How Much Gold Does New Zealand Have? Why The Reserve Bank Holds Zero Gold Reserves

New Zealand currently holds zero official gold reserves.

Unlike most central banks around the world, the Reserve Bank of New Zealand (RBNZ) does not own any gold as part of its official reserve assets. In fact, New Zealand has not held any gold reserves since 1991, when the Reserve Bank sold its remaining holdings.

That makes New Zealand unusual.

Over the past decade, central banks around the world have been buying gold at the fastest pace in decades. Countries such as China, India, Turkey and Poland have all increased their gold holdings as geopolitical tensions, inflation concerns and questions about the international monetary system have grown.

So why does New Zealand hold no gold at all?

And if central banks around the world are accumulating gold, should New Zealand reconsider its position?

These questions have become more relevant as gold has reached record highs and central bank demand has surged. We’ve even had readers ask whether New Zealand could simply create money and buy gold reserves given the country currently has none.

This article examines how much gold New Zealand has, why the Reserve Bank sold its gold reserves, how New Zealand compares with other countries, and whether there is a case for New Zealand to hold gold again in the future.

Quick Answer

The Reserve Bank of New Zealand currently holds zero gold reserves.

New Zealand sold its remaining gold reserves in 1991 and now holds foreign currencies, government securities and other highly liquid reserve assets instead.

While many central banks have increased their gold holdings in recent years, the RBNZ has repeatedly stated that gold does not meet its liquidity requirements.

Central Banks Have Changed Their View On Gold

One reason New Zealanders increasingly ask about the country’s gold reserves is because central banks themselves have dramatically changed their attitude towards gold over the past two decades.

During the 1990s and early 2000s, many central banks viewed gold as an outdated reserve asset. Countries regularly sold hundreds of tonnes of gold each year and increased their holdings of government bonds and foreign currencies instead.

Following the 2008 Global Financial Crisis, however, attitudes began to change. Central banks collectively switched from being net sellers of gold to net buyers.

The trend accelerated further after Russia’s foreign exchange reserves were frozen following its invasion of Ukraine in 2022. Since then, central bank gold purchases have reached record levels as countries increasingly seek reserve assets that carry no counterparty risk and cannot be frozen or controlled by another nation.

The chart below illustrates this change.

From 1995 to 2009, central banks were net sellers of gold. In some years they sold more than 600 tonnes. Since 2010 they have been net buyers, purchasing an average of around 473 tonnes per year between 2010 and 2021.

Following the sanctions imposed on Russia in 2022, buying accelerated even further. Between 2022 and 2025, central banks purchased more than 1,000 tonnes of gold annually on average, more than double the previous decade’s average.

Why Are Central Banks Buying Gold Again?

Unlike government bonds or bank deposits, gold carries no counterparty risk. It is not dependent on the financial health of a government, central bank or financial institution. Gold cannot be printed, defaulted on or frozen by another country.

For this reason, gold has long played a role in central bank reserves, helping diversify reserve assets and acting as a form of financial insurance during periods of monetary, financial and geopolitical stress.

Several trends appear to be driving demand:

• Rising government debt levels around the world.
• Concerns about inflation and currency debasement.
• Geopolitical tensions and sanctions risk.
• A desire to reduce reliance on the US dollar.
• Growing uncertainty about the future international monetary system.

Gold is typically held alongside foreign currencies and government securities as part of a country’s reserve assets.

Against this backdrop, New Zealand’s position is unusual. While many central banks are increasing their gold holdings, the Reserve Bank of New Zealand continues to hold none.

How Much Gold Does The Reserve Bank Of New Zealand Have?

The Reserve Bank of New Zealand currently holds zero gold reserves.

Unlike most central banks, the RBNZ does not own any gold as part of its official reserve assets. Instead, the Reserve Bank primarily holds foreign currencies, government securities, Special Drawing Rights (SDRs) and other liquid reserve assets.

