France raised its share of world gold reserves from 7% in 1927 to 27% by 1932, and its cover ratio (gold reserves per central bank liability) rose from about 35% in 1928 to nearly 80% within three or four years, demonstrating it was literally pulling gold out of the rest of the world and holding far more than needed.
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Speaker
Douglas IrwinEvidence Quote
“in 1927, they only had 7% of the world's gold reserves... By 1932, just five years later, they had 27% of the world's gold reserves.”
Created: 6/15/2026, 9:36:56 AM
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