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Central bank reveals location of Sweden's gold

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10:49 CET+01:00
Sweden is in possession of just over 125 tonnes of gold - a market value of 37.5 billion kronor ($5.9 billion) - and the country's central bank revealed on Tuesday exactly where it's being kept.

Information on the whereabouts of the Swedish Riksbank's gold reserves, which weigh in at 125.7 tonnes and are roughly equivalent to 10,000 gold bars, was revealed on Tuesday after discussions with the central banks of four countries around the world.

The gold is stored mostly in the Bank of England, where 61.4 tonnes of it is kept, amounting to 48.8 percent of the total. The next biggest storage is in the Bank of Canada, where 33.2 tonnes or 26.4 percent is kept, followed by the Federal Reserve Bank of New York with 13.2 tonnes, or 10.5 percent.

The Swiss National Bank, meanwhile, keeps 2.8 tonnes or 2.2 percent, and 15.1 tonnes of the gold are kept on home soil at the Riksbank, an amount corresponding to 12 percent of the total 125 tonnes.

The bank added that the total value of its gold and its foreign currency reserves amounts to the equivalent of 409 billion kronor.

The gold comes from "earlier historical connections" where banknotes and coins could be exchanged for gold, the bank explained in a statement. It added that the value of gold does not typically follow the pattern of the foreign currency reserves, allowing the bank's total reserves to stay more stable as a result.

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