The table below shows the composition of New Zealand’s official reserve assets. Notice that the line item for gold is zero.

In fact, New Zealand has not held any official gold reserves since 1991.

The RBNZ Confirms No Gold Reserves in Official Information Act Request

On the 12 May 2023, the RBNZ also confirmed in an Official Information Act request that:

“…the RBNZ does not hold gold as part of its foreign reserves.”

Key Fact: New Zealand Gold Reserve Snapshot

• Official gold reserves: 0 tonnes
• Last gold sold: 1991
• Confirmed by: RBNZ Official Information Act response (2023)
• Current reserve assets: Foreign currencies, government bonds and SDRs

When Did New Zealand Sell Its Gold Reserves?

Many New Zealanders assume that because the Reserve Bank holds no gold today, it never held much gold in the first place.

In fact, New Zealand once held significant gold reserves as part of its official reserve assets.

Historical IMF data suggests New Zealand’s gold reserves peaked at approximately US$35 million in 1961, equivalent to around 31 tonnes of gold at the official Bretton Woods gold price of US$35 per ounce.

Most of those reserves were sold during the 1960s, when the international monetary system was still operating under the Bretton Woods framework and the US dollar remained convertible into gold at US$35 per ounce.

The final remnants of New Zealand’s gold reserves were sold in 1991.

According to the Reserve Bank Museum:

“Most of the gold reserves were divested in the 1960s. The last remaining gold was sold in 1991.” Source.

New Zealand has now spent more than three decades with no official gold reserves.

Selling gold was not unique to New Zealand.

During the second half of the twentieth century, many central banks reduced their gold holdings as confidence in financial markets grew and reserve managers increasingly favoured foreign currencies and government securities.

However, relatively few countries chose to eliminate their gold reserves entirely.

New Zealand did.

Why Did New Zealand Sell Its Gold?

To understand why New Zealand sold its gold, it helps to think like a reserve manager rather than a gold investor.

Central banks do not primarily hold reserves to make a profit. They hold reserves to meet foreign currency needs, support financial stability and respond to periods of market stress.

From that point of view, gold came to be seen by many reserve managers as less useful than foreign currency assets.

Gold does not pay interest, while government bonds and bank deposits can generate income. As global financial markets developed, these assets became increasingly attractive to reserve managers.

Gold was also seen as less practical. If a country suddenly needs US dollars or euros, holding those currencies directly is simpler than first selling gold and converting the proceeds.

As a small trading nation, New Zealand relies on access to foreign currency to pay for imports, meet international obligations and manage periods of market stress. From a conventional reserve-management perspective, foreign currency assets were viewed as more practical than gold.

By the late twentieth century, gold was also increasingly viewed by many Western policymakers as a legacy asset from an older monetary system. Once the link between currencies and gold was broken, gold no longer played the same formal role in the international financial system.

So the Reserve Bank’s decision can be understood as part of a wider shift in thinking. Gold was seen as non-yielding, less useful for day-to-day reserve management, and no longer essential in a world of floating currencies and deep government bond markets.

However, many countries reached a different conclusion. While they reduced their gold holdings, most retained at least some gold as part of their reserves.

How Does New Zealand Compare With Other Countries?

New Zealand is not unusual because it holds less gold than major powers such as the United States, Germany or China.

New Zealand is unusual because it holds no gold at all.

Most countries retain at least some gold as part of their official reserves, even when gold represents only a small percentage of their total reserve assets.

Australia, for example, sold most of its gold in 1997 but still retains around 80 tonnes. Singapore has steadily increased its gold holdings in recent years, while many European countries continue to hold significant reserves despite no longer operating under a gold-backed monetary system.

The contrast becomes even more striking when New Zealand is compared with much smaller economies. Even countries such as Fiji and Haiti have reported small official gold holdings in recent years.

Rather than comparing New Zealand with major powers, it is more useful to compare it with smaller developed economies and regional peers.

The table below shows how New Zealand compares with a selection of countries of similar size or economic profile.

