new facility aimed at clients purchasing at least $200 million in gold bars, up from a current threshold of $50 million.

A defining feature of this trend is the insistence on individually allocated gold bars with unique serial numbers, kept separate from other clients’ assets. Some investors even seek the opportunity to personally visit their holdings, underscoring the demand for verifiable, visible security. This emphasis on specific, traceable assets reflects a desire for insurance independent of traditional banking channels, as noted by MKS PAMP’s commercial director.

The pressure on vault capacity is acute. Vaults that typically boast multi-generational longevity are reaching their limits, illustrating a broader shift in the allocation of wealth toward safeguarded, physical gold outside conventional financial infrastructure. As demand continues to outpace supply in secure storage, the market is likely to see further expansion of dedicated facilities and enhanced options for individually controlled allocations.

Central banks adopt aggressive buying strategies for gold due to diversification imperatives, while family offices accumulate to avoid being priced out. This creates a self-reinforcing price cycle where both players act, forming a Nash equilibrium with joint accumulation. In sequential play, central bank buying signals strategic value, triggering family office responses, a subgame perfect equilibrium. High-net-worth purchases generate information cascades through observable signals like vault capacity constraints, dealer wait times, and premium spreads.

Sources

Plateforme et méthodologie Steelldy : steelldy-indices.com (accueil, /methodology) ; steelldy.com (rubrique Economic studies).

Stablecoins & régulation : GENIUS Act (loi du 18/07/2025, règles OCC/FinCEN 2026) — eco.com, spotedcrypto.com, orochi.network, trustlinq.com (2026) ; MiCA (fin de transition 01/07/2026, agréments ESMA, délistements USDT) — stablecoininsider.org, informedclearly.com (2026) ; Bank of England — paymentexecutive.com (29/06/2026).

ISO 20022 : KPMG (06/08/2026), J.P. Morgan (04/08/2026), BNP Paribas Fortis (26/05/2026) — échéance 15/11/2026 ; BIS/FSB via sebastienrousseau.com (19/05/2026).

CBDC : eco.com (06/08/2026) — euro numérique en préparation, livre numérique en design.

RWA & tokenisation : BCG (16 000 Md$ en 2030), McKinsey (2 000-4 000 Md$), Citi (4 000-5 500 Md$), Standard Chartered (30 100 Md$ en 2034) — blockeden.xyz (12/03/2026), fereai.xyz (12/06/2026), calibraint.com (04/06/2026), yieldstack.co (10/05/2026), commodara.com (22/03/2026).

IA & data centers : Goldman Sachs, « Tracking Trillions » (01/05/2026) ; Dell’Oro via convergedigest.com (28/07/2026) ; UBS via Yahoo Finance (09/11/2025) ; timewell.jp (21/01/2026).

Robotique humanoïde : Goldman Sachs / Morgan Stanley via aimagicx.com (23/03/2026) ; algorithmine.com (26/08/2026) ; humanoidintel.ai (24/03/2026) ; Yahoo Finance/Kalshi (12/02/2026) ; zestlab.io (17/03/2026).