SE · Rank #29Sweden 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
Sweden rapidly builds gold reserves to hedge Baltic and European security risks post-Ukraine war.
Notable activity
Dramatically increased by 185.2 tonnes year-over-year to 185 tonnes.[user data]
Key motivations
Regional SecurityReserve Diversification
Currency
Gold backing analysis
Gold / M1 money supply2.60%
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. Ratio is low vs peers — room for additional gold accumulation.
M1 money supply: $446.56B · 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 #23
Gold227.4 t
% Reserves59.6%
YoY0.0t
Rank #7
Gold1,039.9 t
% Reserves15.2%
YoY0.0t
Rank #34
Gold71.6 t
% Reserves5.8%
YoY0.0t
Related
Indicators that pair with central bank flows
Bullion Fear & Greed
Was the market fearful or greedy while Sweden 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.