By Balogun Kamilu Lekan
5. Russia – 2,295.4 Tonnes
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For the past seven years, one of the biggest buyers of gold has been the Russian Central Bank, which surpassed China in 2018 to hold the fifth-largest reserves. Russia purchased 224 tonnes of bullion in 2017 to diversify its reserves away from the US currency as relations with the West have gone sour. Russia sold a significant portion of its U.S. Treasury securities to raise funds for these purchases.
4. France – 2,436.0 Tonnes
Over the previous few years, the central bank of France has barely sold any of its gold reserves. 100 tonnes of gold coins make up the current reserves, and the remaining amount is held in bars weighing about 12.5 kilos each.
One of the four designated depositories of the International Monetary Fund is the Paris-based vaults of the Banque de France (IMF).
3. Italy – 2,451.8 Tonnes
Italy has kept its reserves at the same level over time. When asked in 2013 what function gold serves in a central bank’s holdings, Mario Draghi, the former governor of the Bank of Italy and the European Central Bank, replied that the metal is “a reserve of safety” and that it “gives you a fairly strong protection against fluctuations against the dollar.”
Detail of a gold lion in St. Mark’s Basilica in Venice, Italy
2. Germany – 3,362.4 Tonnes
A four-year process to repatriate 674 tonnes of gold from the Banque de France and the Federal Reserve Bank of New York to German vaults was completed in 2017.
The relocation was initially announced in 2013 with a 2020 completion date. In this European nation, gold investment has continuously increased since the global financial crisis, even though gold demand declined in 2017 after reaching an all-time high in 2016.
1. United States – Tonnes 8,133.5
The United States claims to own more gold than the following three nations put together because of having the greatest official holdings in the world.
It also has the third-highest percentage of its foreign reserves allocated to gold. Most of the gold in the United States is kept at Fort Knox in Kentucky, with the remaining amounts being kept at the Philadelphia Mint, Denver Mint, San Francisco Assay Office, and West Point Bullion Depository.
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