Who Holds The Largest Gold Reserves?

Even though gold is no longer used to back currencies like the dollar, it is still stockpiled by countries around the world. Since the price of gold has fluctuated dramatically, the holdings are expressed in metric tons (or tonne = 1000 kg) as documented by the World Gold Council in August 2011. One U.S. ton is approximately 0.9 tonnes. Here’s a look at who holds the largest gold reserves and the amount of holdings.

United States – 8,133.5
While the U.S. permanently abandoned the gold standard in 1971, it has the largest holdings of any country by a wide margin. While most of the gold is held at Fort Knox in Kentucky, gold is also held by the U.S. Mints in Philadelphia and Denver and several other locations.

Germany – 3,401.0
Germany’s central bank, the Deutsche Bundesbank in Frankfurt, is the manager of the country’s reserves. However, reports have surfaced that the bulk of Germany’s gold is in the physical custody of the New York Federal Reserve.

International Monetary Fund (IMF) – 2,846.7
The IMF overseas the economic activity of its 187 member countries around the globe.

Italy – 2,451.8
Italy’s reserves are held and managed by the Banca D’Italia. Italy is one of the PIIGS nations (along with Portugal, Ireland, Greece and Spain), all of which are suffering financial woes.

France – 2,435.4
The Banque de France is the central depository for France’s gold reserves.

China – 1,054.1
The world’s most populous country is the world’s largest producer of gold and can buy gold from its own mines without reporting those transactions publicly.

Switzerland – 1,040.1
Switzerland’s seventh place rank on this list is notable considering its economy is the 38th largest and its population is the 95th largest in the world.

Russia – 775.2
Russia’s gold reserves are in the custody of the Central Bank of the Russian Federation.

Japan – 765.2
Gold accounts for only 3.3% of Japan’s total foreign reserves which are managed by the Bank of Japan.

Netherlands – 615.5
The gold reserves and national finances are managed by the Netherland Bank.
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Anthony DiChi,
Your friend in Forex Currency Trading, FX Information and Forex News at TradeCurrencyNow