These Are The Countries With The Biggest Gold Reserves In The World

Gold reached $2,069.25 an ounce on March 8, very close to the all-time high it reached in early August 2020. 

According to data from Bloomberg, the precious metal was up more than 3% from the last closure and was trading at $2,069 —very close to the $2,075 it reached on August 6 that year —it later decreased and hit around $2,060.

In the meantime, the war in Ukraine is sinking the world's big stock markets and investors are fleeing towards assets such as the dollar, gold, or bonds. 

Amid the conflict, which country has the largest gold reserves? 

Most of the world's reserves of the metal belong to the central banks. Although the reasons for keeping gold are various, governments use these reserves to cover the risks of inflation and for investment diversification —as well as for emergency funds. 

Venezuela, which has 31 tons of gold sequestered in the Bank of England, is the country with the largest reserves in Latin America —161 tons. Likewise, in 2018, it was indicated that the country could have the world's largest reserve —located in the Orinoco Mining Arc— with more than 8,000 tons, something that has not yet been fully certified.

The U.S. – 8,133 Metric Tons

The U.S is the country with the largest gold reserves, some 8,133 metric tons, according to the latest report from the Treasury Department, with a value exceeding $500 billion. The marks a record lowest, with the highest being 8,149 in 2002, 55% of its total reserves back then. 

Germany – 3,359 Metric Tons

The second-largest gold reserve is in Germany, which has some 3,359 metric tons in its possession. Since January 2019, gold reserves in Europe’s biggest economy have been steadily declining from 3.369. Likewise, the International Monetary Fund (IMF) has 2,814.1 metric tons of gold, an amount only surpassed by the reserves of the U.S and Germany. 

Italy – 2,452 Metric Tons 

The country finished the fourth quarter of 2021 with a very slight variation from the previous quarter. For several months in 2019, there was a big debate about the central bank selling the asset, with Claudio Borghi, chairman of the lower house budget committee and the League’s economics spokesman, settling matters: “We do not want to sell a gram.”

France – 2,436.5 Metric Tons

According to Ceic Data, the value of French gold reserves stood at $140.9 billion in January, a drop from $142.6 billion since December last year. In July 2020, reserves reached a peak in value of $154.5 billion when the gold price shot up that month. 

Russia – 2,299 Metric Tons

As the country is the target of severe economic sanctions, the U.S. is aiming to lock down Russian gold reserves. By January, Russia had $497,9 billion in foreign currency and $132.2 billion in gold reserves that have been increasing since 2015, according to data from the Central Bank of Russia. In the same month, the country reported a record in gold and currency reserves which grew 1.2% from December and hit $638.2 billion.

China – 1,948 Metric Tons

The value of China’s almost 2,000 metric tons stood at $119.6 billion in February, a significant increase from January’s $112.4 billion. Value as of February is higher than the peak of $119.2 billion in May 2021. China was the world’s largest gold producer in 2021 with 370 tons. 

Switzerland – 1,040 Metric Tons

Switzerland’s 1,040 metric tons stood at $60 billion in January and reached an absolute record in May 2021 when it reached $65.8 billion. The amount has remained steady since January 2019 according to Trading Economics —reserves are owned by the State but held by the Swiss National Bank —Schweizerische Nationalbank SNBN.