Figure of the month: 9,034

At 3,353 tonnes, Germany’s gold reserves are the second largest in the world – only the vaults of the US Federal Reserve hold more gold bars at 8,134 tonnes. While both figures are impressive, they pale in comparison to the amount of gold held privately by Germans: at 9,034 tonnes, they hold almost 6 per cent of the world’s gold reserves, as determined by the Steinbeis University Berlin on behalf of the German Reisebank. 3,805 tonnes are privately owned in the form of jewellery and gold watches, but the vast majority of the 9,034 tonnes are in gold coins, bars or gold-backed ETCs.

5,029 tonnes of gold as inflation protection and safe haven

According to the recently published ‘Reisebank Gold Study 2024’, 27.8 million Germans own 5,029 tonnes of gold worth a total of almost €360 billion (as at 22 May 2024). The main motivation to buy the precious metal cited by the private investors surveyed was protection against inflation and the function of gold as a store of value. Three quarters of the study’s respondents also stated that they would continue to buy gold in the future. No surprise here, since 89.9 per cent of private investors who already own gold are pleased with their investments, according to the survey.

More than one million investors bought gold for the first time in 2023

4.4 per cent of study participants stated that they had bought gold for the first time. Based on the total number of gold owners, this would be 12,223,200 Germans. On average, gold buyers invested €4,764 last year. 

While Germans’ private gold ownership for investment purposes has increased compared to the prior Reisebank Gold Study 2022, overall gold holdings are slightly down: in view of the ongoing gold rally, many jewellery owners have at least partially sold their scrap gold to realise profits.