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NBER WORKING PAPER SERIES
CENTRAL BANKS AND GOLD PUZZLES
Joshua Aizenman
Kenta Inoue
Working Paper 17894
/papers/w17894
NATIONAL BUREAU OF ECONOMIC RESEARCH
1050 Massachusetts Avenue
Cambridge, MA 02138
March 2012
The views expressed herein are those of the authors and do not necessarily reflect the views of the
National Bureau of Economic Research.
NBER working papers are circulated for discussion and comment purposes. They have not been peer-
reviewed or been subject to the review by the NBER Board of Directors that accompanies official
NBER publications.
© 2012 by Joshua Aizenman and Kenta Inoue. All rights reserved. Short sections of text, not to exceed
two paragraphs, may be quoted without explicit permission provided that full credit, including © notice,
is given to the source.
Central Banks and Gold Puzzles
Joshua Aizenman and Kenta Inoue
NBER Working Paper No. 17894
March 2012
JEL No. E58,F31,F33
ABSTRACT
We study the curious patterns of gold holding and trading by central banks during 1979-2010. With
the exception of several discrete step adjustments, central banks keep maintaining passive stocks of
gold, independently of the patterns of the real price of gold. We also observe the synchronization of
gold sales by central banks, as most reduced their positions in tandem, and their tendency to report
international reserves valuation excluding gold positions. Our analysis suggests that the intensity of
holding gold is correlated with ‘global power’ – by the history of being a past empire, or by the sheer
size of a country, especially by countries that are o
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