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Gold Reserves
2,436.5t
Reserve Value
$227.17B
% of Reserves
65.4%
YoY Change
-0.5t
Est. Purchase Cost
—
Gold/Currency Ratio
14.11%
France is selling gold reserves amid fiscal pressures from high public spending and budget deficits in the Eurozone. This reduction supports domestic economic needs and reserve rebalancing toward higher-yield assets. Profit-taking from elevated gold prices funds immediate budgetary requirements.
Notable Activity
France reduced holdings by 0.5 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 France 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.