Where is the gold, huh?
It's ironic and quite striking that in the era of fiat money, governments themselves hold much more gold in their official reserves than they did during the time the international gold standard was in effect, from 1871 to 1914.
Estimates vary, but by 1913, global reserves of monetary gold—mainly held by central banks—were estimated at around 12,000 to 15,000 metric tons, with additional quantities stored in the vaults of private banks.
During the era of the Gold Standard (1871–1914), both commercial and central banks held significant gold reserves. Central banks, in particular, were required to maintain gold in order to support the issuance of currency.
After the collapse of the Gold Standard (post-1914, with acceleration in the 1930s), the role of gold changed.
Central banks continue to hold gold, but commercial banks largely stopped storing it, as currency backing transitioned to a fiat system.
Today, central banks worldwide hold approximately 35,000 metric tons of gold (according to data from the World Gold Council up to 2025), with the United States, Germany, and the IMF among the largest holders.
It is clear that gold has not lost its monetary role: it remains the ultimate means of debt settlement, it is money whose value is not a liability of anyone, and it is also the most important global asset that carries no counterparty risk.
However, access to its monetary role is reserved only for central banks, while individuals are directed toward the use of fiat money.
The large gold reserves of central banks can be used as an emergency supply, sold, or leased/lent into the gold market in order to suppress the rise in gold prices during periods of increased demand and to protect the governmental/European Union monopoly on money issuance.
Where’s the gold? Germany’s conservatives sound the alarm over reserves in the US – POLITICO
