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Portugal says more than half of its gold is at Bank of England
So why doesn't the country's central bank try showing it off there instead?
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Portugal's Central Bank Opens Its Vaults for Rare Glimpse of Gold Bars
By Sergio Goncalves and Pedro Nunes
Wednesday, May 18, 2022
LISBON -- Portugal's central bank has opened up its heavily guarded vaults in a small commuter town near Lisbon, giving a rare glimpse of where some of the country's gold reserves are kept.
The 67,000-square-metre compound in Carregado houses an ultra-secure vault where the Bank of Portugal stores 382.6 tonnes of gold, 45% of its reerves. The remaining 55% is abroad, mostly in the Bank of England in London.
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"Gold is an important asset for central banks as it is a refuge asset and has no credit risks," said Bank of Portugal board member Helder Rosalino said Tuesday during the rare media visit to the facility, guarded by armed police officers. ...
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