Which Country Has The Largest Gold Reserves

Which Country Has The Largest Gold Reserves – Can you imagine that the richest country in the world – the United States – is the largest metal producer in the world?

Maybe other European countries will appear? In terms of per capita wages, most European countries are close to the United States.

Which Country Has The Largest Gold Reserves

Which Country Has The Largest Gold Reserves

Perhaps China, a country that could soon become the world’s largest economy? Let us guess – you will find the answers below.

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Perhaps unsurprisingly, the United States is the country with the highest central bank gold reserves at 8,133 tons. In second place behind the USA is the Deutsche Bundesbank with 3,370 tons. On the third point, interest, it’s not the country. This is the International Monetary Fund (IMF), which has 2814 tons of gold. Fourth is Italy with 2452 tons, France with 2436 tons, Russia with 1944 tons, China with 1843 tons, Switzerland with 1040 tons, Japan with 765 tons and the Netherlands with 612 tons. Tons These institutions are in the top ten.

The bottom ten gold reserves include India 562 tons, the European Central Bank (ECB) 505 tons, Taiwan 424 tons, Portugal 383 tons, Saudi Arabia 323 tons, Kazakhstan 322 tons and the UK. 310 tons, Lebanon – 287 tons, Spain – 282 tons, Austria – 280 tons.

Perhaps the most surprising finding is that the UK does not make the top ten. The Bank of England is different from other central banks.

Another type of information is below. Each box represents the center’s gold holdings compared to other organizations.

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It is amazing that the six largest central banks (seven of which are the IMF) account for almost three quarters of all gold in existence.

Countries definitely have their own opinions on the usefulness of gold and this is clearly illustrated in the chart below.

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Which Country Has The Largest Gold Reserves

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Have you ever heard of the Great Law? Whoever has the gold is the one giving the orders. This is of course old, but countries with large gold reserves actually follow their own laws, while very few countries still follow the gold standard.

Governments and central banks hold gold for many reasons. Maybe they don’t trust the money at all, or maybe they’re anticipating a recession. Finally, gold has a good track record of holding its value in times of inflation.

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Unlike cash and bonds, gold does not involve corporate risk (the chance that one party to the transaction will fail to meet its obligations). Gold can also help transform a country’s wealth.

If the price of gold rises significantly in the coming months and years, the balance of economic forces can change quickly. So it’s not surprising which countries own gold, but the amount and countries that own gold may surprise you.

Ironically, the country that went off the gold standard in 1934 now ranks first in world gold reserves. According to the World Gold Council, as of July 28, 2022, the Federal Reserve held 8,133 tons (sometimes referred to as tons of gold).

Which Country Has The Largest Gold Reserves

. This gold rush takes place in a variety of locations including Fort Knox, Kentucky; West Point, New York; and Denver, Colorado

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Central banks often hold a country’s gold. But in the US, gold is held in a treasury at the Mint, not in the Federal Reserve.

In Europe, raw material resources, including oil and natural gas, are running out, as the Russia-Ukraine crisis and the consequences of its sanctions have significantly reduced imports. Some of the E.U. The nations are not short of a single commodity supply, and of course gold.

Germany is second with 3,355 tons of gold, while Italy and France are roughly level with 2,452 and 2,437 tons respectively.

Even before the Russia-Ukraine crisis and the sanctions, the EU was trying to increase its gold. In 2021, after two decades of gold ownership in the EU, the European Central Bank declared gold to be “the most important asset in the world as it continues to offer asset diversification benefits.”

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Today there is no doubt that Germany’s Bundesbank, Italy’s Banca d’Italia and France’s Banque de France are firmly established as reliable stores of wealth.

2299 tons of gold in the Russian Federation make this country one of the five largest gold reserves in the world. This is an interesting situation since Russia had accumulated its gold reserves years before invading Ukraine.

Russian gold stored in warehouses in Moscow and other parts of the country was worth around $140 billion at the time of the first attack on Ukraine. It can be assumed that Russia stockpiled gold years ago in anticipation of an attack on Ukraine. The idea, of course, is to protect Russia from the effects of sanctions that would reduce the value or use of the ruble.

Which Country Has The Largest Gold Reserves

Then the question arises: If Russia wants to sell its gold, how? It is believed that the country may sell its gold to China, India and/or Kazakhstan, even as other countries impose sanctions on Russian gold.

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China might not be in the top 5 on this list, but the country’s 1,948 tons of gold is nothing to sneeze at. It is one of the two East Asian countries in the list of countries with large gold reserves. However, it is difficult to prove China’s place on this list as the country does not have a perfect track record when it comes to transparency in the release of economic statistics.

However, it is not unreasonable to assume that China does indeed have large gold reserves. One analyst has even gone so far as to suggest that China actually owns more gold than the US – estimated at around 20,000 tons – an interesting argument to consider but difficult to prove.

Why did China choose so much gold? Another reason could be the country’s apparent desire to “de-dollarize,” or reduce, its reliance on the world’s most popular currency, the US dollar. Both China and Russia could increase their gold reserves in a few years to keep the dollar low.

And just as Russia has attacked Ukraine, there is concern that China might follow suit and attack Taiwan. If so, then China’s gold reserves may have served a specific purpose and sparked controversy over the years.

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Switzerland’s love of gold is no secret, and the 1,040-ton hoard of the Swiss National Bank cements the country’s position as the number one owner of gold. Switzerland is believed to have the largest gold reserves in the world.

Russia is the largest gold producer while Switzerland is the world’s gold processing and transportation center. Customs data shows Switzerland received 3.1 tons of gold worth around $200 million from Russia in May.

According to US Customs and Border Protection, “Gold imports to Russia from Russia to Switzerland are not restricted by the Regulation on Conditions Related to the Status of Ukraine.” On the other hand, “the export of gold to Russia is prohibited under the current sanctions regime .” As such, there is debate as to whether buying Swiss gold in Russia violates the terms and/or spirit of European sanctions against Russia.

Which Country Has The Largest Gold Reserves

Finally, we can conclude our list of the best gold collectors in the world with the Bank of Japan, which has 846 tons of gold. After Japan, the next gold holders are India, Holland, Turkey, Taiwan and Kazakhstan.

The Top 10 Countries With The Largest Gold Reserves [credits: Finkrypt]

2022 was an interesting year for gold in Japan. Steel prices in Japan rose to record highs in February, likely due to geopolitical risks and concerns over a weak Japanese yen.

Then, in June, Japan, along with the US, UK and Canada, banned Russian gold exports. According to British Prime Minister Boris Johnson, this joint action will “hit the oligarchs of Russia squarely and hit the heart of Putin’s war machine”.

Holding gold can be profitable. Gold is widely regarded as a hedge against inflation and volatility

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