Spain's Central Bank Discloses Hidden Location of One-Third of Its Gold Reserves
The Bank of Spain revealed that about 94 tonnes of its gold, roughly a third of the national reserve, are stored in a secret vault beneath the Madrid headquarters while the iconic vault remains under renovation.
The Bank of Spain announced that 94 tonnes of its gold reserves, about a third of the total 281 tonnes, are stored in a secondary underground location at its Madrid headquarters while the celebrated 35-metre-deep vault is under construction. The rest of the bullion is held abroad: a third resides at the Bank of England in London, another portion at the Federal Reserve Bank of New York, and the balance in other financial hubs.
Lawmakers are questioning the safety of keeping such assets overseas amid heightened geopolitical tensions, referencing recent Dutch, French and German gold relocations. Governor José Luis Escrivá said the bank has no plans to move any of the foreign-held gold back to Spain. Spain's gold, valued at roughly €33 billion, represents a significant national asset that has fluctuated in price since the 2007 sale of 134 tonnes.
