Which Country Has the Most Gold Reserves?
Gold reserves are an asset central banks often use to reduce market volatility and maintain financial security. Gold is an extremely resilient precious metal with strong negative correlations to the US Dollar, providing central banks with an invaluable hedge against market turmoil and stabilize their financial status.
Investment in a country’s gold reserves can be an effective way to diversify your portfolio and secure its long-term success. There are various methods available, including low-fee ETFs and mutual funds that offer these opportunities.
United States
The United States holds the world’s highest gold reserves with official assets estimated to exceed $540 billion.
Nations have valued gold since ancient times, appreciating both its beauty and durability as stores of wealth during periods when currency was denominated in gold. Furthermore, its physicality allowed for easier trade arrangements.
The New York Federal Reserve Bank provides statistics on its website detailing gold owned by US government agencies, central banks and official international organizations – but does not account for holdings stored at private residences such as COMEX and London Bullion Market Association vaults.
Germany
Germany has long maintained a cultural affinity towards gold, as evidenced by the Reisebank Gold Study 2024 which revealed that almost half of German private investors purchase coins or small bullion bars made of this precious metal.
Germany’s gold reserves, stashed away during the Cold War in safe havens that were far removed from Moscow, have come to symbolize both its economic ascent and stability. In 2015, the Bundesbank took an important step towards greater transparency by publishing a 2,300-page list of Germany’s gold reserves.
Frankfurt has also begun returning metal from New York and London ahead of schedule with the goal of holding one fifth of the nation’s reserves here by 2020.
Italy
While many European nations sold off their gold reserves over the past two decades, Italy remained one of the world’s leading official holders due to still possessing large quantities in domestic vaults.
Italy’s Bank of Italy currently claims an estimated holding of 2,451.8 tonnes of gold – this number falls far behind that of the top three, but nonetheless remains an impressive amount.
Banca d’Italia does not disclose how much of its gold reserves it keeps overseas; however, most are stored with the Federal Reserve Bank in New York with some also kept at London and Berne locations.
France
France possesses an enormous amount of gold, nearly equaling that of Germany and Italy combined. But this wealth isn’t for show alone: France has its own compelling reasons for possessing so much of it.
France’s gold reserves are secured and managed by Banque de France, who oversee their safekeeping. Their Paris vaults store 2,435 tonnes of London Good Delivery bars stored safely within their vaults.
These bars are stored 27 meters underground in the Souterraine, an underground structure which won an award for its innovative architecture. Their stock constitutes only 4.4% of France’s savings total.
Russia
Since Russia occupied and annexed Crimea in 2014, its gold reserves have tripled. That portion is the only one not restricted by western sanctions and Moscow has taken steps to increase it as quickly as possible.
Two-thirds of Russia’s official reserves are held in an underground vault at Bank of Russia in Moscow, which Prime Minister Vladimir Putin toured as Prime Minister back in 2011.
Gold can be difficult and risky to transport physically; thus monetary authorities typically only use it as a tool to trade illiquid assets such as Treasury bonds for cash. As Venezuela remains isolated in terms of international isolation, Russian President Maduro cannot sell off any of his bullion reserves.
Switzerland
Switzerland holds one of the seven largest official central bank gold reserves worldwide with 1,040 tonnes, or 128 grams for each resident without factoring in jewelry or other personal items made of gold.
Switzerland is estimated to transport 60-70% of global gold trade, though most transactions remain opaque and the country is widely known for corruption.
NGO reports indicate that illegal mining activities often tie in with gun running to fund local wars, human rights abuses and money laundering activities. Much of this “blood gold” eventually finds its way to Switzerland for refinement – prompting right-wing politicians to launch an initiative to triple Switzerland’s gold reserves.
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