We’ve had the odd query from other New Zealanders asking, “how much gold does the Reserve Bank of New Zealand (RBNZ) actually have?” Today we delve into this topic in depth…
Our guess is people are probably asking because since the 2008 financial crisis, net gold purchases by global central banks have clearly switched from negative (i.e. they were selling), to positive (i.e. they are buying).
The below chart shows global central bank gold purchases just up to end of March 2024. It also clearly shows just how significant the increase in central bank purchases have been since 2022.
Below were the top 10 buyers and the 3 sellers in the first quarter. “East and Central Asian central banks accounted for the majority of Q1 net purchases“:
So is the Reserve Bank of New Zealand (RBNZ) Also Buying Gold?
Well we’re sorry to report folks, the news isn’t so great.
New Zealand’s International Reserves and Foreign Currency Liquidity
(Information is disclosed in NZD 000’s)
I. Official reserve assets and other foreign currency assets (approximate market value)
Description
Apr_24
A. Official reserve assets
31,938,329
(1) Foreign currency reserves (in convertible foreign currencies)
21,818,171
(a) Securities
13,255,304
of which: issuer headquartered in reporting country but located abroad
–
(b) total currency and deposits with:
8,562,867
(i) other national central banks, BIS and IMF
8,559,007
(ii) banks headquartered in the reporting country
–
of which: located abroad
–
(iii) banks headquartered outside the reporting country
3,860
of which: located in the reporting country
–
(2) IMF reserve position
752,432
(3) SDRs
4,832,012
(4) gold (including gold deposits and, if appropriate, gold swapped)
–
volume in fine troy ounces
–
(5) other reserve assets
4,535,714
financial derivatives
(1,183,869)
loans to non-bank non-residents
–
other
5,719,583
B. Other foreign currency assets
827,496
securities not included in official reserve assets
–
deposits not included in official reserve assets
1,194,499
loans not included in official reserve assets
–
financial derivatives not included in official reserve assets
Last time we checked a dash didn’t mean that the number was too big to report! But was rather a simple alternative for the number zero. So according to the RBNZ website, New Zealand has $0 worth of gold deposits from a grand total of zero fine troy ounces of gold.
The RBNZ Confirms No Gold Reserves in Official Information Act Request
How Does New Zealand Compare to the Leading Gold Holding Nations?
The below chart shows the gold reserves of 20 largest gold holding countries worldwide as of June 2023 (in metric tons). The smallest – Poland – has 277 tons of gold.
Further confirmation of New Zealand’s total gold reserves comes from the World Gold Council. They periodically take information compiled by the IMF to create a ranking of gold deposits of countries.
The lazy mans research site – Wikipedia means we don’t have to look too hard for the latest figures though. The table below ranks each nation according to it’s officially reported gold holdings as of November 2009.
We can save you some time searching and state that unfortunately New Zealand does not feature – at all.
