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Gold Reserves
227.4t
Reserve Value
$21.20B
% of Reserves
49.8%
YoY Change
0.0t
Est. Purchase Cost
—
Gold/Currency Ratio
11.65%
Belgium maintains stable reserves as a Eurozone core, with no need for changes amid balanced risks. Holding preserves diversification benefits. Gold remains a steady portfolio element.
Notable Activity
Belgium unchanged at 227 tonnes year-over-year.
Key Motivations
What this means
The gold/currency ratio measures how much of a country's money supply is "backed" by gold reserves. A higher ratio suggests stronger implicit gold backing of the currency. This country has relatively strong gold backing compared to peers.
Bullion Fear & Greed Index
Was the market fearful or greedy when Belgium was buying? Central banks often buy gold during market fear — the opposite of retail.
Gold/Silver Ratio
Central banks buy gold, not silver. Track the gold/silver ratio to understand relative value between the two metals.
Mining ETFs
Central bank buying supports gold prices, which flows through to mining company valuations. Track GDX, GDXJ, and miner sentiment.
Data Sources
Gold holdings from IMF International Financial Statistics (IFS) and World Gold Council. M1 money supply from FRED and IMF. Geopolitical context enriched monthly. Last updated: 2026-03-31.