Several of the financially stricken European Union countries retain hundreds of tonnes of gold, but their punishing debts far outweigh its immediate usefulness.
Figures released by the World Gold Council show the euro area holds 10,788 tonnes of gold, which is worth about $US608 billion, or 486 billion ($NZ784.2 billion).
Last weekend, Spain received a 100 billion bail-out, intended to shore up its teetering banking system.
Forsyth Barr broker Peter Young said the euro area's gold holdings was equivalent to about 4.8% of their combined gross domestic product (GDP) of $US12.6 trillion.
By comparison, the relative GDP for the largest economic regions in 2012 were the US at $US15.6 trillion, the wider euro region at $US12.6 trillion, and China at $US8 trillion, he said.
"Considering the euro region has public debt of around $US10 trillion in total, their gold reserves, although useful as some form of collateral, fall well short of the amount needed to reduce their debts. And that is if the gold could be sold," he said.
Craigs Investment Partners broker Peter McIntyre said the euro area, including the European Central Bank, had in total about 33% of gold reserves.
"They do have the ability to turn gold to cash, as there is plenty of liquidity now in gold with China and India [historical annual] buyers and there being more gold funds operating," he said. The extent of European gold reserves was not widely known by investors and it should be "some comfort".
Indebted Greece, going into a second general election this weekend, has 112 tonnes of gold worth about $US6.1 billion, meaning its total reserves stood at about $US7.5 billion.
Mr Young said, "Their GDP is $US271 million and falling. They owe around $US450 billion in public debt, so their total reserves are just a drop in the ocean."
The World Gold Council reported foreign reserves at 31,282 tonnes.
Mr Young noted gold reserves for most of the euro zone countries made up a large portion of their total reserves, while for countries such as China and Russia, their gold reserves of 1054 tonnes and 895 tonnes are a small part of their total reserves, respectively 1.7% and 9.1%.
Mr McIntyre said those countries' lower reserves reflected that Russia relied heavily on earnings from oil production, while the Chinese people "were massive net savers", which had allowed China to buy several hundred tonnes of gold in recent years and US Treasury notes.
For the United States, its 8133.5 tonnes of gold makes up 75.3% of its foreign reserves.
• The World Gold Council data is based on International Monetary Fund statistics and cover gold holdings of 100 countries, as at March-April.
Countries which have not reported holdings during the past six months, or do not disclose holdings publicly, are not listed.
Gold Reserves
| Tonnes | % of reserves | |
| Italy | 2451.8 | 72.3 |
| France | 2435.4 | 72 |
| Portugal | 382.5 | 90.6 |
| Spain | 281.6 | 31 |
| Greece | 112 | 82.1 |
• Most of the balance of each country's reserves would be in foreign currency denominated sovereign bonds. One tonne of gold is 35,274oz. At the recent global spot price of $US1600 an oz, a tonne is worth $US56.4 million ($NZ72.7 million).
