Top 10 Countries With the Most Gold: World's Global Gold Reserves

Author: Focus on the User | 6 min read
Countries With Most Gold

The United States ranks first globally, holding a substantial 8,133.5 tonnes of gold. This treasure trove is primarily safeguarded at iconic locations including Fort Knox, the Federal Reserve Bank of New York, and the United States Mint at West Point. Astonishingly, this massive reserve constitutes about 4.8% of all the gold ever mined on our planet. The peak of U.S. gold reserves was witnessed in 1952, reaching an astounding figure over 20,000 tonnes.

United States gold reserves

1. United States (8,133.5 tonnes)

With its staggering 8,133.5 tonnes of gold, the United States secures the top spot. The historic Fort Knox, the Federal Reserve Bank of New York, and the West Point Mint are the custodians of this immense wealth. This gold reserve is a testament to the country's economic might, representing nearly 5% of all gold ever extracted.

Germany gold reserves

2. Germany (3,362 tonnes)

Germany boasts the second-largest gold reserve globally, holding 3,362 tonnes. In the wake of World War II, amidst the tensions of the Cold War, Germany opted to store its gold abroad. Since 2013, however, there has been a significant shift, with 674 tonnes of gold repatriated back to the country from the Banque de France and the Federal Reserve Bank.

Italy gold reserves

3. Italy (2,451.8 tonnes)

Italy's substantial gold reserve, amounting to 2,451.8 tonnes, is primarily housed within the Bank of Italy. These reserves play a pivotal role in reinforcing Italy's financial stability, particularly in the context of its position within the Eurozone.

France gold reserves

4. France (2,436.2 tonnes)

France, holding 2,436.2 tonnes of gold reserves, has a rich history of managing its gold assets. Notably, between 2004 and 2009, France made a strategic decision to sell 572 tonnes of gold, aimed at diversifying its foreign exchange reserves.

Russia gold reserves

5. Russia (2,301.6 tonnes)

Russia's gold reserve stands at 2,301.6 tonnes. Over the past decade, the Central Bank of Russia has been actively increasing its gold holdings, adding over 1,000 tonnes to its reserves, underscoring its strategic approach towards gold as an asset.

China gold reserves

6. China (1,948.3 tonnes)

China officially reports gold reserves of 1,948.3 tonnes. However, there are strong indications that the actual figures might be considerably higher, given the state's tendency towards opacity in such matters. This reserve is crucial for bolstering the yuan's role in international trade.

There's a growing belief that China might be significantly underreporting its gold reserves. As per the World Gold Council, China's central bank has been consistently bolstering its gold reserves, recently adding about 23 metric tons, taking the total to 2,215 tons. However, Dominic Frisby, an expert in the field, suggests that China's actual gold holdings could be much larger, potentially exceeding 33,000 tons. This estimate includes 7,000 tons produced domestically and a staggering 22,000 tons withdrawn from the Shanghai Gold Exchange in this century alone.

If these numbers are accurate, China could very well eclipse the United States Federal Reserve, becoming the largest holder of gold globally. Such a revelation, if proven true, would have profound geopolitical implications, especially considering gold's strategic importance.

7. Switzerland (1,040 tonnes)

Switzerland, with its 1,040 tonnes of gold reserves, plays a significant role in the global gold market. Notably, about two-thirds of the world's gold is processed in Switzerland, underscoring the country's pivotal position in the industry.

8. Japan (845.9 tonnes)

Japan's gold reserve totals 845.9 tonnes. The Bank of Japan holds these reserves as a part of its foreign exchange reserves portfolio, emphasizing its importance for national economic security.

9. India (754.1 tonnes)

India, with its gold reserves of 754.1 tonnes, reflects not only a strategic financial asset but also the country's deep cultural affinity towards gold. The Reserve Bank of India is the custodian of these reserves and plays a key role in their management.

10. Netherlands (612.5 tonnes)

The Netherlands possesses 612.5 tonnes of gold reserves. Since 2014, the Dutch Central Bank has embarked on a mission to repatriate its gold reserves from foreign storage locations back to Amsterdam.

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Which Company Produces the Most Gold?

Leading the global gold production, Newmont stands out with an impressive annual output of 2,513 thousand ounces (koz). This substantial figure highlights Newmont's significant presence in the gold mining sector.

