Top 10 Nations with the Largest Gold Reserves

countries largest gold reserves

Gold, it plays a pivotal role in stabilizing the International economy. Considering it as a key portion of the foreign-exchange reserves, almost every nation is driven by the core pursuit of procuring a substantial stockpile of gold.

RankCountryTonnes% of Foreign Reserves
10India573.105.70%
9Netherlands612.5068.20%
8Japan765.202.50%
7Switzerland1040.005.30%
6China1842.602.40%
5Russia1909.8017.60%
4France2436.0063.90%
3Italy2451.8067.90%
2Germany3371.0070.60%
1USA8133.5075.2%

India
Rank: 10th

Gold Reserve: 573.10 tonnes
Percentage of Foreign Reserves: 5.70%
India, being the 2nd largest consumer of gold, holds the tenth position in the list of nations with largest gold reserves. We have a total deposit of 573.10 tonnes, as recorded by the end of third quarter this year which increased from a deposit of 560.30 tonnes in the second quarter while constituting 5.7% of foreign reserves. The admiration of gold is almost deep-rooted into the roots of our nation, especially during the Indian festival and wedding season i.e, October-December, its demand reaches almost to the peak. Considering the same, the aggregate gold reserves have been accounted for an average of 453.99 tonnes during the period of 2000-2018. Thus, with adherence to the cultural or societal grounds of India, a perception can be drawn that the gold industry will always a pivotal picture in stabilizing the nation's economy.

Apart from our nation, following here we would like to give you a glimpse on the list of top 10 nations including India, securing the 10th position as stated above with the largest gold reserves all across the world.

Netherlands
Rank: 9th

Gold Reserve: 612.50 tonnes
Percentage of Foreign Reserves: 68.2%
Way back in 2014, the Dutch Central Bank repatriated a lump sum quantity of 122 tonnes of gold reserves from New York, USA to Amsterdam back. Resultantly, it emerged as the newest central bank in Europe for addressing the safety concerns of people related to their gold deposits during the phase of Eurozone debt crisis. This gold trove accounted for around 20% of the total reserve of Netherlands and worth a total of $ 5 billion approximately. However, as a crucial revelation, the Dutch Central Bank declared that it is about to move the gold vaults from Amsterdam to Camp New Amsterdam after deciphering out the strenuous security measures associated with its present location. However, to many of the financial analysts and economists, this significant decision seems to a bit strange especially, after the recent repatriation of a major gold deposit from USA as mentioned above. While having the 9th largest gold reserve in the world, the nation is reported to have an average of 686.82 tonnes during the period of 2000-2018, with a recorded high and low of 911.82 tonnes in the second quarter and 612.45 in the fourth quarter of 2008 respectively.

Japan
Rank: 8th

Gold Reserve: 765.2 tonnes
Percentage of foreign reserves: 2.5%
In Jan 2016, the Central Bank of Japan introduced a Negative Interest Rate Policy (NIRP) which, positively affected the gold prices as it was regarded as a desperate act by the Bank of Japan to improve the state of global economy and reduce the odds related to further Fed hikes. This revolutionary scenario undoubtedly worked in favour of the nation and helped them to excel as the 3rd largest economy of the world, while also being the 8th largest possessor of gold reserves. Japan boasts an average of 764.82 tonnes of gold during the period 2000-2018 with a recorded high of 765.22 tonnes in 1st quarter 2017 and a recorded low of 753.54 tonnes in 2nd quarter 2000.

Switzerland
Rank: 7th

Gold Reserve: 1040.0 tonnes
Percentage of foreign reserves: 5.3%
As the 7th largest hoarder of largest gold reserves across the world, Switzerland boasts an average of 1334.64 tonnes during the period 2000-2018, while encountering a recorded high of 2590.18 tonnes in 1st quarter 2000 and an all-time low of 1039.99 tonnes in 2nd quarter 2014. The Swiss National Bank (SNB) was reported to sell off 1550 tonnes of gold during the phase 2000-2008 when the gold prices were rising at a rapid rate. However, if this transaction wouldn't have taken place, Switzerland would have been the 4th largest gold holder in the world. Generally, the SNB remains secretive about all the activities and operations related to gold and try to reveal minimum information to public.

