The holders of the largest gold reserves in the world are the United States. UU. With 8.133.5 tons), Germany (with 3.359.1 tons), Italy (with 2,451.8 tons), France (with. The United States has the largest gold reserve in the world by a substantial margin.
The government has almost as many reserves as the next three countries with the largest gold reserves combined (Germany, Italy and France). Russia completes the top five. The International Monetary Fund (IMF) is reported to have more gold reserves than Italy, but less than Germany. Gold has served as a medium of exchange, to varying degrees, for thousands of years.
For much of the 17th and 20th centuries, paper money issued by national governments was called gold and acted as a legal claim to physical gold. . For this reason, countries needed to maintain a gold reserve for both economic and political reasons. No contemporary government requires that all its money be backed by gold.
However, governments still house enormous quantities of ingots as a security measure against hyperinflation or another economic calamity. In fact, every year, governments increase their gold reserves, which are measured in metric tons, in hundreds of tons. For companies, gold represents a basic asset used in medicine, jewelry and electronics. For many investors, both institutional and retail, gold is a hedge against inflation or recession.
Continue to safeguard gold that belongs to other countries. The Federal Reserve Bank of New York is the depositary of gold owned by foreign governments, foreign central banks, and official international organizations. Inside a vault at the Federal Reserve Bank of New York. It is known to contain the largest amount of gold in the world.
Gold reserves by country. S%26P Global. The Central Bank of Russia tries to boost gold exports by paying below the market price. Board of Governors of the Federal Reserve System.
Does the Federal Reserve own or hold gold?. It's no wonder that the Bank of India has one of the largest gold reserves in the world. The South Asian country, home to 1.25 billion people, is the second largest consumer of precious metals and is one of the most reliable drivers of global demand. India's festival and wedding season, which runs from October to December, has historically been a great advantage for Love Trade, the gold.
The top 10 central banks with the largest gold reserves have remained largely unchanged over the past few years. The United States is in first place with more than 8,000 tons of gold in its vaults — almost as much as the next three countries combined — and represents 79% of total reserves. The only countries where gold represents a higher percentage of reserves are Portugal, with 80.1%, and Venezuela, with 82.4%. Not surprisingly, the Bank of India has one of the largest gold reserves in the world.
In seventh place is Switzerland, which actually has the largest per capita gold reserves in the world. During World War II, the neutral country became the center of the gold trade in Europe, making transactions with both the Allies and the Axis powers. Nowadays, much of its gold trade is done with Hong Kong and China. France's central bank has sold little of its gold in recent years.
The current reserves consist of 100 tons of gold coins and the rest of ingots weighing about 12.5 kilograms each. The vaults of the Bank of France in Paris are one of the four designated custodians of the International Monetary Fund (IMF). A gold reserve is gold held by a national central bank, primarily intended to guarantee the reimbursement of payment promises to depositors and banknote holders (p. e.g.
Paper money), or its trading pairs, during the era of the gold standard, and also as a store of value or to support the value of the national currency. For most of history, a nation's gold reserves were considered its main financial asset and an important war prize. The Belgian government transferred one-third of its gold reserves to the United Kingdom, another third to Canada and the United States, and most of the rest to southern France. After the outbreak of the war, the gold deposited in France was sent to Dakar, the capital of Senegal, which was then part of the French colonial empire.
This was against the wishes of the Belgian Government, since the Belgians had ordered the French to transfer it to the United States. After the Germans occupied Belgium and France in 1940, they demanded the Belgian gold reserve located in Senegal. In 1941, the French authorities in Vichy organized the transportation of 4,944 boxes containing 198 tons of gold to German Reichsbank officials, and the German Government used them to purchase products and ammunition from neutral countries. The Bank of France fully compensated the National Bank of Belgium for the loss of its gold after the war.
The IMF regularly maintains statistics on domestic assets, as reported by several countries. The World Gold Council uses this data to classify and report periodically the gold stocks of countries and official organizations. The gold listed for each of the countries in the table may not be physically stored in the country listed, since central banks have generally not allowed independent audits of their reserves. The leasing of gold by central banks could call into question the gold holds declared in the following table.
Despite the fact that there are no active gold mines in the United Kingdom, it has long been considered the center of the wholesale gold market and one of the main importers and exporters of this metal. The sanctions have expelled the Russian Federation from the global gold trade: London has banned all ingots in Russian refineries and the United States Senate prohibits citizens from making any transactions involving Russian gold. Unlike most countries, where gold reserves are owned by the state and managed by its central banks, Italy's gold is actually owned by the Banca d'Italia and is located in vaults in Rome and in the National Bank of Switzerland, the Federal Reserve Bank of New York and the Bank of England. Gold reserves are a useful tool for governments, which can purchase large quantities of gold to counter rising inflation.
The move was not surprising, as the World Gold Council anticipated that central banks would be net buyers of gold following the excellent performance of the precious metal during the COVID-19 pandemic. The Netherlands is ranked number 10 in the gold reserve ranking, with 612.45 tons of gold in its stocks. This means that a country that exports gold and has a surplus of gold reserves can often see an increase in the strength of its currency. Gold has been used as a currency since ancient times, which eventually led to the establishment of the gold standard.
Those looking for a safe place to store their gold tend to choose Singapore because the country has not been marred by any major corruption scandal, crime is low and so are taxes, and the costs of storing gold are incredibly competitive. Widely used in the 19th and 20th centuries, the gold standard was a monetary system in which countries ensured the value of their paper money and coins by keeping under lock and key equivalent values of real gold. A gold reserve is the gold held by a national central bank, mainly intended to guarantee the reimbursement of payment promises to depositors, to banknote holders (e.g. Offered to house and protect other countries' gold in exchange for dollars, it was reported that between 90 and 95% of the world's gold reserves are in U.S.