Gold reserves are a vital way for governments to keep their currency stable. Traditionally viewed as a safe-haven asset, they are often used to counter inflation.
The United States leads the pack with nearly 8,000 tonnes in its vaults, followed closely by Germany and Italy. China and Russia round out the top five.
1. United States
The United States is the world’s largest economy in terms of GDP, and is also the most technologically advanced. However, the country’s financial stability is in jeopardy due to a rising level of inflation.
The United States government owns a large amount of gold in three vaults at Fort Knox, Kentucky; West Point, New York; and Denver, Colorado. These vaults are inspected annually by the Department of Treasury’s Office of the Inspector General.
2. China
The People’s Bank of China (PBoC) holds the world’s sixth largest gold reserves, with over 1800 tonnes. This is more than double Germany, France and Italy’s holdings.
The country is also the world’s biggest producer of gold. It mines more than 13500 metric tonnes each year, and is the world’s biggest importer too.
Its gold reserves are kept secret by the central bank because it would cause volatility in the markets if they were disclosed. This strategy may be part of a wider State gold accumulation plan.
3. India
India is a country that occupies the greater part of South Asia and is second only to China in population. It is also home to a growing middle class that is rapidly dictating its political and economic direction.
It is a well-developed nation with a rich heritage of culture and history, which is evident in its great cities and in its vibrant music, literature, cinema, and TV industry. The nation’s growing urbanity and a booming industrial base, as well as its expanding agricultural sector, continue to drive economic growth.
4. France
Located in Western Europe, France is renowned for its medieval cities and alpine villages as well as Mediterranean beaches. It is also famous for its classical art museums and monuments like the Eiffel Tower.
France has a long history of gold mining and has plenty of rivers and streams that contain small amounts of placer gold. This can make it a lucrative prospect for both large and small-scale miners.
5. Russia
Russia holds the most gold reserves of all the world’s major countries. The country’s gold reserves are used for a variety of reasons, including as a safe haven in times of turmoil and to support the currency.
Russian gold has also been a key part of the country’s war strategy, as it was used to help finance its invasion of Ukraine in 2022. But now lawmakers are looking to curb the use of Russian gold in the next national defense bill.
6. Mexico
Mexico is a country that has a rich history and culture. Its 34 UNESCO World Heritage Sites include the ancient ruins of Guanajuato, Mexico City and Puebla as well as the agave fields of Tequila.
While the country has a long and complicated history, it’s now undergoing a political transition that is both a challenge and an opportunity. Its economy is still fragile and its banking sector is under pressure, but if the reforms succeed it should be able to improve.
7. Ghana
Ghana is a multiethnic country in West Africa, where gold mining plays an important role. With a highly educated and English-speaking population, it is a relatively easy place to do business.
The country has a well-developed infrastructure compared to many other African countries. It is also one of the most stable and democratic in the region.
8. Peru
Peru is a country in western South America that is home to diverse populations, ranging from the high Andes in the south to the tropical Amazon rainforest in the east. In the past two decades, the country has experienced economic growth and increased wealth.
The country has the world’s 6th largest gold reserves, with 244 million fine ounces of this precious metal. This is a major source of income and employment for the people of Peru.
9. South Africa
South Africa is a country of striking diversity, from the vineyards of the Western Cape to craggy cliffs at the Cape of Good Hope. It is also a wildlife-rich land, with one of the largest inland game parks in Africa.
The country’s surface area is divided into two physiographic categories: the interior plateau and the land between it and the sea. The Orange River, rising in the Lesotho Highlands, drains most of the plateau to the Atlantic Ocean; other major rivers are the Vaal, Breede, Komati, Lepelle (formerly Olifants), Tugela, and Limpopo.