The Address & the Price | Gold’s Custody Migration, & its Decoupling from Spot

Gold’s price answers to the Strait of Hormuz on an hourly clock. Its address answers to something slower and far harder to reverse. The World Gold Council’s 2026 reserve survey — fielded straight through the worst of a 22% drawdown — shows central banks re- architecting where their bullion physically sits. That custody migration is running independently of the price screen, and most of this week’s coverage has filed it under the wrong story.

Custody location has become a third axis of reserve management — distinct from price, distinct from composition, and, as this week made plain, distinct from the price cycle entirely. The metal’s value is negotiating with the Strait of Hormuz; its address is negotiating with the architecture of the multipolar order.

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