World official gold holding (November 2009)[11]
Rank
Country/Organization
Gold
(tonnes)
Gold’s share
of total
forex reserves (%)[11]
1
United States
8,133.5
77.4%
2
Germany
3,408.3
69.2%
3
International Monetary Fund
3,005.3
–
4
Italy
2,451.8
66.6%
5
France
2,445.1
70.6%
6
China
1,054.0[12]
1.9%
7
Switzerland
1,040.1
29.1%
8
Japan
765.2
2.3%
9
Netherlands
612.5
59.6%
10
Russia
568.4
4.3%
11
India
557.7[6]
6%
12
European Central Bank
501.4
18.8%
13
Taiwan
423.6
3.9%
14
Spain
416.8
42.5%
15
Portugal
382.5
90.2%
16
Venezuela
363.9
35.5%
17
United Kingdom
310.3
18.7%
18
Lebanon
286.8
30.0%
19
Austria
280.0
50.5%
20
Belgium
227.5
42.5%
21
Algeria
173.6
3.6%
22
Philippines
153.9
12.3%
23
Libya
143.8
4.5%
24
Saudi Arabia
143.0
12.4%
25
Sweden
135.9
14.2%
26
Singapore
127.4
2.2%
27
Bank for International Settlements
125.0
–
28
South Africa
124.7
11.0%
29
Turkey
116.1
4.7%
30
Greece
112.5
92.8%
31
Romania
103.7
8.4%
32
Poland
102.9
5.0%
33
Thailand
87.4
2.2%
34
Australia
79.8
7.3%
35
Kuwait
79.0
11.9%
36
Egypt
75.6
6.4%
37
Indonesia
73.1
4.3%
38
Kazakhstan
72.0
11.6%
39
Denmark
66.5
4.7%
40
Pakistan
65.4
20.3%
41
Argentina
54.7
3.4%
42
Finland
49.1
17.6%
43
Bulgaria
39.9
7.6%
44
West African Economic and Monetary Union
36.5
11.8%
45
Malaysia
36.4
1.2%
46
Slovakia
35.1
81.6%
47
Peru
34.7
3.3%
48
Brazil
33.6
0.5%
49
Bolivia
28.3
10.3%
50
Ecuador
26.3
11.6%
51
Ukraine
26.2
2.0%
52
Syria
25.9
–
53
Morocco
22.0
2.2%
54
Nigeria
21.4
0.9%
55
Belarus
20.3
11.6%
56
Sri Lanka
15.3[7]
3.8%
57
Jordan
14.8
5.2%
58
South Korea
14.3
0.1%
59
Cyprus
13.9
29.7%
60
Czech Republic
13.2
0.9%
61
Netherlands Antilles
13.1
31.4%
62
Cambodia
12.4
12.9%
63
Qatar
12.4
2.6%
64
Serbia
12.2
2.3%
65
Laos
8.1
23.1%
66
Latvia
7.7
3.3%
67
El Salvador
7.3
8.2%
68
Economic and Monetary Community of Central Africa
7.1
–
69
Guatemala
6.9
3.9%
70
Colombia
6.9
0.8%
71
Macedonia
6.8
7.6%
72
Tunisia
6.8
2.1%
73
Lithuania
5.8
2.3%
74
Ireland
5.5
16.3%
75
Mongolia
5.2
10.9%
76
Bahrain
4.7
–
77
Mauritius
3.9[8]
2.4%
78
Bangladesh
3.5
1.6%
79
Mexico
3.4
0.1%
80
Canada
3.4
0.2%
81
Slovenia
3.2
7.2%
82
Aruba
3.1
17.1%
83
Hungary
3.1
0.3%
84
Mozambique
3.0
4.6%
85
Kyrgyzstan
2.6
5.3%
86
Luxembourg
2.3
10.8%
87
Albania
2.2
2.6%
88
Hong Kong
2.1
0.0%
89
Iceland
2.0
1.9%
90
Tajikistan
2.0
–
91
Papua New Guinea
2.0
2.1%
92
Trinidad and Tobago
1.9
0.6%
93
Yemen
1.6
0.5%
94
Suriname
1.4
7.0%
95
Cameroon
0.9
–
96
Honduras
0.7
0.7%
97
Paraguay
0.7
0.6%
98
Dominican Republic
0.6
0.7%
99
Gabon
0.4
–
100
Republic of the Congo
0.3
–
101
Chad
0.3
–
102
Central African Republic
0.3
–
103
Uruguay
0.3
0.1%
104
Estonia
0.2
0.1%
105
Chile
0.2
0.0%
106
Malta
0.2
0.8%
107
Costa Rica
0.1
0.0%
Note: Wikipedia doesn’t appear to have a top 100 list anymore. It’s now just a top 50. However Trading Economics now does. You can see that list here. The holdings of most countries have not changed too dramatically since 2009. Although some, such as Russia and China have increased significantly. We can however confirm as of 2024, New Zealand still has zero gold reserves.
It’s a bit of a worry when Haiti, which the world bank reports as the poorest country in the Latin American and Caribbean region and among the poorest countries in the world, recently had more gold reserves than New Zealand does!
