BE · Rank #23Belgium gold reserves.
EuropeUpdated 2025-12-31
Gold reserves
Reserve value
% of reserves
YoY change
Est. purchase cost
Gold backing
History
Holdings, flows, and spot value over time
Gold Holdings (Tonnes)
Reserve Value (USD Billions)
Annual Net Purchases / Sales (Tonnes)
Gold as % of Foreign Reserves
Context
Geopolitical backdrop
Belgium's reserves support Eurozone stability as an advanced economy holder.[3]
Notable activity
No change year-over-year at 227 tonnes.[user data]
Key motivations
Reserve Diversification
Currency
Gold backing analysis
Gold / M1 money supply6.71%
What this means
A rough measure of how much of the country's M1 money supply the market value of its gold could cover. Higher ratio ⇒ stronger implicit gold backing. This country has relatively strong gold backing compared to peers.
M1 money supply: $312.88B · IMF / central bank / FRED
Peers
Compare with similar countries
Countries in the same region or a roughly comparable size of reserves.
Rank #21
Gold280 t
% Reserves69.7%
YoY0.0t
Rank #33
Gold79.9 t
% Reserves13.5%
YoY0.0t
Rank #7
Gold1,039.9 t
% Reserves15.2%
YoY0.0t
Rank #34
Gold71.6 t
% Reserves5.8%
YoY0.0t
Rank #2
Gold3,350.3 t
% Reserves84.0%
YoY+1.3t
Related
Indicators that pair with central bank flows
Bullion Fear & Greed
Was the market fearful or greedy while Belgium was buying? Central banks accumulate in fear — the opposite of retail.
Gold / Silver ratio
Central banks buy gold, not silver. Track the ratio between the two and see when a swap is statistically favoured.
Macro Playbook
What gold, silver, and miners have historically done when macro rules (HY spreads, curves, housing) fire.