Who owns gold?

Many countries have gold reserves, and France is one of the countries with the largest. In 2022, it ranked 4th, behind the United States and its famous Fort Knox reserve, Germany, and Italy, and far ahead of powers such as Japan, the United Kingdom, China, etc.
According to the latest censuses in 2020, 2,436 tonnes of gold¹ are carefully preserved in the form of ingots, the majority of which is in the vaults of the Banque de France. This represents billions of euros, but of course depends on the global gold price (in the second quarter of 2022, with a gold price of around 55,000 euros, this represents a stock of around 153.2 billion euros).
To date, gold thus represents half of the country's official reserves, which are supplemented by foreign currency reserves, claims on the IMF and other reserve assets.

How did France manage to build up such a large stock of gold? The story is not new, as stocks began to build up during the time of the French kings, followed by Napoleon and his spirit of conquest and grandeur. But the beginnings of gold storage and management by the Banque de France came at the end of the 19th century, when the gold standard was established. Gold was then used as a reference to determine the price of fiat money. At that time, the Banque de France exchanged the French people's gold for banknotes, which became the main currency for transactions. But it took time to reach the current 2,436 tons (and even 3,000 tons in the early 2000s), because many French people wanted to keep their gold, considering it the safest currency.

While it is said that France possesses thousands of tons of gold, it is actually more specifically the Banque de France that holds them. Deep in its Paris basement, 30 meters below ground, lies the room called "La Souterraine." This is where 90% of French gold is held, alongside part of the official gold reserves of other countries' central banks.

Since 1936 and the nationalization of the Banque de France, and throughout the rest of the 20th century, this public body has been the only one able to decide on the sale or purchase of gold on behalf of the State. While this remains true in theory, the reality is a little more complex due to membership in the European Union and the establishment of the single currency. In order to maintain consistent management and avoid financial disasters, it is the European Central Bank that authorizes or denies the Banque de France the right to buy or sell the famous yellow metal. However, the latter remains the sole owner of the gold bars it keeps in its Parisian underground vaults.

A French citizen cannot buy or sell gold directly from the public institution, the Banque de France. Its stocks are intended to provide a safe haven and to cope with global economic difficulties.

On the other hand, you can buy gold through your banker, although they may well try to steer you away from this investment solution.

It is still preferable to turn to an agency specializing in the sale and purchase of gold. GoldUnion allows you to build your own gold reserve, in the form of gold coins or investment gold bars, available online and at the best price. You can also invest in silver objects (ingots and coins).