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A gold reserve is the gold held by a central bank or nation intended as a store of value and as a guarantee to redeem promises to pay depositors, note holders (e.g., paper money), or trading peers, or to secure a currency.Today, gold reserves are almost exclusively, albeit rarely, used in the settlement of international transactions.At the end of 2004, central banks and investment funds held 19% of all above-ground gold as bank reserve assets.It has been estimated that all the gold mined by the end of 2009 totaled 165,000 tonnes. At a price of US$1750/oz., reached in 2011, one tonne of gold has a value of approximately US$56.26 million. The total value of all gold ever mined would exceed US$9.2 trillion at that valuation.