Gold reserve is the amount of billion that is held by the central bank,called the treasury of the country. It contributes to the nation’s creditworthiness in the issuance of currency and bonds. For any government holding high amount of gold is important. It acts as a reserve currency for performing transactions in international trade. Largest gold reserves have remained mostly unchanged for the last few years. The United States holds the number one spot for gold in the world.
Here are 10 countries with largest gold reserves.
1. United States
The nation with the most gold reserves is unsurprisingly the USA. Their total is by far the largest of all the nations on the list,holding 8,133.5 tonnes of gold. It also has the the highest gold allocation as percentage of its foreign reserves at 76%. The majority of US gold is held in Fort Knox in Kentucky with the rest in other states.
Germany moved a total of 674 tonnes of gold from the bank of France and the federal reserve bank of New York back to its own vault. Germany holds the world second largest gold reserves after United States at 3366.8 tonnes. Interestingly Germany information on their holdings is probably the most transparent in the world.
Italy is the world’s third largest holder of gold reserves behind the United States and Germany,with 2452 tonnes of gold as of last year 2019. According to the world gold council,Italy gold reserves are some of the most stable in the world, something which cannot be for the country’s wider economy. Recent economic distress has reduced the country’s output but Italy still remains one of the largest european economies.
France was previously in third place before selling off 500 tonnes of gold. The logic was to use the money raised to invest in currencies and bonds. And used the interest made to pay off France’s debts. France’s gold reserves data is updated monthly averaging 2438 tonnes in 2020.
Russia gold reserves were recorded at 2220 tonnes in 2020 recently. Russia is in fifth place for the world largest gold reserves. Russia is also the third largest producer of gold in the world. President Putin has aggressively pushed a program of rapidly increasing the nation’s gold reserves over the years. A policy which have began slowly.
The ancient superpower had only previously disclosed information regarding it’s gold reserves. Gold reserves in Chains average 1007 tonnes from 2000 to 2019. Reaching an all time highest of 1937 tonnes in 2020. China used to have a policy of mining gold, selling and investing it into it’s economy.
Switzerland is famous as a nation of banking,tax exceptions and geopolitical neutrality. Switzerland maintains the world seventh largest official gold reserves holdings of 1040 tonnes of gold. Switzerland actually has the world largest gold reserves per capita. The country holds it’s majorly of it’s gold in the Switzerland national bank for safe keeping. It also has 20% with the bank of England and 10% with bank of Canada.
Gold reserves in Japan average 764.2 tonnes from 2000 to 2019. Reaching an all time highest of 766 tonnes in 2020,Japan gold reserves are approximately 2% of its total reserves. The country sold gold reserves to help stabilize the economy in a wake of an incident,and it hasn’t really kicked up where it was left of.
India’s hold reserves is reported to have 620 tonnes 8n 2020. This shows an increase in the recorded number in 2019. India is the second most populated country in the world behind China. It also the second largest consumer of gold behind China. Gold is popular in India and the metals and minerals to.
Gold reserves in Netherlands remain unchanged at 612.5 tonnes in 2020. The Netherlands in the ideal world would have less gold reserves than it currently does. The small european nation had a policy of selling off its billion in the last decade,but not enough sold,the country move away from its eagerness to reduce its holdings.
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