Top 10 countries with the largest gold reserves
Tue Aug 27 2024
1/14
Revered for its rarity
Gold has been a symbol of wealth and power for centuries, revered for its rarity and intrinsic value. Today, central banks around the world hold vast amounts of gold to stabilize their economies and as a hedge against inflation. These reserves act as a financial safety net, providing security and confidence in times of economic uncertainty. The accumulation of gold reserves is a strategic move by nations to ensure economic stability and to safeguard against currency fluctuations. Here are the top 10 countries with the largest gold reserves, showcasing their commitment to maintaining robust financial systems and economic resilience.
2/14
United States
The United States holds the largest gold reserves in the world, totaling 8,133 metric tons. Most of this gold is stored at the United States Bullion Depository, commonly known as Fort Knox, in Kentucky. The rest is held at various locations, including the Federal Reserve Bank of New York. The U.S. gold reserves have remained relatively stable since the 1970s, reflecting the country’s economic strength and stability. The value of these reserves is estimated to be over $480 billion, making it a significant asset for the nation.
3/14
Germany
Germany has the second-largest gold reserves, amounting to 3,355 metric tons. The majority of Germany’s gold is stored in Frankfurt, with significant portions also held in New York and London. The Bundesbank, Germany’s central bank, has been repatriating gold from foreign locations to ensure better control and security. This process began in 2013 and was completed in 2017. Germany’s gold reserves are valued at approximately $198 billion, playing a crucial role in the country’s financial stability.
4/14
Italy
Italy holds 2,452 metric tons of gold, making it the third-largest holder of gold reserves. The Italian central bank, Banca d’Italia, manages these reserves, which are primarily stored in Rome. Italy’s gold reserves are valued at around $145 billion. Despite economic challenges, Italy has maintained its gold reserves as a safeguard against financial instability. The gold serves as a critical asset for the country, providing a buffer in times of economic uncertainty.
5/14
France
France’s gold reserves total 2,437 metric tons, placing it fourth on the list. The Banque de France, the country’s central bank, oversees these reserves, which are stored in Paris. France’s gold reserves are valued at approximately $144 billion. The country has a long history of gold accumulation, dating back to the 19th century. These reserves are considered a vital part of France’s financial system, offering stability and confidence in the nation’s economy.
6/14
Russia
Russia holds 2,299 metric tons of gold, making it the fifth-largest holder of gold reserves. The Central Bank of Russia has been actively increasing its gold reserves over the past decade, purchasing significant amounts annually. Russia’s gold reserves are valued at around $136 billion. The majority of this gold is stored within the country. The accumulation of gold is part of Russia’s strategy to reduce reliance on the U.S. dollar and strengthen its economic sovereignty.
7/14
China
China’s gold reserves amount to 1,948 metric tons, placing it sixth globally. The People’s Bank of China manages these reserves, which are stored in various locations across the country. China’s gold reserves are valued at approximately $115 billion. The country has been steadily increasing its gold holdings as part of its broader strategy to diversify its foreign exchange reserves and enhance financial security. China’s growing gold reserves reflect its rising economic power and influence.
8/14
Switzerland
Switzerland holds 1,040 metric tons of gold, making it the seventh-largest holder of gold reserves. The Swiss National Bank oversees these reserves, which are stored in various locations, including Zurich. Switzerland’s gold reserves are valued at around $61 billion. The country has a long-standing tradition of gold trading and storage, given its reputation as a global financial hub. Swiss gold reserves play a significant role in maintaining the country’s economic stability.
9/14
Japan
Japan’s gold reserves total 846 metric tons, placing it eighth on the list. The Bank of Japan manages these reserves, which are stored in Tokyo and other locations. Japan’s gold reserves are valued at approximately $50 billion. The country has maintained a steady level of gold reserves over the years, using them as a hedge against economic uncertainties. Japan’s gold holdings are an essential part of its financial strategy, providing stability and confidence in its economy.
10/14
India
India holds 801 metric tons of gold, making it the ninth-largest holder of gold reserves. The Reserve Bank of India manages these reserves, which are stored in Mumbai and other locations. India’s gold reserves are valued at around $48 billion. The country has a deep cultural and historical connection to gold, which is reflected in its significant reserves. India’s gold holdings are crucial for its economic stability and serve as a safeguard against financial crises.
11/14
Netherlands
The Netherlands has 612 metric tons of gold, placing it tenth on the list. De Nederlandsche Bank, the country’s central bank, oversees these reserves, which are stored in Amsterdam and other locations. The Netherlands’ gold reserves are valued at approximately $37 billion. The country has been repatriating some of its gold from foreign locations to ensure better control and security. Dutch gold reserves are a vital part of the nation’s financial system, providing stability and confidence.
12/14
Turkey
In the second quarter of 2024, Turkey's gold reserves increased to 584.93 tonnes. These numbers are at an all time high for the country. It is said that Turkey is embedded in Gold; merchants used them as a coins in ancient Lydia and today it plays a big role in Turkey's economic growth. The metal has a deep cultural heritage and is worn by people during weddings and other happy occasions.
13/14
Portuguese
As of 2024, the country has the gold reserve of 382.66 tonnes. The Bank of Portugal holds the majority of its reserves in Carregado, near Lisbon, with additional reserves stored in the UK, US, and France.
14/14
Did you know?
Did you know that gold is not only valuable for its beauty and rarity, but it also has some surprising scientific properties? One lesser-known fact is that gold is highly ductile and malleable. A single gram of gold can be drawn into a thread over two kilometers long without breaking! Additionally, gold is an excellent conductor of electricity and does not tarnish or corrode, making it ideal for use in electronics and high-precision equipment. This unique combination of properties makes gold indispensable in various industries beyond just jewelry and finance.