The second joint gold conference organised by the World Bank’s RAMP programme (The Reserve Advisory & Management Partnership) and the Centre for International Central Bank Dialogue took place in Frankfurt from 19 to 22 November 2024. The event brought together around 80 experts from more than 40 countries to exchange their experiences.

A key focus of the conference was the Bundesbank’s practical experience in handling gold reserves. Participants were given insights into the development of the gold reserves since the currency reform, learning more about the storage site strategy, management, storage, valuation and accounting and the physical inspection of gold holdings. The international guests gained valuable knowledge from these detailed presentations.

In addition to the practical aspects of gold management, commercial viewpoints on gold trading in Germany and internationally were also illuminated. Companies such as Degussa, Helaba, Commerzbank and HSBC made a very helpful contribution in this area. In addition, the World Gold Council and the London Bullion Market Association discussed market structures, standards and sustainability considerations in detail. An excursion to Heraeus in Hanau gave an insight into the industrial use of precious metals.

The conference also provided a platform for discussing the different approaches when setting the objectives for holding gold reserves. Experts from foreign central banks shared their perspectives and experiences, which led to a fruitful dialogue. All of the participants found both the official presentations and the informal meetings on the sidelines of the conference to be extremely valuable and useful.

The conference programme covered a wide range of topics. Following welcoming remarks by Martin Dinkelborg, Director of the Centre for International Central Bank Dialogue, a keynote speech was given by Dr Karsten Stroborn, Director General Markets at the Bundesbank, on the impact of financial markets and monetary policy on the gold market.

Other programme highlights included presentations and discussions on the role of gold as a reserve asset at the Bundesbank and the European Central Bank, the management of gold reserves, market structures and the future of gold. Experts from various countries and institutions, including the Bank of Tanzania, the Central Bank of Egypt, the South African Reserve Bank, the Swiss National Bank, the Bank of England and the Austrian Mint, shared their experiences and insights.

A particular high point was the visit to the Bundesbank’s Money Museum where guests learnt more about the physical storage systems and the inspection of gold bars. Historical perspectives on the role of gold coins as a reserve asset were also examined. Participants were also able to get hands-on and inspect genuine and counterfeit gold coins.

The conference concluded with a plenary session and a look ahead at future structural developments in the gold market. Participants agreed that this conference provided an invaluable opportunity to exchange knowledge and experience, contributing to the reinforcement of international cooperation in the field of gold reserve management.