Coordinating Ministry Clarifies 'Gold Under the Pillow' Figure of 1,800 Tonnes

The Coordinating Ministry for Economic Affairs has responded to widespread media and social media coverage regarding statements about the potential of around 1,800 tonnes of gold held by the public, which was analogised as ‘gold under the pillow’. Ministry spokesperson Haryo Limanseto explained that the term ‘gold under the pillow’ is a metaphor to describe the accumulation of gold ownership among the public that has built up over many years and across generations, in line with Indonesian culture which traditionally treats gold as a form of savings and store of value.

‘Some of that gold is still stored privately or conventionally in households. The term was not intended literally as gold physically found under people’s pillows,’ the official statement read on Saturday (22/8/2026). Haryo explained that Indonesia has gold reserves estimated at around 3,600 tonnes with annual gold production of around 90 tonnes. Meanwhile, gold held by the public is estimated at around 1,800 tonnes—gold that is traditionally owned and kept by the public, not part of mining reserves.

‘The potential of around 1,800 tonnes of public gold, worth around US$252 billion, illustrates the scale of gold assets owned and still privately held by the public. This figure differs from Indonesia’s gold reserves and is not to be interpreted as an addition to national mining gold reserves,’ he explained. The government said the significant potential of public gold represents an opportunity for developing the national bullion ecosystem, where the public is encouraged to have broader choices in managing and optimising their gold assets through safe, trusted and integrated financial instruments.

Haryo gave an example that if a portion of the public’s gold potential—around 20 per cent, for instance—could enter financial instruments through the bullion ecosystem, it would have a positive impact on the development of the bullion market and the national economy. ‘That figure is an illustration of potential, not an obligation for the public to move or surrender their gold,’ he stressed.

Addressing public concerns, the Coordinating Ministry for Economic Affairs affirmed that the government has no intention of taking over or transferring ownership of public gold. Ownership and the public’s decision to store, trade or utilise gold remains entirely their right. ‘The government’s role is to build the ecosystem and provide instrument options that can add value to public assets,’ the statement read.

The development of the bullion ecosystem is also described as part of the government’s efforts to increase the added value of downstream mining and energy sectors, while building a bullion market that is increasingly efficient, liquid, transparent and integrated. The government stated that it continues to strengthen the bullion ecosystem from upstream to downstream through collaboration between businesses, financial institutions and related industries. The establishment of the Indonesia Bullion Market Association (IBMA) is cited as one step to strengthen integration and collaboration in the national bullion ecosystem.

‘The government views the development of the bullion ecosystem as part of efforts to optimise domestic asset potential, deepen financial markets, and create new sources of economic growth, while still providing space and choice for the public in managing their gold assets,’ Haryo concluded.