1. United States:
Leading the chart for the largest central bank gold reserves is the United States, with an estimated 8,133.5 tonnes of gold. This makes up a staggering 77.5% of its foreign reserves. The majority of the gold is reportedly housed within the legendary Fort Knox in Kentucky with additional reserves held at Federal Reserve Banks. This unwavering gold accumulation strategy demonstrates the US government’s trust in the stability and long-term value of gold.
2. Germany:
Germany holds the second-largest gold reserves with approximately 3,366.8 tonnes, comprising nearly 72.4% of its total foreign reserves. The country started repatriating its gold back in 2013 from international vaults in London, Paris, and New York. By 2017, the Bundesbank had successfully brought back 674 tonnes, helping to solidify its ranking.
3. International Monetary Fund (IMF):
Although it’s not a country, the IMF’s gold holdings warrant mention at third place thanks to its portfolio of approximately 2,814 tonnes. The IMF’s function as an international organization requires strong liquidity which it assures with its significant gold reserve.
4. Italy:
Italy comes in fourth place with a robust gold reserve of about 2,451.8 tonnes, which equals 65.9% of its total foreign reserves. Italy has maintained a consistent gold holding level for many years, making it one of the largest gold holders in the world.
5. France:
France is close on Italy’s heels, holding 2,436.4 tonnes of gold reserves, comprising a large 60.6% of its total foreign reserves. As part of its strategy, France began repatriating its gold in 2015, proving the continued importance of gold as a strategic asset.
6. Russia:
Over the past decade, Russia has steadily increased its gold reserves, making it the sixth-largest holder globally with 2,296.5 tonnes. Gold now makes up 23.3% of its total foreign reserve assets. As part of its de-dollarization strategy, Russia continued to purchase large amounts of gold while simultaneously offloading U.S. Treasury Bonds.
7. China:
Despite being the world’s largest gold producer, China ranks seventh in term of central bank’s gold holdings, housing approximately 1,948.3 tonnes. This accounts for only about 3.4% of their total reserves. However, the People’s Bank of China has been slowly but surely adding to its gold holdings over the last decade.
8. Switzerland:
The Swiss National Bank holds around 1,040.0 tonnes of gold, which equates to 6.6% of its total reserves. Notably, in the late 1990s and early 2000s, the Swiss National Bank sold a significant portion of its gold reserves, but since then has maintained a stable level.
9. Japan:
The Bank of Japan holds approximately 765.2 tonnes of gold. These reserves make up about 2.5% of its total foreign reserves. Over time, Japan has maintained a steady position in terms of gold holdings, with no significant changes being reported.
10. India:
Rounding out the top ten is India, with gold reserves of 705.6 tonnes housed in the Reserve Bank of India. This makes up about 7.1% of its total foreign reserves. Known for its cultural affinity for gold, India not only has substantial central bank reserves but also significant private gold holdings among its population.
These top ten central banks provide a clear demonstration of the importance of gold reserves for maintaining economic stability. Each has its unique approach to managing and accumulating gold reserves, reflecting varying degrees of reliance on gold to safeguard against economic uncertainties.
