top 10 countries with most gold reserves

Which Top 10 Country Has the Most Gold Reserves?

For centuries, Gold has been a safe-haven asset. It was used to back the fiat currency that central banks had issued. It was a way to maintain trust, prevent inflation and stabilize prices and foreign exchanges.

In 1931, Great Britain was the first to abandon the gold standard. It happened right after the great depression, which caused a lot of instability in the world economy. 

Even though the gold standard has been abandoned for a long while and now issuing the FIAT currency is not backed up by anything, central banks and governments worldwide continue to stockpile gold reserves to safeguard against uncertain economic uncertainties.
Let's look at the list of top 10 countries with the most substantial gold reserves to help strengthen their economic prosperity, with the latest data from Q1 2023.

Here's the latest list of the top 10 countries with the highest gold reserves in 2023

1. United States – A Sparkling Stockpile  8133.46 Tonnes

The United States of America is leading in the top 10 highest gold reserves by a landslide. USA has substantial gold reserves holdings of 8133.46 Tonnes reported in Q1, 2023. With such high gold reserves, the United States has a significant portion of the world's total gold stash. The USA has approximately $480 Billion worth of Gold Reserves.
The United States stores all its precious metals reserves in Fort Knox, Kentucky.
The gold reserves of the United States are nearly equal to the combined reserves of the next three largest reserves that follow.

2. Germany - Fortress of Gold    3354.89 Tonnes

The German Nation is the second largest in the world in the list of top 10 countries with the highest gold reserves in 2023. Germany has 3354.89 tonnes in gold reserve, approximately 40 percent of what the United States has. Germany has around 270k Gold bars, valued at nearly $193 Billion.

3. Italy - Heritage of Gold 2451.84 Tonnes

Italy's love and admiration for gold dates back centuries. It is visible to the naked eye in their art and culture. This small European nation within the Mediterranean Sea comes third in the list of top 10 countries with the highest gold reserves. Italy has approximately $150 Billion worth of Gold Reserve as per the latest data for Q1 2023.

4. France - A Treasure Trove 2436.81 Tonnes

France has almost the same amount of reserves of Gold as its neighbor Italy. Apart from almost similar gold reserves, France and Italy share a 488 Kilometre border (303 mi). France's gold reserves are almost as much worth as Italy's (150 Billion), and it is stored in the underground vault, a highly secure 1000*1000 meter hall that is 27 meters deep into the ground.

5. Russia - Gilded Fortification 2326.52 Tonnes

Russia's huge landmass has substantial gold reserves, which helps boost Russian Federation's economic influence. Russia's dedication to fortifying its gold holdings highlights its long-term monetary approach. Russia has 2326.52 Tonnes of Gold reserves, slightly less than France, Thus making the Russian Federation the fifth largest Country in the list of top 10 countries holding highest gold reserves Q1 2023.

Fact: Russia may come in the fifth position in the list of top 10 countries with the highest gold reserve, but Russia is the second highest producer of Gold production.

6. China - Gold on the Rise 2068.36 Tonnes

China comes sixth in this list of top countries with the highest gold reserves. China may be on this list in sixth position, but China has been raising gold reserves every month past November. China's gold reserve is at its all-time high at 2068.36 tonnes, and China continues to accumulate gold reserves. 

Fact: Even though China is in the sixth position in the list of countries with the highest Gold in reserve, China is the top gold-producing Country in the world. Russian Federation may have 12% more gold reserves than China; Russia still comes after China in the list of countries producing the highest amount of Gold.

7. Switzerland - Precious and Prudent 1040.00 tonnes

Switzerland comes in the seventh position among countries with the most gold reserves in the world. Switzerland has not added much Gold to its Country's reserve since 2014. Switzerland's gold reserve was at an all-time low in 2014 at 1039.99. In 2000, the Swiss maintained approximately the same amount of gold reserves for the past nine years. 

Fact: Switzerland's Gold Reserve was at its all-time high of 2590.18 tonnes of Gold.

8. Japan - Steadfast Investment 845.97 Tonnes

Like Switzerland, Japan has yet to add much Gold to its central bank reserves. Japan maintains the eighth position in the countries with the top gold reserves in their central bank. Japan's gold reserve saw an all-time low of 753.55 Tonnes in 2000.

Fact: Japan's Gold reserve is at its all-time high at 845.97 in 2023 Q1.

9. India - Golden Heritage 794.62 Tonnes

Gold has a very significant place in India's cultural heritage. It can be seen in the Country's substantial gold reserves. Beyond cultural significance, these reserves serve as an economic safety net for the nation and India's common people. Gold reserves in the  (RBI) Reserve Bank of India rose 4.5 percent in 2023. Indian Gold Reserve has an approximate value of $45 Billion.

Fact: Indian Gold reserve decreased from its previous high in April 2023, with an approx. Value of half a billion dollars worth.

10. Netherlands - A Golden Legacy 612.45 Tonnes

Closing this list on number tenth in the Netherlands. This Country may be small, but the Netherlands is an influential nation and strategically manages its Gold for its economic growth. The Dutch Country keeps 31 percent of the Country's total gold reserve in the Country's central bank and the same amount in New York (31%). 

Final Takeaway:

Gold is a natural hedge against inflation which carries no credit or risks, and it serves as a trusted source in a country, so these 10 countries, United States, Germany, Italy, France, Russia, China, Switzerland, Japan, India, and the Netherlands, keep highest gold reserves.

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Win Harrison 28 Jul, 2023


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