The Bank for International Settlements (BIS) increased its gold swaps by 10 tonnes in August 2026, bringing the total to 141 tonnes, according to the bank's latest statement of account. The move comes as the Dutch central bank repatriates gold from the United States and Canada, a decision the Financial Times partly attributed to fear of seizure by the US government. The rise in swaps has reignited concerns about double counting of gold and potential market manipulation.
BIS gold swaps rise in August
Data from the BIS statement of account for 31 August 2026 shows that gold swaps stood at 141 tonnes, up from 131 tonnes in July. The level has remained above 100 tonnes throughout 2026, a significant increase compared to 2025 when swaps typically ranged between 30 and 56 tonnes. The swaps peaked in March 2026 at 184 tonnes before declining slightly in subsequent months.
GATA consultant Robert Lambourne, who monitors BIS gold swaps, reported the increase and noted that the swaps are likely used to conceal double counting of gold. Double counting occurs when the same physical gold is claimed as an asset by more than one entity, such as the US Federal Reserve and the largest gold exchange-traded fund (GLD).
Dutch repatriation and seizure concerns
The Dutch central bank has been transferring gold from US and Canadian government depositories to Europe, citing crisis preparedness and protection against increasing geopolitical unrest. The Financial Times linked this move, in part, to fears that the US government might seize gold held in its jurisdiction. The BIS gold swaps may facilitate such transfers by providing liquidity without physically moving the metal, but they also raise questions about who truly owns the gold.
GATA has long argued that BIS gold swaps enable central banks to obscure the true supply of gold in the market, allowing for price suppression through derivatives. A secret March 1999 IMF staff report, referenced by GATA, outlined a policy of conflating gold loans with vaulted gold to prevent outsiders from perceiving official interventions.
Double counting and market implications
Double counting is effectively a form of seizure, according to GATA, because it allows multiple parties to claim the same gold as an asset. If the gold in GLD is also counted as part of US reserves, a seizure by the US government could leave ETF investors with claims on gold that no longer exists. The Dutch repatriation reduces the risk of seizure for that gold, but the rise in BIS swaps suggests the practice of double counting continues.
For readers tracking the live gold price, these developments highlight the opaque nature of the gold market and the role of central bank swaps in influencing supply. The BIS has never officially explained its gold swaps in writing, relying instead on oral briefings to select media outlets.
Historical context
The BIS first disclosed gold swaps in its 2010 annual report, sparking speculation that they were used to support struggling commercial banks. Since then, GATA has tracked the swaps and estimated their monthly levels. The data shows a sharp increase from late 2025 onwards, with swaps rising from 56 tonnes in December 2025 to over 100 tonnes in early 2026.
The August 2026 figure of 141 tonnes is consistent with this elevated trend. Whether the swaps will decline in the coming months remains uncertain, but their persistence suggests they are a structural tool for central bank gold management rather than a temporary measure.
Key takeaways
- BIS gold swaps increased by 10 tonnes in August 2026 to 141 tonnes, remaining above 100 tonnes for the eighth consecutive month.
- The Dutch central bank repatriated gold from the US and Canada, with the Financial Times citing fear of seizure by the US government as a factor.
- GATA consultant Robert Lambourne reports that the swaps are used to conceal double counting of gold between the US Federal Reserve and the GLD ETF.
- The swaps have been at elevated levels throughout 2026, compared to much lower figures in 2025.
Common questions
What are BIS gold swaps?
Gold swaps are transactions where the Bank for International Settlements exchanges gold for cash with a central bank, with an agreement to reverse the trade at a future date. They are used to provide liquidity without an outright sale.
Why do gold swaps raise double counting concerns?
If the same physical gold is used as collateral in a swap while still being counted as an asset by the original owner, it can be claimed by two parties simultaneously. This inflates the apparent gold supply and can mask market manipulation.
How does the Dutch repatriation relate to BIS swaps?
The Dutch central bank's decision to move gold from US and Canadian vaults to Europe reduces the risk of seizure by the US government. The rise in BIS swaps may be linked to such repositioning, as swaps allow gold to be effectively transferred without physical movement.
The increase in BIS gold swaps and the Dutch repatriation underscore ongoing tensions in the gold market. While the BIS does not comment publicly on its swaps, the data suggests they remain a key instrument for central banks navigating geopolitical risks and concerns about gold ownership.