Spanish Gold Reserve Remains Secretive in New York Vault

Spain's gold reserve is estimated to be worth around €33 billion at current prices, with most of it stored in the Banco de España's underground vault in Madrid. However, a portion of this reserve has been kept abroad for decades, split between New York, London, and Switzerland.

The exact amount of gold held in the Federal Reserve Bank of New York's vault is not publicly disclosed by the Banco de España, with financial analysis site Merca2 describing the situation as 'under a considerable level of confidentiality.'

The gold stored in Manhattan sits alongside other countries' reserves, including Germany, Italy, and Switzerland, worth more than €860 billion in total. This has led some to question whether it is wise to keep such a large amount of wealth in a foreign vault.

Spain's reserve was once much larger, with 134 tonnes sold off in 2007 for around €2.9 billion. At today's prices, this gold would be worth over €16 billion, leading some to wonder if the sale was a costly mistake.