Many smaller and medium-sized nations continue to regard gold as a useful reserve asset.

New Zealand remains one of a relatively small number of countries that holds no official gold reserves.

Related: Australia Has 80 Tonnes Of Gold. How Much Does New Zealand Have?

Will Central Banks Continue Buying Gold?

Nobody knows for certain whether central banks will continue buying gold at the extraordinary pace seen in recent years.

However, several factors suggest that gold is likely to remain an important reserve asset for many countries.

Central banks continue to face many of the same challenges that helped drive gold demand higher in the first place. These include rising government debt levels, geopolitical tensions, inflation concerns and a growing desire among some countries to reduce their dependence on the US dollar.

Many countries also still hold relatively modest gold allocations compared with some of the world’s largest gold holders. The United States, Germany, Italy and France hold a significant proportion of their reserves in gold, while countries such as China and India continue to hold much lower allocations despite increasing their purchases in recent years.

Taken together, these trends suggest that some countries could continue adding to their gold holdings if they choose to further diversify their reserves.

More broadly, central banks no longer appear to view gold the way they did during the 1990s and early 2000s. Back then, many policymakers regarded gold as a relic of a previous monetary era. Today, many view it as a strategic reserve asset once again.

Some countries have recently sold or mobilised part of their gold holdings when circumstances required it. Turkey, for example, reduced its gold reserves during the market volatility that followed the 2026 Iran conflict as authorities sought additional liquidity and financial stability.

Far from undermining the case for holding gold, episodes like this demonstrate one of the reasons central banks hold reserve assets in the first place. Gold can be accumulated during stable periods and drawn upon when needed.

The more important question is not whether central banks occasionally sell gold, but whether they remain net buyers over time.

For most of the period from 1995 to 2009, central banks collectively reduced their gold holdings. Since 2010 they have done the opposite.

As long as central banks continue to buy more gold than they sell, gold appears to be regaining a role within the international monetary system that many thought it had permanently lost.

Related: Why New Zealand Won’t Have Any Say in a Global Currency Reset

Why The Reserve Bank Is Unlikely To Buy Gold

Despite the surge in central bank gold buying around the world, it remains unlikely that the Reserve Bank of New Zealand will add gold to its reserves anytime soon.

One reason for this is that the Reserve Bank has consistently argued that gold does not fit the role it expects reserve assets to perform.

Back in 2012, a reader forwarded us the following response from the Reserve Bank of New Zealand:

The Reserve Bank of New Zealand has not held any gold reserves since 1991.

…The Reserve Bank is not, at this stage, planning to include gold in our foreign reserve portfolio. The Reserve Bank’s position is that gold does not meet our liquidity requirements.

The Reserve Bank is using a specific definition of liquidity.

When reserve managers talk about liquidity, they are often referring to how quickly an asset can be deployed to meet immediate foreign currency needs. Foreign exchange reserves held directly in US dollars, euros or other major currencies can be used instantly. Gold, by contrast, usually needs to be sold or pledged before it can be converted into the required currency.

From the Reserve Bank’s perspective, foreign currencies and government securities are therefore more useful for day-to-day reserve management.

This helps explain why New Zealand’s reserves are primarily held in foreign currencies, government bonds and Special Drawing Rights (SDRs), rather than gold.

Many other central banks have reached a different conclusion.

While they also hold substantial foreign currency reserves, they continue to allocate a portion of their reserves to gold. They do not necessarily view gold and foreign currency reserves as competing assets, but as complementary ones.

Whether New Zealand’s approach remains appropriate is ultimately a matter of debate.

Was Selling The Gold The Right Decision?

Whether New Zealand was right to sell its gold reserves depends largely on how one views the purpose of a country’s reserves.

Supporters of the decision would argue that the Reserve Bank acted rationally based on the information and priorities of the time.

Gold pays no interest and cannot be used directly to meet immediate foreign currency needs. For a small trading nation like New Zealand, foreign currencies and government securities were viewed as more practical reserve assets.

