Global Gold Reserves Revealed: What Investors and Businesses Need to Know About Worldwide Storage Trends
LONDON — The growing demand for gold as a safeguard against global risks has sparked a key challenge: the importance of where gold reserves are stored.
Two of the world’s largest gold depositories are located in New York and London, managed respectively by the Federal Reserve Bank of New York and the Bank of England. These cities serve as the primary global hubs for gold trading and have a century-long legacy of secure, reliable storage.
The New York Fed holds over 500,000 gold bars, making it the largest single repository of monetary gold as of the end of 2024. Although gold reserves peaked in 1973—shortly after the United States ended the gold standard, diminishing gold’s central role in global finance—central banks in advanced economies, including the U.S. and Europe, continue to hold significant reserves. According to the Brookings Institution, central banks in these regions accounted for 57% of global gold reserves at the end of 2024. The U.S. leads in holdings, followed by Germany, Italy, and France. Meanwhile, emerging economies are becoming the biggest gold buyers today.
Historically, the question of storing gold in New York or London was primarily a concern for countries facing sanctions risks, such as Venezuela, whose former leaders have sought to reclaim gold reserves held at the Bank of England. However, recent geopolitical developments, including former President Donald Trump’s criticisms of Europe, have led some officials to reconsider whether their gold would be safer stored domestically.
Calls for repatriation have been limited and mostly voiced by certain lawmakers and economists in Germany and Italy. Germany repatriated some gold about a decade ago and currently holds roughly half of its gold domestically, a third in New York, and the rest in London. Italy stores about 44% of its gold at home, with the remainder split between New York, London, and Switzerland. Both countries’ central banks have stated they do not plan further repatriation.
The decision to keep gold in New York and London largely stems from the impeccable security records of both central banks, which have never suffered losses, even during transport. For instance, during World War II, London’s gold was covertly moved to Canada for safety. Another key reason is liquidity—holding gold close to major trading centers facilitates transactions.
The Bank of England, which stores approximately 430,000 gold bars across nine vaults, holds reserves for more than 60 central banks, enabling clients to buy and sell gold without moving physical bars. This arrangement supports both security and market efficiency.
Countries increasing their gold reserves face the most pressing storage questions. India, while expanding its holdings, has reduced gold stored at the Bank of England. Turkey moved all its gold out of the New York Fed in 2017 and later out of Switzerland, opting for more domestic storage, although it rebuilt its reserves in London for transaction ease.
Poland stores just 20% of its gold at home, with the rest split between the New York Fed and the Bank of England, but plans a more balanced distribution for greater national resilience and strategic autonomy, according to Adam Glapinski, governor of Poland’s National Bank.
Conversely, the Czech Republic retains almost all its gold in London to benefit from lending opportunities and reduce transaction costs.
Many central banks keep their gold storage locations confidential. China, a major buyer for 17 consecutive months, provides little information on its holdings, and Brazil recently increased its reserves without disclosing storage details.
While London and New York remain dominant gold storage centers, Hong Kong is emerging as an alternative, offering a non-Western option for central banks.
The World Gold Council anticipates continued strong gold purchases by central banks, underlining the ongoing importance of strategic storage decisions.
“Risk must be humbly acknowledged and prudently managed,” Glapinski emphasized. “That is what we do within our strategy of diversifying gold storage locations.”
This report originally appeared in The New York Times.
Special Analysis by Omanet | Navigate Oman’s Market
The growing emphasis on gold as a strategic reserve highlights the critical importance of secure and diversified gold storage for nations amid geopolitical tensions. For businesses and investors in Oman, this underscores an opportunity to explore gold investment and trading infrastructure, potentially positioning Oman as a trusted regional hub for gold storage and liquidity. Smart investors should consider the risks of geopolitical shifts influencing gold custody and the benefits of geographic diversification in their portfolios.