While even our small pacific neighbour Fiji has 0.03 tonnes!
Fiji may come in at number 107 on the list and only have 0.03 tonnes but that’s 0.03 tonnes more than us! (Or about $2.85 Million NZD in Gold reserves more than New Zealand).
Just like we believe the average person should have at least a small percentage of their liquid net worth held in gold, we too think the RBNZ would be wise to convert some of its foreign currency reserves into real money. Thereby ensuring a store of value in a time when currencies the world over are being depreciated at ever greater speed.
The Peoples Bank of China (PBOC) used to only spasmodically update its gold holdings. Prior to resuming regular reporting in November 2022, the last time was in 2019 and before that 2016. However there is also a decent argument to made that China likely holds gold in vehicles that it does not report on either. The PBOC just reported that it didn’t buy any gold in May 2024. But it shouldn’t be a surprise to see them scale back their purchases with gold at record high prices. In fact such an announcement might help nudge the price a little lower giving them a good opportunity to return to buying without telling anyone.
But just how much more buying might be likely?
Well, the World Gold Council includes another interesting statistic in their own top 100 countries list. That is the percentage that gold makes up of each nations total reserves.
You can see below that the likes of USA, Germany, Italy and France, who are the top 4 gold holders each have around 70% of their reserves in gold. While the recent buyers of Russia and China have only 29% and 5% respectively. So potentially there is a lot more buying to be done by these nations in order to level the playing field.
WORLD OFFICIAL GOLD HOLDINGS
International Financial Statistics, June 2024*
Tonnes
% of reserves**
Holdings as of
Tonnes
% of reserves**
Holdings as of
1
United States
8,133.5
72.3%
Apr 2024
51
Belarus, Rep. of4)
54.0
47.1%
Mar 2024
2
Germany
3,351.9
71.6%
Apr 2024
52
Finland
49.0
21.2%
Apr 2024
3
IMF
2,814.0
1)
Apr 2024
53
Cambodia
42.5
16.4%
Jul 2023
4
Italy
2,451.8
68.6%
Apr 2024
54
Bulgaria
40.9
7.5%
Apr 2024
5
France
2,437.0
69.8%
Apr 2024
55
Serbia, Rep. of
40.7
11.2%
Mar 2024
6
Russian Federation
2,335.9
29.1%
Apr 2024
56
Malaysia
38.9
2.6%
Apr 2024
7
China, P.R.: Mainland
2,264.3
4.9%
Apr 2024
57
Czech Rep.
37.2
1.9%
Apr 2024
8
Switzerland
1,040.0
8.7%
Mar 2024
58
WAEMU3)
36.5
18.0%
Mar 2024
9
Japan
846.0
4.9%
Apr 2024
59
Peru
34.7
3.6%
Jul 2021
10
India
827.7
9.5%
Apr 2024
60
Slovak Rep.
31.7
18.1%
Apr 2024
11
Netherlands, The
612.5
61.7%
Apr 2024
61
Ukraine
27.1
4.7%
Apr 2024
12
Turkey5)
578.2
39.4%
Nov 2022
62
Ecuador
26.3
36.2%
Mar 2024
13
ECB
506.5
36.9%
Apr 2024
63
Syrian Arab Republic
25.8
10.3%
Jun 2011
14
Taiwan Province of China
422.4
5.2%
Mar 2024
64
Kyrgyz Rep.