It is also important to avoid judging past decisions solely through the benefit of hindsight. Reserve managers in the 1960s and 1990s could not know how gold would perform over the following decades, just as today’s policymakers cannot know what gold will do over the next thirty years.

However, there is another side to the debate.

While many countries reduced their gold holdings during the second half of the twentieth century, relatively few chose to eliminate them entirely. Countries such as Australia, the United Kingdom, France, Germany and Switzerland all retained at least some gold reserves.

The reason is that gold provides something most reserve assets do not.

Unlike government bonds, bank deposits and foreign currency reserves, gold does not depend on another institution’s promise to pay. It carries no counterparty risk.

If reserves exist purely to provide immediate foreign currency liquidity, then the Reserve Bank’s preference for foreign currencies and government bonds is understandable.

However, if reserves are also intended to provide long-term monetary resilience and diversification, then the case for retaining at least some gold becomes much stronger.

Recent central bank behaviour suggests many countries are placing greater value on these characteristics than they did twenty or thirty years ago.

The debate therefore may not be whether New Zealand was right or wrong to sell its gold reserves decades ago.

The more relevant question may be whether New Zealand would make the same decision if it were starting from scratch today.

Should New Zealand Buy Gold Again?

Whether New Zealand should own gold reserves again is ultimately a question of reserve management philosophy.

Those who support the current approach would argue that New Zealand’s reserves should remain focused on assets that can be deployed immediately during a financial crisis.

Others would argue that gold still deserves a place within a diversified reserve portfolio.

Importantly, this is not an either-or decision.

Most countries that hold gold reserves also hold substantial amounts of foreign currencies and government securities. Gold is typically used alongside other reserve assets rather than as a replacement for them.

Whether New Zealand should follow that approach remains open to debate.

One suggestion often comes up:

If New Zealand has no gold reserves, why doesn’t the Reserve Bank simply create some new money and buy gold?

Why Doesn’t New Zealand Simply Print Money And Buy Gold?

One of the most interesting questions we’ve received from readers is this:

If New Zealand has no gold reserves, why doesn’t the Reserve Bank simply create new money and use it to buy gold?

At first glance, the idea appears surprisingly logical.

Imagine the Reserve Bank created NZ$10 billion and used it to purchase gold.

New Zealand would gain billions of dollars worth of gold reserves. The money would be exchanged for a real asset rather than spent directly into the economy.

Compared with printing money to fund government spending, this may appear far less inflationary.

However, there is a problem.

The Money Still Exists

When the Reserve Bank creates money to buy gold, the seller receives that money.

New Zealand now owns the gold, but the seller now owns the NZ dollars.

The transaction changes who owns the assets. It does not eliminate the newly created currency.

Those NZ dollars can then be spent, invested, exchanged for another currency or used to purchase other assets.

New Zealand has gained a gold reserve, but there are still more NZ dollars in existence than before.

What If The Gold Is Bought Overseas?

If the gold is purchased from a foreign supplier, it may seem that the newly created NZ dollars leave the country and therefore cannot contribute to inflation within New Zealand.

But foreign sellers are unlikely to want to hold large quantities of NZ dollars indefinitely.

Eventually those NZ dollars will typically be exchanged for another currency through foreign exchange markets, increasing the supply of NZ dollars relative to other currencies.

Someone, somewhere, must ultimately hold the additional NZ dollars that were created.

This means the increase in the supply of NZ dollars still exists, even if the original seller immediately exchanges them for US dollars, euros or another currency.

The Exchange Rate Matters

If New Zealand creates billions of dollars of new currency without a corresponding increase in the production of goods and services, the additional supply of NZ dollars may place downward pressure on the currency’s value.

A weaker New Zealand dollar makes imports more expensive.

Some readers might argue this is not necessarily a major problem if it mainly affects imported consumer goods. However, New Zealand also relies heavily on imported fuel, machinery, medical equipment, industrial components and many other essential goods.

