The Countries With Largest Gold Reserves

countries with largest gold reserves

The United States currently has the largest gold reserves, holding more than 8,100 metric tons. The country’s central bank has the metal in storage at Fort Knox, Kentucky; West Point, New York; and Denver, Colorado.

Germany is second on this list, with more than 3,300 metric tons. Italy and France hold gold as well, but in smaller quantities.

1. United States

The United States is home to the largest gold reserves in the world. It has more than 8,000 metric tons of bullion, nearly as much as Germany and Italy combined.

Governments use gold reserves to protect their currency against inflation. They also help boost their economy during periods of economic crisis.

The United States holds most of its gold bullion at Fort Knox, a military reservation in Kentucky. The rest is stored at US Mint facilities in Denver and West Point, N.Y., as well as at the Federal Reserve Bank in New York City.

2. Germany

Germany holds the second largest gold reserves in the world at 3,378 metric tons. This is more than twice the amount of gold held by the United States.

This is the result of Germans accumulating gold at the end of the 1950s as part of the European Payment Union (EPU).

The EPU was a system where member states would settle their payments with each other in gold or dollars. As a result, the EPU was a significant contributor to gold accumulation in Germany and the rest of Europe.

3. Italy

Italy is best known for its artistic achievements, but this small country has much more to offer than that. It has a wealth of museums, architecture, and monuments.

But what draws people here are the gold treasures hidden away in the sand on the banks of the Elvo River. The area was once a large Roman gold-mining operation, and the melting glaciers have deposited gold pieces into the riverbed.

The co-ruling League party has pushed for legislation that would make the Italian government own its gold reserves, instead of having them owned by the Bank of Italy. The League economics spokesman has rejected suggestions from opposition critics that the government would use the gold as a way to plug budget holes.

4. France

France is a western European country with a population of over 100 million people. It is the second largest economy in the EU.

Its capital is Paris and it has 18 administrative regions, as well as 5 overseas territories. It is also a member of the European Union (EU) and the Schengen Agreement.

Gold mining has a long history in France, starting from the Roman times. The early records show that it started in the southern region of Limousin and it grew into a large industry.

5. Russia

Russia’s gold reserves have soared to record heights in recent years. President Vladimir Putin has backed the central bank’s gold purchases, which have become a key part of the country’s investment strategy.

In 2014, Russia’s foreign exchange and gold reserves rose to $561 billion. The figure climbed again this year as Western sanctions caused Russian purchases to surge.

A country’s gold reserves are intended as a way to hedge against currency instability and to support the value of the national currency. They also serve as a way to attract investors and ward off foreign debt crises.

6. China

China has the sixth largest gold reserves in the world, behind Russia and Germany. However, it is not entirely clear how much gold is held by the Chinese government.

Due to state secrecy, the PBoC does not publish the full details of its gold holdings. Some analysts believe this is simply due to the importance that the Chinese government places on the precious metal as a strategic asset.

It is also possible that other Chinese state controlled entities, such as the Industrial and Commercial Bank of China (ICBC) and the Bank of China (BoC), are buying gold on behalf of the PBoC at sporadic intervals. This would mean that the PBoC’s gold holdings are only one element of a larger long term state gold accumulation strategy.

7. Switzerland

Switzerland is a country in central Europe that has the world’s largest gold reserves per capita. Each Swiss owns about 128 grams of gold (without counting any bars or jewellery), far ahead of Germany’s 42 grams, Italy’s 40 grams and France’s 38 grams.

Switzerland’s gold reserves are held by the Swiss National Bank and are valued on their balance sheet at market prices. During the 2000s, the SNB sold 1300 tonnes of its gold reserves as it considered the precious metal to be no longer useful for monetary policy.