Which Countries Hold The Most Gold?

The countries of the world continue to keep gold reserves in their central banks, despite the fact that they have been less inclined over the years to view gold as a potential form of currency. The consensus amongst knowledgeable individuals is that maintaining a stockpile of the precious metal is something that should be done, just in case.

Gold has long been recognized as a potential hedge against inflation, which is one of the primary concerns of central banks. Gold’s role as a hedge against inflation appears to be maintained year after year by the precious metal, despite the fact that other asset classes, some of which are new and distinctive, have started to compete with gold for this honor.

These tonnage numbers provide an illustration of the gold reserves held by the top nations:

1. The United States, with an output of 8,133 tons. The United States Bullion Depository, which is located at Fort Knox, Kentucky, is home to almost half of the bullion that belongs to the United States Treasury. According to the website of the United States Mint, there are 147 million ounces of gold held at the location. The precious metal is believed to be as safe and secure as it is conceivable to be given that it is encircled by a United States Army base that spans 109,000 acres. The West Point Mint in New York, the United States Mint in Denver, Colorado, and the Federal Deposit Bank of New York all keep smaller amounts of gold on reserve than the other two institutions.

Germany came in second with 3,359 tons. The majority of Germany’s gold reserves are currently stored in secure vaults in countries outside of the country, including the United States, the United Kingdom, and France. In recent years, the German central bank has been actively working toward the goal of bringing back significant quantities of the bullion with the intention of permanently storing it on German soil. As this article is being written, approximately half of the country’s gold is stored in Frankfurt, Germany, while the other half is still kept, for the time being, in vaults in New York City, London, and Paris.

3. Italy, with a total of 2,541 tons Banca d’Italia, and not the Italian government itself, is in possession of the vast majority of Italy’s gold reserves. Because the state does not own full ownership of the central bank, concerns regarding the holdings of the Italian government are complicated. According to Bullionstar.com, Banca d’Italia is “co-owned by the Italian State and a wide spectrum of Italian financial organizations.” This information comes from the website. Approximately half of the country’s gold reserves are stored in vaults at the Palazzo Koch building, which is located in Rome and is owned by the bank.

4. France, 2,436 tons. La Souterraine in Paris is home to a fortified underground vault where all of France’s gold is stored. The nation’s central bank has, over the course of many years, been very proactive at bringing back into the country deposits that were previously stored in abroad places. The act of repatriation is being carried out as part of France’s plan to turn the nation’s capital into a bustling center for the trading of gold.

Advertisement

5. Russia, with a total of 2,299 tons The majority of gold in Russia is kept by the Bank of Russia, which is a state-owned institution and part of the Russian Federation. According to Bullionstar, “in the central bank gold market, the Bank of Russia stands out” because it “increased its monetary gold reserves by nearly six-fold over a mere 12 years via gold buying in the domestic Russian market.” This was accomplished by purchasing gold in the domestic Russian market.

Read More Economic News Here