After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 “active diversifiers,” countries that purchased gold and raised its share in total reserves by at least 5 percentage points over the last...

After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 "active diversifiers," defined as countries that purchased gold and raised its share in total reserves by at least 5 percentage points over...