Which Country Has The Most Gold Reserves In The World – The United States owns the largest amount of gold in the world with $373 billion in reserves. Here’s the second one.
An earlier version of this article misstated the value of reserve gold for the US, Germany and the IMF. The dollar value is in billions. It was fixed.
Which Country Has The Most Gold Reserves In The World
According to an analysis of International Monetary Fund data published on HowMuch.net, the United States owns the most gold of any country.
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The IMF alone (though not a country, in the rankings) ranks third: 2,814 tons worth more than $129 billion.
Other countries could catch up to the U.S. Russia and China are sixth and seventh, but they have also been the most aggressive buyers in recent years, according to the IMF.
Those countries have been concerned about their reliance on the dollar as a reserve currency, as well as the holding of European currencies amid Britain’s possible exit from the European Union or Brexit, and uncertainty in other countries has led to tensions.
The price of gold has been rising in recent weeks, especially as investors worry about trade tensions between the US and China. USA: GCM19
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Experts say that slow economic growth worldwide and sluggish trading in stock markets also contributed to the rise in gold prices.
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The exchange said mid-morning it was investigating “reported issues with the opening auction” and that all its systems were operational. Of all the gold we humans have mined at this time, 190,000 metric tons or 6.1 billion troy crowns. Ounce is still with us.
Less than half of what has been mined so far is found in gold coins, bullion and other physical forms of investment grade. Learn more about the basics of investing in gold.
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If we talk about collective citizenship, it is often estimated that citizens of India own more than 25,000 metric tons or 800 million troy ounces of gold which is mostly distributed in the form of 22k and 24k gold jewellery.
A close second group of citizens with the most gold is probably China, which is currently not only the world’s most important physical buyer of gold, but also the world’s largest gold miner.
If we are trying to find out which nation or government union has the most gold, we need to look at government gold reserves to answer this question.
According to the International Monetary Fund (IMF) and the World Gold Council, the countries of the European Union combined have 10,779 metric tons, or about 346 million troy ounces, of gold in official reserves.
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Click here to calculate how big a gold reserve is and what just one metric ton of gold looks like and how much it costs.
The United States has the second-largest official gold reserves, with reserves of 8,134 metric tons, or about 261 million troy ounces of gold.
Find out how much and where the US reportedly keeps its gold reserves at various locations like Fort Knox, West Point Mint, etc.
The United States is often said to have the largest government reserves of gold bullion in the world, but when economic unions are considered, it is the sovereign entity that holds the largest gold bullion reserves.
Which Country Has The Most Gold
The next time someone claims that the US has the largest gold reserves, remember that the collective holdings of gold bullion not only in the European Union, but also in China, have increased in the 21st century to buy gold bullion and India’s gold. The loving citizens dwarf the castle. Knox
To learn more about buying and selling precious metals in the 21st century, be sure to check out our free guide to buying precious metals.
A bullion buyer years before the 2008 global financial crisis, James Anderson is a seasoned bullion researcher, content creator and physical bullion professional. He has authored several gold and silver guides and has been featured on the History Channel, Zero Hedge, Gold Eagle, SilverSack, Value Walk and many others. You can get Jam’s latest comprehensive 200+ page book from SD Billions here.
With commodity values now near 100-year lows against major U.S. stocks, James is convinced that investors and savers should buy now to prevent further unfunded commitments from deteriorating in the coming decades. A cautious physical position in precious metals should first be maintained… David Moadel All articles posted by David Moadel → David Moadel serves as Principal Analyst and Opportunities Researcher for Portfolio Wealth Global. Count on David for wealth building strategies and resources for investors and traders in all financial sectors. Follow up:
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“Have you heard of the golden rule? He who has the gold makes the rules.” It’s an old joke, sure, but the countries with the largest gold reserves actually follow their own rules at a time when few countries are still on the gold standard.
Governments and central banks hoard gold for many reasons. Perhaps they don’t fully trust the currency, or perhaps they are preparing for an economic downturn. After all, gold has a decent history of holding its value in times of high inflation.
Unlike currencies and bonds, gold does not carry counterparty risk (the possibility that the other party to a transaction will not meet its obligations). Gold can also help diversify national wealth.
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If the price of gold rises significantly in the coming months and years, the balance of economic power could shift dramatically. So there’s nothing really shocking about the countries hoarding gold, but the amount — and which nations top the list of gold hoarders — might surprise you.
Ironically, the nation that scrapped the gold standard in 1934 is now the nation with the largest gold reserves. According to the World Gold Council, the US Federal Reserve held 8,133 tons (sometimes known as metric tons) of gold as of July 28, 2022.
. Gold has been placed in various locations, including Fort Knox, Kentucky; West Point, New York; and Denver, Colorado
Central banks often hold national gold. However, in the US, the gold mint is held by the Treasury Department, not the Federal Reserve.
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Some commodities, including oil and natural gas, are in short supply in Europe, as the Russia-Ukraine crisis and subsequent sanctions have dramatically reduced inflows. Some E.U. Nations do not lack a supply of one particular commodity, and that is, of course, gold.
Germany ranks second among gold reserves with 3,355 tonnes, while Italy and France are about equal with 2,452 and 2,437 tonnes respectively.
However, even before the Russian-Ukrainian crisis and sanctions, the E.U. He was already anxious to increase his gold reserves. In 2021, after two decades of gold hoarding in the European Union, the European Central Bank declared that gold “is an important component of global financial reserves as it continues to provide asset diversification benefits”.
Today, there is no doubt that Germany’s Bundesbank, Italy’s Banca d’Italia and France’s Banque de France are steadfastly bullish on gold as a reliable store of wealth.
Countries With The Largest Gold Reserves
With 2,299 tonnes of gold, the Russian Federation ranks the country among the five largest gold holders in the world. This is an interesting case because Russia was reportedly increasing its gold reserves years before the invasion of Ukraine.
Russia’s gold, stored in vaults in Moscow and other parts of the country, was worth about $140 billion in the early stages of the Ukrainian invasion. One can speculate that Russia built up gold reserves years before an invasion of Ukraine was expected. Its purpose would clearly be to insulate Russia from the effects of sanctions that would reduce the value or utility of the ruble.
Then the question is how Russia can sell its gold if it wants to. It has been speculated that despite some countries imposing restrictions on Russian gold, the country may still sell its gold to China, India and/or Kazakhstan.
China may not make the top five on this list, but the country’s 1,948 tonnes of gold is nothing to sneeze at. It is one of only two East Asian countries in the list of countries that have the largest gold reserves. However, it is difficult to confirm China’s exact position on the list, as the country does not necessarily have a perfect record when it comes to transparency in the publication of economic statistics.
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Still, it’s not unreasonable to believe that China really has a lot of gold reserves. One observer even suggested that China has more gold than the US – estimated at around 20,000 tonnes – an interesting possibility to consider but difficult to prove.
Why would China choose to hoard so much gold? One reason may be the country’s apparent desire to “dollarize,” or reduce its reliance on the United States, the world’s most widely used reserve currency.
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