25.5
53.2%
Apr 2024
15
Portugal
382.6
74.3%
Apr 2024
65
Bolivia
23.5
87.9%
Dec 2023
16
Poland, Rep. of
363.4
13.1%
Apr 2024
66
Morocco
22.1
4.6%
Mar 2024
17
Uzbekistan, Rep. of
356.4
75.5%
Apr 2024
67
Afghanistan, Islamic Rep. of
21.9
16.4%
May 2021
18
Saudi Arabia
323.1
5.3%
Feb 2024
68
Nigeria
21.5
4.5%
Jan 2018
19
Kazakhstan, Rep. of
316.5
59.0%
Apr 2024
69
Bangladesh
14.3
5.3%
Mar 2024
20
United Kingdom
310.3
13.5%
Apr 2024
70
Cyprus
13.9
53.0%
Apr 2024
21
Lebanon
286.8
59.6%
Sep 2023
71
Curaçao and Sint Maarten
13.1
37.5%
Nov 2023
22
Spain
281.6
20.2%
Apr 2024
72
Mauritius
12.4
12.7%
Apr 2024
23
Austria
280.0
63.2%
Apr 2024
73
Ireland
12.0
7.1%
Apr 2024
24
Singapore
240.8
4.7%
Apr 2024
74
Ghana
8.7
15.5%
Jan 2024
25
Thailand
234.5
7.9%
Apr 2024
75
Paraguay
8.2
6.2%
Apr 2024
26
Belgium
227.4
39.9%
Apr 2024
76
Nepal
8.0
4.5%
Mar 2024
27
Algeria
173.6
15.5%
Apr 2024
77
Myanmar
7.3
6.5%
Mar 2021
28
Venezuela, Republica Bolivariana de
161.2
86.1%
Jun 2018
78
North Macedonia, Republic of
6.9
11.0%
Apr 2024
29
Libya
146.7
12.0%
Apr 2024
79
Guatemala
6.9
2.4%
Apr 2024
30
Philippines
145.7
10.4%
Mar 2024
80
Tunisia
6.8
6.2%
Apr 2024
31
Iraq
145.7
9.8%
Mar 2024
81
Mongolia
6.8
10.2%
Feb 2024
32
Brazil
129.7
2.7%
Apr 2024
82
Oman
6.7
2.8%
Feb 2024
33
Egypt, Arab Rep. of
126.5
24.1%
Apr 2024
83
Latvia
6.7
10.0%
Apr 2024
34
Sweden
125.7
15.2%
Apr 2024
84
Lithuania
5.8
7.8%
Apr 2024
35
South Africa
125.4
15.1%
Apr 2024
85
BEAC9)
4.7
1)
Apr 2024
36
Mexico
120.4
4.0%
Apr 2024
86
Colombia
4.7
0.6%
Mar 2024
37
Greece
114.5
59.0%
Apr 2024
87
Bahrain, Kingdom of
4.7
6.7%
Mar 2024
38
Korea, Rep. of
104.4
1.8%
Mar 2024
88
Brunei Darussalam
4.5
7.9%
Feb 2024
39
Romania
103.6
10.3%
Apr 2024
89
Mozambique, Rep. of
3.9
7.9%
Mar 2024
40
Qatar
102.5
14.6%
Mar 2024
90
Albania
3.4
4.2%
Mar 2024
41
BIS2)
102.0
1)
Feb 2024
91
Slovenia, Rep. of
3.2
8.9%
Apr 2024
42
Hungary
94.5
14.0%
Apr 2024
92
Aruba, Kingdom of the Netherlands
3.1
15.0%
Jun 2023
43
Australia
79.9
10.8%
Apr 2024
93
Luxembourg
2.2
5.6%
Apr 2024
44
Kuwait
79.0
11.0%
Mar 2024
94
Hong Kong SAR
2.1
0.0%
Mar 2024
45
Indonesia
78.6
4.1%
Mar 2024
95
Iceland
2.0
2.3%
Apr 2024
46
United Arab Emirates
73.9
2.8%
Feb 2024
96
Trinidad and Tobago
1.9
2.7%
Apr 2024
47
Denmark
66.5
4.5%
Apr 2024
97
Yemen, Republic of
1.6
2.2%
Jul 2014
48
Jordan
65.4
24.3%
Apr 2024
98
Bosnia and Herzegovina
1.5
1.2%
Mar 2024
49
Pakistan
64.7
31.6%
Apr 2024
99
Papua New Guinea
1.3
2.6%
Jun 2020
50
Argentina
61.7
16.6%
Apr 2024
100
Suriname
1.2
6.6%
Mar 2024
Why the RBNZ is Very Unlikely to Buy Gold
However, it’s very unlikely that the New Zealand central bank will buy any gold in the future. Even though so many other central banks have been doing just that since 2009. Why do we think that?
