Romania’s gold stockpile is worth about 12.8 billion euros after this year’s rally in bullion prices, but the bigger story for investors is where that metal sits: more than 61 of the country’s 103.6 tons are stored at the Bank of England in London, while the rest is kept at home.
Romania Gold Reserves Rise to 12.8 Billion Euros
That split matters because central banks do not just hold gold as a hedge against inflation. They also need it to be mobilized quickly in a crisis, whether through sales, swaps or collateral, and London remains the world’s main hub for physical gold trading and settlement.
Sentiment IndicatorsⓘProprietary · adalytica.com · September 8, 2026
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The Romanian central bank says the reserves have stayed broadly unchanged for more than two decades. Their value has risen by more than 1 billion euros in just over a month, from 11.742 billion euros at the end of July to 12.762 billion euros at the end of August, purely on price gains.
Romania’s gold now accounts for about 16.4% of total international reserves of 77.627 billion euros, a meaningful cushion for a country with limited bullion compared with larger reserve holders. But the flat tonnage also leaves it behind peers that have spent years adding to stockpiles as geopolitical tensions, trade friction and currency risk have intensified.
The issue has returned to the spotlight after De Nederlandsche Bank said it moved 86 tons of gold from New York and Ottawa to London, arguing that the change improves the speed with which reserves can be used in a severe crisis. Officials said the goal was resilience, not a rupture with the U.S., but the move underscored how quickly reserve management can become a geopolitical signal.
For investors, the broader message is that gold is regaining strategic weight in central-bank portfolios at the same time as prices remain elevated. A World Gold Council survey showed 89% of central banks expect global gold reserves to rise over the next 12 months, while 45% said they expect to buy gold themselves.
That backdrop has supported bullion-related assets even as technical indicators have cooled from overbought levels. GLD closed at $406.77 on Sept. 4, below its 200-day moving average of $415.44, while RSI readings near 50 suggest a more neutral near-term setup after a powerful run. Adalytica’s Gold Fear & Greed Index was at 20, in “Fear,” reflecting a sharp pullback in sentiment from recent highs.
Romania’s reserve geography looks comparatively conservative, with more than half the metal already in London. The question now is whether other central banks follow the Dutch lead and whether Romania keeps relying on price gains alone, or eventually joins the broader global push to rebuild bullion holdings.
| Entity | Gains | Losses |
|---|---|---|
| Romania | ▲higher reserve value | ▼stagnant bullion stock |
| Bank of England | ▲more custody business | ▼none material |
| Dutch central bank | ▲faster reserve access | ▼reduced geographic spread |
| Gold investors | ▲strategic central-bank demand | ▼volatility from sharp price swings |
