Spanish Gold Reserves Under Scrutiny Amid US Federal Reserve Concerns

Spain's gold reserves are being reviewed due to concerns over the safety of its deposits at the US Federal Reserve, following similar moves by other European countries. The Bank of Spain acknowledges holding a portion of its gold in the United States but declines to disclose the exact amount or its plans for repatriation.

The decision not to reveal details on Spanish gold reserves held abroad is attributed to confidentiality reasons, unlike some neighboring countries that have disclosed their holdings. France and Germany had already taken steps towards repatriating their gold reserves, while Italy faces growing public pressure to do the same.

Experts point out that bringing gold back to Spain would be part of the European Union's strategic autonomy framework, rather than a sovereigntist gesture. The total amount of Spanish gold reserves is around 9 million troy ounces (281 tons), valued at approximately €33.2 billion ($38.56 billion) in 2025.

The majority of Spain's gold is held in the Bank of Spain's Gold Chamber, but an undetermined portion is also stored at the Bank for International Settlements in Basel, the Bank of England, and New York. Some market sources speculate that the amount deposited at the Federal Reserve would be small, making it less of a priority to repatriate.

Germany holds the largest gold reserves globally, with about one-third still kept dormant in Manhattan. The trend among central banks is to buy more gold as a safe haven, driven by emerging markets and Washington's intention to reduce the dollar's dominance.