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Ronan Manly: The vast gold hoard held by Germany's population

Section: Daily Dispatches

By Ronan Manly, Singapore
Sunday, April 28, 2019

While the Chinese and Indian populations are well known for their insatiable appetite for importing, buying, and hoarding physical gold, there is one market in the West that does likewise but flies under the radar slightly, garnering less attention than China and India.

That gold market is Germany.

Although German citizens are known for their fondness for holding gold, the vast size of the German population's gold holdings was clarified recently in a newly published survey commissioned by Reisebank, a bank active in the German precious metals market.

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The survey, conducted by the Research Center for Financial Services on behalf of Reisebank, found that German adults own a staggering 8,918 tonnes of gold, worth about E330 billion at current euro gold prices.

This amount is gold held by private citizens in Germany and does not include the gold reserves of the German central bank, the Bundesbank, which amount to an additional 3,370 tonnes. ...

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