Because back in 2012 a reader forwarded us an email from the RBNZ that said:
Dear Jake
Thank you for your question and apologies for the delay in responding.
The Reserve Bank of New Zealand has not held any gold reserves since 1991.
Our reserves management responsibilities are set out in the Reserve Bank Act of 1989 and our foreign reserve targets are specified by the Minister of Finance. 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.
Kind regards
Raewyn Peters Knowledge Adviser | Reserve Bank of New Zealand 2 The Terrace, Wellington 6011 | P O Box 2498, Wellington 6140 T. +64 4 472 2029 | F. +64 4 471 3722 www.rbnz.govt.nz
Interesting that gold does not meet the RBNZ’s “liquidity requirements”. Even though gold can be sold at a moments notice and turned into cash. So the odds of a turn around from the Reserve Bank on buying gold looks slim indeed.
Editors note: This post was first published 5 December 2009. Last updated 10 June 2024 with new charts and numbers and addition of 2024 central bank gold buying charts.
29 thoughts on “How Much Gold Does the Reserve Bank of New Zealand Have in 2024?”
danny says:
It would be interesting to see a table for private gold hold by country.
Scarey, I have more gold than the NZ Government!
admin says:
Danny,
That would be an insightful piece of information alright. The World Gold Council does track Jewellery, Industrial and Investment demand but we are not aware of them itemizing the investment demand per country – probably because they don’t have the complete information in order to do so. As a large part of private investment in gold is in Over-the-Counter transactions, so it is very difficult to accurately measure.
Although undoubtedly India would be joined by China at the top and New Zealand would be a long way down the list. Also here’s a recent article on how China is about to take over top spot from India as the worlds top Gold consumer… http://uk.reuters.com/article/idUKLNE5B801V20091209?rpc=401&feedType=RSS&feedName=stocksNews&rpc=401&sp=true
I’m not a fan of government’s holding gold. I think if you want to hold gold, then we ought to do it ourselves. As far as currencies are concerned, I’d like to see private crypto-currencies underpinned by gold, if not other currencies. I’d not trust the NZ govt to hold it, as it would probably be plundered. How can we believe that Fort Knox still has its gold reserves. The Fed doesn’t publish the holdings, since its private. It leases it too. I’m not an advocate of such counter-party risks. I personally hold gold shares, because I know with gold in the ground, I don’t have to worry about it being stolen, and it offers an income. Its getting to a point where its almost time to buy.
Helena M Jordan says:
The Reserve Bank of New Zealand is owned by the Rothschild Family, as are the Reserve banks in most other “western countries”, with the exception of Cuba, Nrth Korea and Iran – hence wars in the Middle East. (Good thing perhaps China bought the U.S.Fed Reserve and gold stocks held by J.P.Morgan) Rothschild took control of Iraq and Libya Reserve Banks – the way paved by blood under the umbrella “fight against terrorism”. Rothschild is now after Iran Reserve Bank by way of Syria. IMF and World Bank is controlled by the Rothschild Group – they have put the peoples of Portugal, Spain, Italy (U.K. although they don’t realize it yet) on their knees and now the peoples of Greece are getting up off their knees to say “NO MORE”. The wars in the Middle East are by Rothschild design to cause total disruption in Europe. How long before NATO troops are ordered in to “regain the peace” or better put take over control.
New Zealand has no gold reserves, Rothschild owns and controls the Reserve Bank and major high street banks. This Elite could put the people of NZ on their knees overnight. Perhaps as soon as 2016.
Glenn says:
Hi Helena,
Yes there is a fair bit of evidence backing up what you say.
It is indeed a case of “following the money” in many of these conflicts to see what the rationale is for most of them.
Thanks for taking the time to write an insightful comment.
