Figure of the month: 11 kg

News (Advertising) Arnulf Hinkel, financial journalist – 01.06.2019

When it comes to the gold reserves of central banks worldwide, we are usually interested in those with the largest holdings – or the nations that are most heavily increasing them. Today, however, our focus– at least to begin with – will be on a central bank that holds the world's smallest national gold reserve in its vaults: at just 11 kg, that is the Eesti Pank in Estonia. Conveniently, these 11 kg consists of a single gold bar, according to Fabio Filipozzi, head of the financial market department of the Estonian central bank. By comparison, the largest gold nugget found to date weighs just under 90 kg.

The majority of Estonian gold reserves are stored in New York

However, Estonia’s gold reserves exceed the 11 kg bar: according to a report by the Estonian TV channel ERR, the vast majority of the country’s gold holdings – a further 256 kg – are stored in New York, where numerous other central banks also keep some of their gold reserves. This part of the Estonian gold holdings has been stored here since 1918, the early days of the First Estonian Republic.

US still No. 1 when it comes to gold holdings

Even though the central banks of Russia, China and Turkey have significantly increased their gold reserves in recent years, the top positions remain unchanged: with 8,133 tonnes*, the US Fed remains the central bank with the largest gold holdings, followed by the Deutsche Bundesbank with 3,370 tonnes* and Italy and France with 2,452* and 2,436 tonnes*, respectively. Russia follows with 2,066 tonnes*.

*: As of 31.10.2018, source:

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