 |
| Gold Reserves by Country |
A gold reserve is the gold held by a national central bank, intended mainly as a guarantee to redeem promises to pay depositors, note holders, or trading peers, during the eras of the gold standard, and also as a store of value, or to support the value of the national currency.
Top 10 - Gold Reserves by Country
1. America
For many years, The United States has held the highest position in the world in terms of gold reserves. At present, the country has a total gold reserves of 6,133.5 tonnes. The amount of gold in the next three countries is almost equal to the amount in the United States.
2. Germany
Germany As a European country, Germany has the largest gold reserves. The country's total gold reserves are 3,361 tonnes. In 2016, the country repatriated 64 tons of gold from two banks in France and the United States.
3. Italy
Italy has maintained the same amount of gold reserves for many years. At present, they have 2,451.80 tonnes of gold reserves. The country has promised to hold on to its reserves in the interest of maintaining its position against the rising and falling of the dollar.
4. France
France has been fourth in the gold price despite some sales in the last few years. At present, the total gold reserves in the European country of France are 2,436 tonnes.
5. Russia
The Russian central bank has been the world's largest buyer of gold for the past six years. The country is in the fifth position with a total gold reserves of 1,909.06 tonnes. Russia has been able to overtake China in the fifth place due to the purchase of 224 tons of gold in 2016.
6. China
China has gold reserves of 1,742.08 tonnes. Although the People's Bank of China ranks sixth in terms of gold reserves, it is only 2.4 percent of the country's total reserves. The bank ranks 10th among gold reserves among the central banks worldwide.
7. Switzerland
Switzerland has 1,040 tonnes of gold reserves. Despite being seventh in terms of reserves, the country ranks first in terms of per capita reserves. During World War II, Switzerland was Europe's main gold trading center, with both the Allies and the Axis Powers trading with them.
8. Japan
The world's third-largest economy, Japan has 756.2 tonnes of gold reserves. The country lowered interest rates on gold reserves to zero in 2016, boosting global gold trade.
9. Netherlands
The main bank of the Netherlands has 612.5 tonnes of gold. Recently, the bank brought back a huge amount of gold from the United States.
10. India
The love of Indians for gold is well known. The South Asian country is also the second largest consumer of gold in the world. At present, India has 560.03 tonnes of gold reserves.
Even since the days of early civilization, gold has been considered valuable for a number of reasons. Ancient kings lavished their palaces with gold at every turn and it has always been seen as a sign of wealth and power. Today, we consider gold so valuable because it’s beautiful, useful, and rare.
