In 2004, the Bank of #Norway sold off almost all of its #gold reserves, keeping just seven gold bars as souvenirs. The decision to sell the gold was based on several factors, including the high costs associated with storing and guarding the gold, and the fact that the gold holdings were not generating any income for the bank.

At the time of the sale, the Bank of Norway held around 3.5 million ounces of gold, worth approximately $1.5 billion USD. The sale was conducted over a period of several months, with the bank gradually selling off its gold holdings in order to avoid disrupting the gold market.

The decision to sell off its gold reserves was controversial at the time, with some critics arguing that the bank was making a mistake by getting rid of its gold. However, the bank defended its decision by pointing out that gold is a relatively unproductive asset, and that it made more sense for the bank to invest its funds in other assets that could generate income