China
Rank: 6th

Gold Reserve: 1842.6 tonnes
Percentage of foreign reserves: 2.4%
China, as the possessor of 6th largest gold reserve, declared its gold reserves to experience an upward trend for the first time on July, 2018 since 2009. The People's Bank of China had increased its official gold reserves by adding a deposit of 604 tonnes as reported. While boasting an average of 946.58 tonnes of gold during the period 2000-2018, it witnessed a record high of 1842.60 tonnes in 1st quarter of 2018 and record low of 395.01 tonnes in 2nd quarter of 2000. However, contentious speculations have been made by analysts that the records as stated by PBOC might be an understatement, while considering the massive volumes of gold being passed through Hong Kong and Shanghai, along with the huge amounts of domestic consumption. Furthermore, besides PBOC, the China Investment Corporation and the State Administration of Foreign Exchange also purchase substantial amounts of gold.

Russia
Rank: 5th

Gold Reserve: 1909.8 tonnes
Percentage of foreign reserves: 17.6%
As reported by the Russian Central Bank, the nation has witnessed a steady increase in holdings of gold this year as on June, 2018, as compared to the last decade (amounting to less than almost 500 tonnes during 2008). As stated in the updated data of the Russian Central Bank, Moscow purchased 106 tonnes of gold since the beginning of this year, which was further confirmed by the US Treasury Department while stating that Russia failed to remain as one of the top hoarders of US bonds. The nation hoards an average of 794.61 tonnes during 2000-2018 and witnessed an all-time high and low of 1998.50 tonnes in 3rd quarter, 2018 and 343.41 tonnes in 2nd quarter, 2000 respectively.

France
Rank: 4th

Gold Reserve: 2436.0 tonnes
Percentage of foreign reserves: 63.9%
The gold reserves of this country have not changed from a total of 2436 tonnes in the 3rd quarter of 2018 as compared to the previous quarter. It hoards an average of 2651.11 tonnes during the period of 2000-2018 and has reached a recorded high of 3024.70 tonnes in the 4th quarter of 2002 while facing an all-time low of 2435.30 tonnes in the 4th quarter of 2012. As reported, the Central Bank of France has sold a little proportion of its gold reserves over several years in the past, and multiple calls were being made to stop this process. Marine Le Pen, President of the National Rally political party took the responsibility of freezing out the entire process of selling national gold and repatriating the total amount as kept in foreign vaults.

Italy
Rank: 3rd

Gold Reserve: 2451.8 tonnes
Percentage of foreign reserves: 67.9%
Italy has been consistent in retaining the total volume of gold reserves and has gained prominent support from the President of the European Central Bank, Mario Draghi. As stated by the former governor of the Bank of Italy in 2013, when asked about the importance of gold in the portfolio of the Central Bank by a reporter, gold is considered more as "a reserve of safety" and "it gives you a fairly good protection against fluctuations against the dollar." The nation hoards an average deposit of 2451.84 tonnes of gold during the period 2000-2018 with a recorded high of 2451.84 tonnes in the 2nd quarter of 2000 and recorded low of 2451.80 tonnes in 1st quarter of 2018.

Germany
Rank: 2nd

Gold Reserve: 3371.0 tonnes
Percentage of foreign reserves: 70.6%
In 2017, the Central Bank of Germany was recorded to repatriate a major chunk of its total gold reserves to Deutsche Bundesbank in Frankfurt to build a rampart of economic security, which was actually stored by the country at the height of Cold War. Moreover, the nation succeeded in its four-year repatriation operation last year and transported a total deposit of 674 tonnes of gold to the national vaults from the Federal Reserve Bank of New York and Banque de France. Being announced for the first time in 2013, this strategy might take until 2020 to be executed completely. Though the gold demand declined in the last year after achieving a recorded high in 2016, Germany has witnessed a steady rise in gold reserves since the International global crisis. The national gold reserves were averaged at 3412.68 tonnes during the period of 2000-2018 while reaching at a recorded high of 3468.60 tonnes in 2nd quarter of 2000 and recorded low of 3369.80 tonnes in 3rd quarter of 2018.

USA
Rank: 1st

Gold Reserve: 8133.5 tonnes
Percentage of foreign reserves: 75.2%
Being the hoarder of the largest official gold reserves in the world, it nearly owns almost the total amount of gold of the next three nations combined. Majority of the gold deposits of the nation is stored at Fort Knox in Kentucky and the rest is kept at the Philadelphia Mint, San Francisco Assay Office, Denver Mint and West Point Bullion Depository. As stated in the latest reports, the nation has an average deposit of 8135.27 tonnes of gold during 2000-2018, while witnessing a recorded high of 8149.05 tonnes in 3rd quarter of 2001 and a recorded low of 8133.46 tonnes in the 3rd quarter of 2005.

It is true that no modern federal government want all of its monetary deposits to be backed by gold. However, the government of almost all progress-oriented nations considers gold as a safe haven against any type of economic turbulence including hyperinflation and thus, find it a requisite to stock a substantial amount of gold as reserves.

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