Gold has to be the most worthless metal ever dreamt about. Asthetic jewelry, a small play in medicine and electronics and conveniently a ‘universal currency’ by horders who monopolise and oversee world curriencies. It is a good thing NZ stays away from gold reserve holdings, as its hit and miss these days whether you have ‘gold’ stock or ‘tungsten’ look-a-like bar… very close atomic weight between these two metals has inspired false gold reserve all over the place … like the load China got as payment from the fed reserve … they was not happy folks … wheres the real stuff going? Well … back to its owners of course – the guys who control the money systems certainly will want to control the ‘universal’ currency as well otherwise owning reserve banks and convential curriencies will mean jack shit … Ive got no gold, but Ive got 112 dollars in the bank … and thats just how I like it.
It would be interesting to see a table for private gold hold by country.
Scarey, I have more gold than the NZ Government!
Danny,
That would be an insightful piece of information alright. The World Gold Council does track Jewellery, Industrial and Investment demand but we are not aware of them itemizing the investment demand per country – probably because they don’t have the complete information in order to do so. As a large part of private investment in gold is in Over-the-Counter transactions, so it is very difficult to accurately measure.
Although undoubtedly India would be joined by China at the top and New Zealand would be a long way down the list. Also here’s a recent article on how China is about to take over top spot from India as the worlds top Gold consumer…
http://uk.reuters.com/article/idUKLNE5B801V20091209?rpc=401&feedType=RSS&feedName=stocksNews&rpc=401&sp=true
Thanks for your comment.
GSG editors.
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I’m not a fan of government’s holding gold. I think if you want to hold gold, then we ought to do it ourselves. As far as currencies are concerned, I’d like to see private crypto-currencies underpinned by gold, if not other currencies. I’d not trust the NZ govt to hold it, as it would probably be plundered. How can we believe that Fort Knox still has its gold reserves. The Fed doesn’t publish the holdings, since its private. It leases it too. I’m not an advocate of such counter-party risks. I personally hold gold shares, because I know with gold in the ground, I don’t have to worry about it being stolen, and it offers an income. Its getting to a point where its almost time to buy.
The Reserve Bank of New Zealand is owned by the Rothschild Family, as are the Reserve banks in most other “western countries”, with the exception of Cuba, Nrth Korea and Iran – hence wars in the Middle East. (Good thing perhaps China bought the U.S.Fed Reserve and gold stocks held by J.P.Morgan) Rothschild took control of Iraq and Libya Reserve Banks – the way paved by blood under the umbrella “fight against terrorism”. Rothschild is now after Iran Reserve Bank by way of Syria. IMF and World Bank is controlled by the Rothschild Group – they have put the peoples of Portugal, Spain, Italy (U.K. although they don’t realize it yet) on their knees and now the peoples of Greece are getting up off their knees to say “NO MORE”. The wars in the Middle East are by Rothschild design to cause total disruption in Europe. How long before NATO troops are ordered in to “regain the peace” or better put take over control.
New Zealand has no gold reserves, Rothschild owns and controls the Reserve Bank and major high street banks. This Elite could put the people of NZ on their knees overnight. Perhaps as soon as 2016.
Hi Helena,
Yes there is a fair bit of evidence backing up what you say.
It is indeed a case of “following the money” in many of these conflicts to see what the rationale is for most of them.
Thanks for taking the time to write an insightful comment.
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Gold has to be the most worthless metal ever dreamt about. Asthetic jewelry, a small play in medicine and electronics and conveniently a ‘universal currency’ by horders who monopolise and oversee world curriencies. It is a good thing NZ stays away from gold reserve holdings, as its hit and miss these days whether you have ‘gold’ stock or ‘tungsten’ look-a-like bar… very close atomic weight between these two metals has inspired false gold reserve all over the place … like the load China got as payment from the fed reserve … they was not happy folks … wheres the real stuff going? Well … back to its owners of course – the guys who control the money systems certainly will want to control the ‘universal’ currency as well otherwise owning reserve banks and convential curriencies will mean jack shit … Ive got no gold, but Ive got 112 dollars in the bank … and thats just how I like it.
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So we’re broke.
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