Jefferies releases a report on gold accumulation among nations and non-sovereign entities.
64-year-old Wall Street firm flags unusual gold accumulation
Jefferies releases a report on gold accumulation among nations and non-sovereign entities.
Mehab Qureshi and Anand SinhaFeb 9, 2026 2:15 PM EST
Founded in 1962, the New York-based investment bank Jefferies advised governments, corporations, and institutional investors through inflation cycles, commodity booms, and financial crises.
That history is what makes its latest observation stand out.
In a recent report, Jefferies analysts noted an unexpected surge in physical gold buying by a non-sovereign entity, at a pace that now rivals national central banks.
According to the analysts, roughly 32 tonnes of physical gold were accumulated in late 2025 and January 2026 alone, placing the buyer among the most aggressive purchasers of bullion globally during that period. Only Brazil and Poland, both sovereign nations, were estimated to have bought more over the same timeframe.
In total, Jefferies estimates the entity now controls at least 148 tonnes of gold, valued at approximately $23 billion, enough to rank within the top 30 gold holders worldwide, surpassing several mid-sized countries.
Why the buying matters now
Gold has been in a historic rally, recently crossing $5,500 per ounce and rising nearly 50% since September, driven by central bank demand, rising long-term bond yields, and growing efforts to reduce reliance on the U.S. dollar.
Jefferies analysts framed the accumulation as part of a broader shift in how large pools of capital are positioning for long-term monetary uncertainty.
At this scale, gold purchases are no longer about short-term hedging. They signal balance-sheet strategy.