Newmont (2,513 koz)

Newmont, a powerhouse in gold production, boasts an annual output of 2,513 koz. Its operations span across various continents, including North America, South America, Australia, and Africa. The Boddington mine in Australia stands as one of Newmont's largest and most productive mines.

Barrick

Barrick (1,961 koz)

Barrick Gold Corporation follows closely with an annual production of 1,961 koz. Its crown jewel, the Nevada Gold Mines, is a collaborative venture with Newmont and ranks as the single largest gold-producing complex worldwide.

Agnico Eagle (1,686 koz)

Agnico Eagle Mines Limited, another major player, produces 1,686 koz of gold annually. Its flagship operation, the LaRonde mine located in Quebec, Canada, is renowned for hosting one of the world's largest gold deposits.

Polyus (1,448 koz)

Polyus, Russia's leading gold producer, contributes 1,448 koz to the annual global gold output. The Olimpiada mine, Polyus' most significant asset, is recognized among the top ten gold-producing mines globally.

Navoi (1,425 koz)

Uzbekistan's Navoi Mining & Metallurgy Combinat, with an annual production of 1,425 koz, is noteworthy. The Muruntau mine, managed by Navoi, is distinguished as the world's largest open-pit gold mine in terms of area.

Role of Central Banks in Gold Reserves

Central banks around the world hold gold reserves as a strategic hedge against inflation and currency fluctuations. For example, the U.S. Federal Reserve has over $11 billion worth of gold certificates in its possession. Gold reserves are often leveraged during economic downturns, such as the Bank of England's decision to sell 400 tonnes of gold between 1999 and 2002 to stabilize the British pound. Post-2008 financial crisis, the trend among central banks has been towards net purchasing, cumulatively adding over 4,500 tonnes to global central bank gold reserves.

Global Gold Bullion Mints

The United States Mint is a prominent name in the realm of global gold bullion mints. There are also many others around the world producing high quality gold and silver bullion products.

United States Mint

The U.S. Mint is renowned for producing the American Eagle and American Buffalo gold bullion coins. The American Eagle Gold Bullion Coins, introduced in 1986, are available in four sizes: 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz, and are made of 22-karat gold. The American Buffalo Gold Coin, made of 24-karat gold, is offered exclusively in a 1 oz size.

Royal Canadian Mint

The Royal Canadian Mint is celebrated for its Gold Maple Leaf coins, first issued in 1979. These coins stand out for their exceptional 99.99% purity and are available in various sizes from 1/20 oz to 1 oz. The mint also crafts commemorative gold coins and gold bars.

Austrian Mint

The Austrian Mint produces the Gold Philharmonic coin, Europe's most successful gold bullion coin since its inception in 1989. These coins are available in sizes ranging from 1/10 oz to 1 oz and boast a purity of 99.99%.

Royal British Mint

The Royal British Mint offers the Gold Britannia, introduced in 1987, with a fineness of 999.9 parts per thousand. This coin is available in several denominations, including 1 oz, 1/2 oz, 1/4 oz, and 1/10 oz.

Perth Mint

Australia's Perth Mint produces the Gold Kangaroo/Nugget coins, first released in 1986. Known for their annually changing designs, these coins are available in sizes ranging from 1/20 oz to 1 kg, maintaining a purity of 99.99%.

Gold bars stored in secure vaults across the world

3 Best Ways to Invest in Gold

When it comes to investing in gold, there are three prime options: purchasing directly from mints, including precious metals in an Individual Retirement Account (IRA), or buying from verified precious metals dealers.

Purchase Direct From Mints

Buying gold directly from mints, such as the U.S. Mint or the Royal Canadian Mint, ensures authenticity. These mints offer a variety of options in gold coins and bars, featuring different sizes and designs. For instance, the U.S. Mint's American Eagle Gold Coin provides investors with flexibility in investment amounts, thanks to its availability in four denominations.

Add Precious Metals to IRA

Investors have the option to add gold to their Individual Retirement Account (IRA), provided that the gold meets the Internal Revenue Service's fineness standards of 0.995 or higher. Companies specializing in gold IRAs, like Goldco and Noble Gold, offer specialized services to facilitate the incorporation of gold into retirement portfolios.

Buy From Verified Precious Metals Dealer

Purchasing gold from certified dealers is another reliable method. Dealers such as APMEX and JM Bullion provide a vast range of gold products, including coins, bars, and collectibles. These dealers ensure transparency in their pricing and adhere strictly to purity standards, offering an added layer of security for buyers.

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