Wednesday, September 18, 2024
Bank of France
La Souterraine, a large room of 10,000 m², well hidden 27 meters deep under the Bank of France, houses the gold reserves of the French State. More than 2,400 tons are kept there in the form of gold bars.
In the Ier arrondissement of Paris, 27 meters deep under the Bank of France, lie more than 2,400 tons of gold well-guarded in a vault. This is where the French state’s gold reserve, the fourth largest in the world, lies.
2,436.8 tonnes, to be precise, lie dormant under the headquarters of the Bank of France. France has the fourth largest gold stock in the world (excluding the International Monetary Fund) behind the United States (8,133 tonnes), Germany (3,373 tonnes) and Italy (2,451 tonnes).
Shelter for 3,000 people
This stock of gold, made up of 12.5 kg ingots each, is kept in a room of more than 10,000 m2 called the “Souterraine”. Built in 1924, it has housed France’s gold reserves since 1927. Note that in the event of conflict, the site can also serve as a refuge for 3,000 people.
But to get in, it’s an obstacle course. You have to go down 27 meters underground, the equivalent of eight floors. Then, you have to go through several wide doors made of steel weighing several tons, corridors, and grilles, before arriving in the final room where the thousands of gold bars are stored.
“We never go in alone”
“Everything is doubled, to ensure that the trunk remains accessible even in the event of a technical problem”explains Arnaud Manas, who heads the historical heritage and archives department of the Banque de France, in an article in Parisian.
Few people are allowed to access the safe, less than ten. “We never enter alone, confides Arnaud Manas, This is the principle of the four eyes, each one controlling each other.
With the price of a kilo of gold being €74,690 this Wednesday, September 18, 2024, the French reserve of 2,436.8 tons of gold would currently be worth… €182 billion. An increase compared to the value of €144 billion a little over a year ago, on June 15, 2023, according to the Ministry of the Economy. Better still, at the end of 2018, the value of this stock was €87.8 billion.
The jewels of the France family
The last gold sales date back to 2009. Since then, the state’s gold stock has not changed. According to the Bank of France, it represents less than 10% of its assets and less than 5% of France’s GDP.
“There are no plans to change it in the coming years, either up or down.assures the Bank of France, It is a reserve asset which contributes to the solidity of the Banque de France’s balance sheet and therefore to its credibility in carrying out its missions independently.”
For Arnaud Manas, interviewed in a report on the show Roots and Wings in 2016, “Gold has a safe haven and mythical value. It is the asset of last resort, it is truly the family jewels, the jewels of the France family in a way. It is what we keep and what we n‘will never use it a priori ».