If the NZ dollar falls, the cost of those imports rises as well.

Economists often refer to this as imported inflation.

But Isn’t Some Inflation Someone Else’s Problem?

A reasonable counterargument is that much of the newly created money may end up circulating overseas rather than within New Zealand itself.

There is some truth to this.

However, foreign exchange markets connect New Zealand to the rest of the world. If overseas holders attempt to exchange large amounts of NZ dollars for other currencies, the effect can still be felt through exchange rates and import prices.

The inflationary impact may not appear in exactly the same way as a domestic spending programme, but it does not simply disappear.

Does This Mean New Zealand Should Never Own Gold Reserves?

Not necessarily.

The more important distinction is between buying gold with newly created money and buying gold with existing reserve assets.

If policymakers believed New Zealand should hold some gold, a stronger argument would be to reallocate part of the country’s existing reserve portfolio.

In that scenario, New Zealand would be exchanging one reserve asset for another rather than creating entirely new money in the process.

The Real Question

The debate is therefore not really about whether New Zealand should own gold.

The more important question is how such reserves would be acquired.

Creating new money to buy gold may sound straightforward, but once exchange rates, reserve management and inflation are considered, the issue becomes far more complex than it first appears.

Conclusion: The World Is Buying Gold. New Zealand Holds None.

New Zealand currently holds zero official gold reserves.

Most of the country’s gold was sold during the 1960s, with the final holdings sold in 1991. Since then, the Reserve Bank has preferred foreign currencies, government bonds and other highly liquid reserve assets.

At the same time, the rest of the world has been moving in a different direction.

After decades of selling gold, central banks became net buyers in 2010 and have purchased record amounts since 2022. Countries as diverse as China, India, Poland, Singapore and Turkey have all increased their gold holdings, while New Zealand continues to hold none.

Whether that is the right decision remains open to debate.

Supporters of the current approach argue that foreign currency reserves are more practical and liquid. Others argue that gold still provides diversification and resilience during periods of monetary, financial or geopolitical uncertainty.

What is clear is that gold remains far more important to the international monetary system than many expected twenty years ago.

Perhaps the most interesting lesson is that while gold no longer backs modern currencies, central banks still hold thousands of tonnes of it. In an increasingly uncertain world, many continue to view gold as a strategic reserve asset worth owning.

For individual investors, that raises a question worth considering.

If central banks continue to hold gold as part of their long-term reserves, should you consider holding some as part of yours?

One way to think about precious metals ownership is to become your own central bank — holding a portion of your savings in assets that do not depend on someone else’s promise to pay.

You can view our range of gold or silver.

Frequently Asked Questions About New Zealand’s Gold Reserves

Editors note: This post was first published 5 December 2009. Fully updated 17 June 2026 with new charts and numbers and discussion of printing money to buy gold.

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Glenn Thomas

Author at Gold Survival Guide

Glenn Thomas is the co-founder of Gold Survival Guide, which he launched in 2009 after years of active involvement as an investor in the precious metals markets. With over 20 years of experience in the sector, Glenn has become a trusted authority on gold and silver investing. Since 2011, he has written and published a weekly gold and silver newsletter, with over 650 editions and counting. Additionally, he is also the author of more than 300 blog posts covering the why, what, when and how of buying gold and silver. As a result he is the creator of new Zealand's most comprehensive repository of precious metals investment information.

Glenn's dedication to educating individuals on wealth protection through precious metals has helped over 2400 clients from New Zealand, Australia, USA and Europe to safeguard their financial futures. Passionate about financial independence and lifestyle freedom, Glenn’s mission is to empower others with the knowledge and tools to thrive in today’s volatile economic environment. When he's not advising on precious metals, Glenn enjoys spending time with his family and pursuing outdoor adventures.

Education: University of Auckland Bachelor of Science
Linkedin: https://www.linkedin.com/in/glenn-thomas-0984a4310/

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