Portugal’s gold reserves gain €25 million per day

The continuing high price of gold is having a positive impact on the value of Portugal’s 383 tonnes of gold reserves – they are gaining in value by €25 million per day.

Portugal’s gold reserves, the 13th largest in the world, are now worth €28Bn.

On April 25, 1974, there were 866 tons, today there are only 383, but even so, Portugal is the 13th country with the largest gold reserve and the 5th among the countries of the European Union.

Stacked up in safes near Lisbon, Paris, London and the United Sates, Portuguese gold is continuing to gain in value year-on-year.

With soaring gold prices, Portugal’s gold reserves have gained in value by 24% this year or €5Bn according to Jornal de Notícias (JN) in its weekend edition.

All told, the Bank of Portugal, most of whose reserves are held in Carregado (near Lisbon) and London, is now worth €28Bn.

The rise in the price of gold is being driven by strong demand from some central banks (particularly China), the onset of lower interest rates, and concerns about economic and geopolitical instability, which have diverted investors to a safer haven.