Portugal news - Portugal’s gold reserves appreciated by 24% in 2024, according to the director of the Faculty of Economics of the University of Porto, Óscar Afonso.
While Portugal’s Central Bank did not purchase any gold in 2024 and the country’s gold reserves amount to around 382.6 tons, the global price of gold has reached historic highs.
Portugal’s gold reserves, that are stored in Lisbon and in London, represented 57.7% of Portugal’s Central Bank investment assets in 2023. They represent a reserve asset as a means of international payment as well as a store of value.
What is the value of Portugal’s gold reserves in 2024?
The value of Portugal’s gold reserves reached 27,469 million euros at the end of 2023. However, the price of gold hit an all-time high in August 2024, trading at $2,531 an ounce.
Portugal has a reserve of 12,303 ounces of gold. Since gold is traded in ounces and the price per ounce of gold reached 2,311 euros in August 2024, Portugal’s gold reserves are worth 28,432 million euros in 2024.
If the value of Portugal’s gold reserves were to be divided by the country’s 10,467,366 inhabitants, it would equate to a value of 2,716 euros per person. Compared to Spain, which has only 282 tons of gold but 48 million inhabitants, it would only equate to 435 euros per person, according to Portuguese Economist Óscar Afonso.
To summarize, Portugal’s 383 tons of gold reserves are worth more than 28 billion euros in 2024, that represents around 2,716 euros per inhabitant.
What is the appreciation of the value of Portugal’s gold reserves?
In the first eight months of 2024, Portuguese gold reserves appreciated by around 24%, or five billion euros, that equals to a rate of 25 million euros per day, according to the director of the Faculty of Economics of the University of Porto, Óscar Afonso.
The appreciation of the value of Portugal’s 383 tons of gold reserves within the last five years is almost 80%, that is 13 billion euros.
Is Portugal rich in gold reserves?
Since Portugal's gold treasury is the 13th largest in the world, the country is considered to be rich when compared to other countries in the European Union. Portugal has three times more gold than Sweden and Greece, which have a similar population size of just over ten million people. Portugal also has eight times more gold reserves than Finland, an EU country with a Gross Domestic Product (GDP) that is almost equal to Portugal's, that is around 270 billion euros.
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