Top 10 Countries with Most Gold Reserves in the World

When you hear gold, the first thing that will come to mind will be a symbol of luxury and wealth. Gold is considered the most precious metal in the world and it has been used before the fiat currency was even introduced.

Until today gold is still relevant to a country's economy and it has many intrinsic values. Gold is widely used in jewelry, electronic compartments, medals, statues, and many more. Many countries across the globe will have their very own gold reserves despite not having their currency backed up by gold.

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These are the top 10 countries with the most gold reserves in the world.

10) Netherlands (612 tonnes)

It is a place where industrial exports of food are rather popular and considered the second largest in the world. They also have the best food processing manufacturers in the world. This country has sold most of its gold reserves and a small portion is kept in its country.

Most of the gold is kept in the Bank of England(18%), Ottawa(20%), New York, and Amsterdam(31%). 

9) India (760 tonnes)

This is the country with the second most dense population in the world and it is no surprise that it is also on the list. The Indian government did not fully keep the gold reserves in its country. 

Instead, they only keep 10% of it in the Bank of Mumbai, and the rest of it is kept safe in the Bank of England as well as at the International Settlement in Switzerland.

8) Japan (845.98 tonnes)

Japan's gold reserve is equivalent to 2% of the world's gold reserves. Traditionally, the Japanese love to buy gold but that tradition ended when a catastrophic earthquake took place in Fukushima destroying the nuclear plant.

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Ever since then, the Japanese have sold most of their gold reserves to restore their economy.

7) Switzerland (1040.01 tonnes)

This is where the most privately known bank in the world is situated and where most outsiders keep their money. Not just that, it is also where gold is commonly kept in its gold reserves. 

Switzerland keeps most of its gold in the country as much as 70% of it. The remaining 20% is kept in the Bank of England and another 10% in Ottawa. 

6) China (1948.32 tonnes)

Before this, China relies most on its mining activities as a source of income for its country. However, after China became the second-largest world economy, it depends mostly on Westerners for exporting purposes. 

This is a rough estimate of how much gold they have but little to no information is known regarding this country's gold reserves.

5) Russia (2302 tonnes)

This is considered the third-largest country in the world that produces gold. When Putin was in power, he added gold bit by bit into the country's gold reserves annually. 

President Putin was also not in favor of using the United States Dollar but due to how international trade works, he was forced to use it for each gold bought.

4) France (2436.34 tonnes)

This is one of the countries which kept its gold in its own country's gold reserves. This country used to stand in the top 3 until  Nicolas Sarkozy who was the ruler at the time sold 500 tonnes of France's gold reserves for investments.

The money was also used to pay off the country's debts.

3) Italy (2451.86 tonnes)

It still holds an untouched amount of gold for the past 20 years until now despite their country going through a lot of financial crisis. Even though Italy has an abundance of debts, it is still considered Europe's biggest economic power. 

The country plays a major role in the economic prosperity of the European Union. 

2) Germany (3359.14 tonnes)

It is considered the most developed country in the European Union. Germany kept most of its gold in The Deutsche Bundesbank as much as 70% and the rest of the gold is kept in the Bank of England as well as New York.

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Their gold was kept before by NATO during the cold war before being redeemed by Germany.

1) The United States of America (8133.53 tonnes)

The country with the highest amount of gold reserves is no other than America and it is not surprising since America has the most powerful economy in the world. Regardless of all the hype, there are still doubts about the true number of gold actually owned by America. 

The country is still popular for holding most of the other country's gold reserves.

Source: BullionByPost

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