Which Country Has The Most Gold Reserves

Which Country Has The Most Gold Reserves – In 2010, the world’s central banks stopped selling gold and started hoarding it. Since gold provides a hedge against economic uncertainty and currency manipulation, we can understand which countries can best manage their economies by the actions of these central banks.

The buzzword in business is “the golden make the rules.” Recent statistics show a wide gap between the world’s top gold owners and the governments that hold the rare yellow metal.

Which Country Has The Most Gold Reserves

Which Country Has The Most Gold Reserves

According to the latest IMF statistics, the United States is still the largest gold hoarder, with about 8,133 tons of gold in its stores. Many countries are below the 3,000 tonne threshold, with the IMF ranking third on the list.

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Gold is popular among investors as a safe-haven asset – a place where money can flow when there is uncertainty in markets or currencies. Countries with large gold markets have access to stable assets that are vulnerable to economic storms.

There have been changes in recent years. Russia and China are becoming the world’s biggest buyers of gold, and central banks have been turning to the yellow metal since 2014. We see this happening live in the rankings, where both countries are in the top 7 for gold.

According to Investing.com, the price of gold has increased recently, especially due to the trade war between the United States and China. As investors are uncertain about the future of each country’s economy, the demand for gold will increase, and so will the price. This increases the value of each country’s gold reserves.

Where there is gold, countries with large gold reserves do well. But based on the movement of these numbers, you can see how each country is seeking more independence from the international currency (as China moves away from the currency by buying gold).

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Which Country Has The Most Gold Reserves

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Which Country Has The Largest Gold Reserves?

“Have you heard of the Golden Rule? He who has the gold rules.” It’s an old joke, of course, but the countries with the largest gold reserves have followed their own rules at a time when very few countries were on the gold standard.

Governments and central banks hold gold for many reasons. Maybe they don’t trust every currency or are preparing for a financial crisis. After all, gold has a good record of holding its value during times of high inflation.

Unlike foreign currencies and bonds, gold does not carry counterparty risk (the risk that the other party to the exchange will not meet its obligations). Also, gold can diversify the country’s reserves.

If the price of gold rises in the coming months and years, the balance of power could shift dramatically. So there is nothing scary about gold hoarding countries, but money – the countries that top the list of gold hoarders – will surprise you.

Largest Gold Mines In The World By Production (updated 2023)

The country that ended the gold system in 1934, ironically, is now the largest gold holder. According to the World Gold Council, the US central bank held 8,133 tons (sometimes called metric tons) of gold on July 28, 2022.

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Central banks usually hold a country’s gold. However, in the US, the Treasury, not the Federal Reserve, holds gold for the mint.

Which Country Has The Most Gold Reserves

Europe has fewer commodities, including oil and gas, as the Russia-Ukraine crisis and sanctions reduce access. Some E.U. The race has no shortage of special items, and that is gold.

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Germany ranks second among countries with gold reserves of 3,355 tonnes, followed by Italy and France at nearly equal numbers with 2,452 and 2,437 tonnes respectively.

But even before the Russia-Ukraine crisis and sanctions, the E.U. He was eager to promote gold products. In 2021, after two decades of gold integration in the EU, the European Central Bank declared that gold is “an important global currency because it still offers a different value proposition”.

Today, Germany’s Bundesbank, Italy’s Banca d’Italia, and France’s Banque de France no doubt continue to believe in gold as a valuable store of value.

The Russian Federation’s 2,299 tonnes of gold has made the country one of the top five gold reserves in the world. This is interesting because Russia announced its gold reserves years before the invasion of Ukraine.

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At the start of the Ukrainian uprising, Russian gold held in safes in Moscow and elsewhere in the country was worth $140 billion. Predictably, Russia manufactured gold products years ago in anticipation of an invasion of Ukraine. Ostensibly this idea would insulate Russia from the impact of sanctions, which would reduce the value or validity of the ruble.

There is also the question of how Russia can sell gold if it wants to. Although some countries impose penalties on Russian gold, it is estimated that the country can sell gold to China, India and/or Kazakhstan.

China may not be number five on this list, but the country’s 1,948 tonnes of gold should not be taken lightly. It is one of the two East Asian countries in the list of countries with the largest gold reserves. However, when it comes to transparency in the presentation of economic statistics, it is difficult to justify China’s position at all in this list because the country lacks the best information.

Which Country Has The Most Gold Reserves

However, it is not unreasonable to assume that China got a lot of gold. One commentator even said that China actually has more gold than the United States — about 20,000 tons — an interesting possibility to consider, but difficult to prove.

Countries With The Largest Gold Reserves

Why did China choose to accumulate so much gold? One reason may be the country’s apparent desire to “dedollarize” or devalue the US dollar, the world’s most used reserve currency. China and Russia will need to increase their gold reserves within a few years to reduce the money supply.

There are also fears that China and Taiwan will attack the same way Russia attacked Ukraine. If so, China’s decade of gold hoarding may have had a unique and controversial purpose from the start.

Switzerland’s love of gold is no secret, with the Swiss National Bank’s 1,040-tonne hoard cementing its place as one of the country’s top ten hoards. Switzerland is believed to have the largest per capita gold reserves in the world.

Russia is a large-scale producer of bullion, while Switzerland is the world’s largest gold refining and exchange center. Switzerland received 3.1 tons of gold worth $200 million from Russia in May, customs data showed.

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According to the Federal Office of Security and Border Security, “the importation of gold from Russia to Switzerland is not prohibited by the Law on Control of Quantities in Ukraine.” On the other hand, “current sanctions against the government prohibit the export of gold to Russia.” Therefore, it is debatable whether Switzerland’s purchase of gold from Russia violates the terms and/or its spirit of the European sanctions against Russia.

Finally, let’s complete the list of the world’s largest gold hoard with the Bank of Japan holding 846 tons of gold. After Japan, India, the Netherlands, Turkey, Taiwan and Kazakhstan hold the most gold.

2022 is an interesting year for gold in Japan. Steel prices in Japan hit an all-time high in February, perhaps due to regional risks and concerns over the weakening of the Japanese yen.

Which Country Has The Most Gold Reserves

Then, in June, Japan joined the US, UK and Canada in banning Russian gold exports. According to British Prime Minister Boris Johnson, the alliance would “attack the Russian people directly and strike at the heart of (President Vladimir) Putin’s war machine.”

Which Country Has The Most Gold? Top 10 Countries With The Largest Gold Reserves?

Gold assets will be good. Gold is widely seen as a hedge against inflation and exchange rate fluctuations.

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