Ireland adds gold to reserves again

Ireland's central bank bought €78 million worth of gold in November, according to new Figures of the central bank. Converted to the gold price at that time, this is a purchase of just over 1.5 tonnes of gold. That means the country has increased its gold reserves by about 60% in three months.

In September, Ireland's central bank restarted for the first time in 2009 buy gold. There was no official statement, but it does fit in with the trend of recent years. More and more countries are buying gold as a form of diversification. The precious metal has a low correlation with other investments and retains its purchasing power in the long term. A gold reserve also has the advantage that it has no counterparty risk and therefore no political risk.

Ireland's gold reserves are relatively low compared to other countries of the currency union, accounting for less than 4% of total reserves. Moreover, that percentage has fallen in recent years, as Ireland has added more foreign currency to its reserves. Ireland's total gold reserves are worth almost €450 million. That's about 9 tons.

Gold stock Ireland

This contribution comes from Geotrendlines