Which Country Has the Most Gold Reserves?

Governments stockpile gold as it serves as an asset in times of economic instability and can serve as a buffer against inflationary rates and fluctuation.

Which countries hold the most gold reserves? Here’s a glimpse of five countries boasting massive quantities of bullion reserves.

United States

Gold was used as an international medium of exchange from the 17th to 20th centuries. Most paper money issued by national governments was denominated in terms of gold and thus served as legal evidence that they owned physical gold stored in vaults owned by themselves.

Much of America’s gold is stored at Fort Knox in Kentucky at the United States Bullion Depository – no visitors permitted! – and includes both its monetary gold bullion as well as treasured items belonging to other federal agencies.

Though many invest in precious metals for aesthetic reasons, they also play an essential role in electronics manufacturing and aerospace technology – they make jet aircraft engines and spacecraft. Due to economic uncertainty worldwide, more individuals and businesses alike are holding gold bullion reserves; one pioneering effort being led by State Rep. Giovanni Capriglione introduced legislation for such a state-owned bullion depository during Texas legislative sessions 2013/14.


Germany holds 3,370 tons of gold reserves – the second highest worldwide. While some is stored locally at Frankfurt’s Bundesbank, other pieces were sent away for storage purposes in New York, London and Paris during the Cold War to safeguard it against Soviet attack.

The Bundesbank stores its foreign gold in three foreign central banks – Federal Reserve in New York, Bank of England in London and Banque de France in Paris. Annual statements are received from each central bank confirming how much gold has been stored on behalf of the Bundesbank; however physical inspections of its stored reserves do not take place.

Some German politicians are skeptical of Germany’s foreign gold reserves and have called for more regular audits of these holdings. One such politician, Philipp Missfelder from Bavaria’s CDU sister party, even traveled all the way to New York in person in an effort to see it for himself but was turned away.


France boasts an illustrious gold history and remains one of the leading gold producers with reserves totaling 2,435 tonnes. Additionally, its mines host numerous gold reserves.

Paris was an important gold center in the 19th century, with Banque de France serving as an intermediary for Australian, South African and other incoming gold supplies. Additionally, Paris served as an important market for Napoleon (20-franc gold coins).

Recently, France has been selling off some of its reserves; however, far-right leader Marine Le Pen has taken steps to stop these sales entirely. France is upgrading and installing new technologies into its vaults to increase efficiency and security as well as making storage of gold more convenient for foreign central banks by providing trading, lending and swapping services – this makes the BdF more accessible to market as it expands their gold storage business and becomes a bullion bank.


Italy doesn’t produce much gold, yet ranks fifth on the list of countries with the largest reserves. Italy’s central bank holds over 8,100 tonnes in reserve – a considerable amount which helps safeguard against hyperinflation or economic turmoil.

The Bank of Italy does not disclose much regarding its gold reserves; however, they claim that most of their foreign held gold can be found at the Federal Reserve Bank in New York with other holdings reportedly located in London and Berne, Switzerland.

The Bank of Italy has reported holdings of roughly 2,451.8 tonnes since the late 1960s. While Deputy Prime Minister Matteo Salvini recently suggested using Italy’s gold reserves to fill budget deficits, according to central bank regulations its gold is owned solely by them and cannot be used by government spending initiatives.

Raymond Banks Administrator
Raymond Banks is a published author in the commodity world. He has written extensively about gold and silver investments, and his work has been featured in some of the most respected financial journals in the industry. Raymond\\\'s expertise in the commodities market is highly sought-after, and he regularly delivers presentations on behalf of various investment firms. He is also a regular guest on financial news programmes, where he offers his expert insights into the latest commodity trends.

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