Which Country Has Most Gold Reserves?

which country has most gold reserves

A number of countries around the world have amassed a significant amount of gold. This could be for many reasons such as protecting their economy, boosting their currency or diversifying their wealth reserves.

The United States leads the way with a massive stockpile of 8,133.5 tonnes. This is largely held in vaults such as Fort Knox and West Point.

1. United States

The United States is the world’s largest holder of gold. As of 2020, it held 8,133.5 metric tons, more than twice Germany’s 3,359.1 tons and more than three times Italy’s 2,451.8 tons.

The country’s bullion is stored at Fort Knox in Kentucky, as well as U.S. Mint facilities in Denver and West Point, New York, and the Federal Reserve Bank in New York City.

2. China

The People’s Bank of China has the world’s sixth largest official gold reserves after the US, Germany, Italy, France and Russia. According to the World Gold Council, it has over 1800 tonnes in its reserves.

The central bank has been reported to have increased its gold holdings by 32 tonnes over the last few months. This has helped support gold prices and is a welcome development.

3. Russia

Russia has the world’s fifth largest gold reserves, with 150,000 bars valued at $140 billion sitting in the country’s central bank. The country also has an extensive gold mining sector.

However, the country has been hit by sanctions from the West. In June, the United States and the rest of the G-7 announced they would ban the import of Russian gold.

A new law passed by the House could apply secondary sanctions to any American entity that knowingly transacts with or transports gold from Russia’s central bank holdings, or sells gold physically or electronically in Russia. This legislation has been backed by lawmakers and may be included in the omnibus spending bill before the new Congress is sworn in, according to an aide familiar with the matter.

4. South Africa

South Africa has the world’s most extensive gold deposits. They’re spread across the Witwatersrand Basin, which is a massive underground geological formation located in the southern part of the country.

These massive ores are more than 2.5 billion years old, and some scientists believe that they formed when streams deposited them in an ancient lake. Others think that they were redeposited by hydrothermal fluids.

Gold has been extracted from these mines for centuries, and it’s still the source of one-fifth of the world’s supply. But gold production has declined, and it’s now becoming more difficult to extract it.

5. Australia

Australia is the world’s leading gold mining country with over 60% of its resources occurring in Western Australia, which is also home to the nation’s largest and most successful gold mines. The Australian gold sector is tipped to continue to grow at a strong rate in the coming years as exploration investment and production continue to rise.

As demand continues to surge, Australia is well placed to serve this need, as it is predicted to overtake China as the world’s top gold producer in 2021 and gold prices are expected to remain strong throughout the year. With gold being a safe haven asset, investors can rest assured that it will remain a stable investment option in the face of ongoing economic and geopolitical uncertainty.

6. Japan

Japan is an island country in East Asia, a volcanic archipelago that stretches from south of Sakhalin in the north to near Taiwan in the southwest. It shares maritime borders with China, South Korea and Russia.

Despite being relatively small, Japan has many beautiful natural landscapes, from snow-covered interior mountains to lush tropical islands in the southwest. The country is also seismically active, which creates underwater chasms and reef formations teeming with fish and other marine life.

In addition to being a beautiful travel destination, Japan is also known for its rich culture and tradition. Among its most famous traditions are temples, which are built throughout the country and often feature elaborately decorated gates and gardens.

7. Switzerland

Switzerland is home to one of the largest physical gold markets in the world. Its proximity to major refineries has made it a significant trading and storage hub for this precious metal.

It also has a unique system of direct democracy, giving citizens a voice in the country’s affairs. Swiss people value honesty, hard work and tolerance.

They’re also known for their strict international neutrality. This has been an important factor in making Switzerland a stable and wealthy nation.