From all Scandinavian countries, Sweden is the richest when it comes to gold reserves. But while many countries have started to buy more gold in these unstable days, Norway’s reserves are zero—and the richest Scandinavian country does not want to restart a golden reserve either.
This much is clear thanks to a report by Norwegian national broadcasting company NRK, published on 17 October 2025. According to the report, the Swedish national bank has about 125 tonnes of gold in reserve, Denmark about 60 tonnes, Finland about 40 tonnes, and Norway almost 0 (the bank has kept some as memorabilia). According to data of the Iceland National Bank, the Icelandic gold reserves are almost 2 tonnes.
Worth ten times more
Norway sold its remaining 33 tonnes of gold in 2004, which would be worth about ten times as much as two decades ago. The central banks of many other countries, including Poland, have started buying more gold—to give the countries’ economies a back-up with the unstable economic course of the world much influenced by the erratic economic policies of US president Trump. As a result of the increased demand for gold, the price for the yellow metal has increased more than a third in a year time. | © 2025 Marcel Burger, nordicreporter.com. Featured image of gold bars: AI generated with Adobe Firefly.