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Top 10 countries with the largest gold reserves in the world

The US has been the world's largest gold reserve country for many decades and hasn't changed much. There are currently more than 8 thousand tons in the warehouse of the central bank of this country. Central banks have been net buyers of gold for 11 consecutive years. According to data from the World Gold Council (WGC), central banks around the world bought 272.9 tons of gold bars in 2020. Last year's purchases were 60% lower than the record 668 tons added in 2019. The COVID-19 pandemic is a stronger impetus for some central banks to sell reserves and inject liquidity into the economy. their economics. Buying activity was concentrated in the first half of the year, then almost non-existent in the third quarter and resumed in the last three months of the year.

1. Netherlands: 612.5 tons

Percentage of foreign exchange reserves: 67.4%

The Dutch Central Bank announced that it will move its gold vaults from Amsterdam to Camp New Amsterdam, about an hour outside the city, citing serious security problems at the current location. As many others have pointed out, this seems strange, given that the bank recently repatriated large amounts of gold from the United States.
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2. India: 687.8 tons

Percentage of foreign exchange reserves: 6.5%

It's no surprise that the Central Bank of India has one of the largest gold reserves in the world. The South Asian nation, home to 1.25 billion people, is the second-largest consumer of precious metals, and one of the most reliable drivers of global demand. India's festival and wedding season, which runs from October to December, has long been a haven for gold consumption.
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3. Japan: 765.2 tons

Percentage of foreign exchange reserves: 3.1%

Japan, the world's third largest economy, is also the eighth largest hoarder of the yellow metal. Its central bank is one of the most aggressive practitioners of quantitative easing – in January 2016 it lowered interest rates below zero – which has helped boost gold demand across the globe. around the world.
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4. Switzerland: 1,040 tons

Percentage of foreign exchange reserves: 5.4%

In seventh place is Switzerland, which actually has the world's largest per capita gold reserves. During World War II, this neutral country became the center of the gold trade in Europe, conducting transactions with both the Allies and the Axis powers. Today, the majority of their gold trading is done with Hong Kong and China.
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5. China: 1,948.3 tons

Percentage of foreign exchange reserves: 3.3%

In the summer of 2015, the People's Bank of China began sharing monthly gold purchases for the first time since 2009. Although China ranks sixth in gold holdings, the yellow metal accounts for only a small percentage of overall reserves – just 3.3%.

From 2021, China will allow domestic and international banks to import large amounts of precious metals into the country to support prices. According to a Reuters report, an estimated 150 tons worth $8.5 billion were shipped into China this year.
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6. Russia: 2,295.4 tons

Percentage of foreign exchange reserves: 22%

Russia's Central Bank has been one of the biggest buyers of gold over the past seven years and overtook China in 2018 to have the fifth-largest reserves. In 2017, Russia bought 224 tons of gold bars in an attempt to diversify away from the US dollar, as its relations with the West have cooled since Russia's annexation of Crimea. in mid-2014. To raise cash for these purchases, Russia sold a large proportion of its US Treasury bonds.

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7. France: 2,436 tons

Percentage of foreign exchange reserves: 64.5%

France's central bank has sold very little gold in the past few years. Current reserves include 100 tons of gold coins and the remainder in bars weighing about 12.5 kg each. The Banque de France vault in Paris is one of four designated vaults of the International Monetary Fund (IMF).
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8. Italy: 2,451.8 tons

Percentage of foreign exchange reserves: 69.3%

Italy has also maintained the size of its reserves over the years. Mario Draghi, former Governor of the Bank of Italy and Governor of the European Central Bank, when asked by a reporter in 2013 about the role of gold in the central bank's investment portfolio, replied that , the metal is “a safe haven,” adding, “it gives you a pretty good protection against fluctuations against the dollar.”
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9. Germany: 3,362.4 tons

Percentage of foreign exchange reserves: 74.5%

In 2017, Germany completed a four-year repatriation operation to transfer a total of 674 tons of gold from the Banque de France and the Federal Reserve Bank of New York to its own warehouse. First announced in 2013, the move was then expected to take until 2020 to complete. Although gold demand fell in 2017 after reaching an all-time high in 2016, the European country has seen gold investment steadily increase since the global financial crisis.
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10. United States: 8,133.5 tons

Percentage of foreign exchange reserves: 77.5%

With the largest official holdings in the world, the United States has almost as much gold reserves as the next three countries combined. The US also has the third highest gold allocation as a percentage of its foreign exchange reserves. As far as we know, the majority of US gold is held at Fort Knox in Kentucky, with the remainder held at the Philadelphia Mint, Denver Mint, San Francisco Assay Office and West Point Bullion Depository.

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