Miguel A. Lopes / Lusa
Bank of Portugal vault where the Portuguese State’s gold reserves are stored
382.66 tons, 47 billion euros. Portugal keeps gold as an anchor of financial security in times of uncertainty.
As many know, Portugal has a lot of gold. It is even in the world’s top 15 of countries with the largest gold reserves. Portugal is the 7th country in the world with .
Contrary to the widespread idea that has spread, the majority of the gold will not be what was in Brazil in the 18th century; It has hardly survived to this day.
Most of the gold accumulated would have been by Salazar, during World War II. The Germans paid with gold for what came from tungsten, but also wine, olive oil, coffee, preserves and olives.
Today, Portugal has 382.66 tons of gold. They are about 47 billion euros, according to data from the World Gold Council.
And you continue to save all that money… For what?
Explains it: it is an anchor of financial security in times of uncertainty.
Despite the growing digitalization of the global economy and the predominance of electronic payments, gold remains in Portugal’s possession (Carregado and London).
Gold continues to be seen as one of the fundamental pillars of financial stability. Free from credit risk, independent of monetary policy decisions and resistant to financial shocksworks as insurance in scenarios of economic crisis, monetary instability or geopolitical conflicts.
This function has been reinforced by recent market developments.
In recent months, the price of gold has registered, driven by international tensions, expectations of interest rate cuts and growing demand for assets considered safe.
In December, the ounce reached a record close to 4,400 dollars, almost 3,800 euros, a value that was surpassed again in early January.
This appreciation translated into a significant increase in the value of Portuguese reserves, benefiting directly the balance sheet Bank of Portugal.
More than a financial asset, gold plays a central role in external credibility of the country.
For investors and international institutions, the volume of gold reserves is a relevant indicator in assessing sovereign risk, the strength of the currency and the ability to respond to external shocks.
The precious metal also functions as a network of safety in extreme situations.
In scenarios of exchange rate collapse or disruption in access to international financial markets, gold can be converted into hard currency or used as collateral to obtain financing.
Throughout its recent history, Portugal has used this type of mechanism during interventions by the International Monetary Fund (FMI) – in 1977, 1983 and 2011.
Furthermore, the value of gold is part of the central bank’s balance sheet and contributes to its solvency. A financially robust central bank reinforces confidence in the financial system and the economy as a whole, playing a stabilizing role in periods of turmoil.
And still the dollar
The Portuguese strategy is part of a broader trend.
In recent years, several central banks have reinforced their gold reserves, seeking reduce dependence on the dollar from the USA.
Countries such as Poland, China, Brazil, Turkey or Kazakhstan led recent purchases, while others, such as Singapore or Uzbekistan, chose to sell part of their reserves.
In a world marked by uncertainty, gold continues to be seen as a timeless asset. For Portugal, maintaining these reserves is not an anachronism – it is a strategic choice that reinforces the country’s security, credibility and financial stability.
