It is all about the perception of value, a very different thing. If perceptions change, the value changes also.
These days, the price of gold in the market has increased rapidly, and many people in our country have started investing in gold because of the uncertainty surrounding cryptocurrencies and because they believe it to be a fake. This is because although gold can be seen physically, cryptocurrencies cannot be seen physically because they are digital. So the state of values is determined by the perception of individuals. I do not expect a true disclosure of gold reserves because of the problem of world political sovereignty.
Where do they store their gold when they buy it?
Definitely they will store bank's safes when they buy it.