From individual investors to the central banks of powerful countries, gold remains a key part of many portfolios. France’s gold reserves are the fourth largest in the world, with only the United States, Germany, and Italy holding more. The reserves are safeguarded and overseen by the Banque de France, the country’s central bank, and are currently valued at over $200 billion, based on a gold price hovering around $3,303 per troy ounce.
In January 2024, the Banque de France reported holding around €125 billion worth of gold, representing approximately 78.3 million ounces. However, over the past year and a half, the price of gold has surged by 70 percent. Based on current market prices, the value of France’s reserves is now closer to €218 billion, or about $256 billion.
As of May, the central bank stated it has no plans to increase or reduce its holdings, noting that the quantity has remained unchanged since 2009.
A look at France’s ‘ultra-secure’ vault holding the nation’s gold
France’s gold is stored in a massive underground vault known as La Souterraine, located 27 meters beneath the streets of Paris. The vault sits directly under the Banque de France’s headquarters. Construction began in 1924 and was completed in November 1927, employing more than 1,200 workers, according to Bullion Star. The facility spans roughly 1.7 hectares, and over 20,000 tons of cement and 10,000 tons of steel were used to fortify the vault.
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