In recent years, there has been a growing trend of countries buying and stockpiling gold. While there are many reasons for this, one of the most common is to hedge against economic uncertainty. In this blog post, we will take a look at the top 10 countries with the largest gold reserves as of 2022. From the United States to China, these countries have made it a priority to stockpile this precious metal. Keep reading to learn more about why gold is so important to these nations and what their future plans are for their reserves.
10. Turkey
Turkey’s Gold Reserve in 2022 – 681.07 Metric Tonnes
As the world’s largest gold producer, Turkey has the potential to become one of the top countries with the largest gold reserves. In 2017, Turkey produced 300 metric tonnes of gold, worth around $12 billion. This made Turkey the sixth-largest gold producer in the world.
Turkey also has the world’s largest gold deposits in terms of reserves. In 2018, it was estimated that Turkey had 2,600 metric tonnes of gold in its reserves. This is equivalent to approximately 8% of all the gold ever mined.
The Turkish government has been working hard to increase its gold holdings. In September 2019, they announced that they had increased their gold reserves by 25%, bringing their total holdings to 3,200 metric tonnes.
Turkey’s central bank has been buying large quantities of gold since 2011. In 2012, they bought 36 metric tonnes of gold. By 2013, this figure had risen to 196 metric tonnes. And in the first half of 2019 alone, they bought another 100 metric tonnes of gold.
At this rate, Turkey is on track to become one of the world’s leading holders of gold by 2022.
9. India
India’s Gold Reserve in 2022 – 757.96 Metric Tonnes
India is the second largest holder of gold in the world with 618.2 tonnes as of Q4 2019, according to the World Gold Council. India’s central bank, the Reserve Bank of India (RBI), has been a major buyer of gold in recent years, increasing its holdings by 56.1% between Q4 2014 and Q4 2019. The RBI’s 2018-19 Annual Report showed that the value of its gold holdings increased from Rs 556 billion (US$8.0 billion) to Rs 1164 billion (US$16.6 billion) over this period.
The Indian government also has a significant amount of gold reserves, which are held by the country’s sovereign wealth fund, the Reserve Bank of India (RBI). As of March 2019, the RBI’s holdings were worth Rs 2 trillion (US$28 billion).
India is expected to continue to increase its gold holdings in the coming years. According to a report by Goldman Sachs, India is likely to overtake China as the world’s largest holder of gold by 2022, with a projected holding of 2,000 tonnes. This would represent a significant increase from India’s current level of 618 tonnes.
The growing demand for gold in India is driven by a number of factors, including population growth, rising incomes, and increased investment demand. Gold is seen as a safe haven asset and an inflation hedge, which makes it an attractive investment during times of economic uncertainty.
8. Japan
Japan’s Gold Reserve in 2022 – 845.98 Metric Tonnes
As of 2019, Japan holds the fourth largest gold reserves in the world at 765.2 tonnes. This is equivalent to 3.2% of their total foreign reserves. The Bank of Japan is the central bank and custodian of these reserves. In 2018, they increased their holdings by 13.1 tonnes.
Japan’s economy is the third largest in the world and its citizens are among the wealthiest. The country has a history of saving and investing for the future. Gold is seen as a safe haven asset and a store of value. Japanese investors tend to buy gold when there is uncertainty in financial markets or when stock prices are falling.
The Bank of Japan has been gradually increasing its gold holdings since 2011 when it first started buying gold bars and coins from domestic banks. In 2012, they bought 200 tonnes from the International Monetary Fund (IMF). They have continued to purchase small amounts each year since then.
In 2016, the Bank of Japan announced that it would start investing in gold-backed exchange-traded funds (ETFs). This was seen as a way to increase their holdings without having to buy and store physical gold bars and coins. As of March 2019, they held 12.8% of all outstanding shares of SPDR Gold Shares (GLD), one of the largest gold ETFs in the world.
7. Switzerland
Switzerland’s Gold Reserve in 2022 – 1040.01 Metric Tonnes
In 2022, Switzerland is expected to have the world’s largest gold reserves. This is due to the country’s large gold mining industry and its central location in Europe. Switzerland is also home to some of the world’s largest gold refineries.
Switzerland has a long history of gold mining and refining. Gold was first mined in the country in the early Middle Ages, and Swiss goldsmiths have been renowned for their craftsmanship since the Renaissance. Today, Switzerland is one of the world’s leading gold producers, with several large mines in operation.
In addition to its own gold reserves, Switzerland is also home to the largest gold refinery in Europe. The Swiss refinery, operated by Valcambi, processes over 2,000 tonnes of gold per year. Valcambi is one of the world’s leading bullion refiners and has a strong presence in Asia and India.
With its large reserves of gold and sophisticated refining infrastructure, Switzerland is poised to remain a major player in the global gold market for years to come.
6. China
China’s Gold Reserve in 2022 -1948.32 Metric Tonnes
China is the largest holder of gold in the world, with a reported gold reserve of over 1,948 metric tonnes in 2020. China has been steadily increasing its gold holdings in recent years and is on track to become the largest gold-producing country in the world by 2022.
As China’s economy continues to grow, so does its demand for gold. Gold is seen as a safe investment in times of economic uncertainty, and China’s central bank has been buying up large amounts of gold to help protect the country’s economy from turbulence. In addition to being the largest holder of gold, China is also the world’s largest producer of gold. The country is home to some of the most productive gold mines in the world, and Chinese miners produce over 400 tonnes of gold each year.
With its large reserves and growing production, China is poised to become the dominant force in global gold markets in the years to come.
5. Russia
Russia’s Gold Reserve in 2022 – 2298.55 Metric Tonnes
As of March 2022, Russia had the fifth-largest gold reserves in the world at 2,298 metric tonnes. As of December 2019, it had 2,262 metric tonnes of gold reserves, which is equivalent to about 11% of its total foreign reserves. In 2018, Russia was the world’s largest gold producer with 270 metric tonnes.
Russia has been actively adding to its gold reserves in recent years and is on track to become the largest holder of gold by 2022. The country’s central bank has been buying up gold as a way to diversify its holdings and protect against economic uncertainty. In 2019, the bank bought a record amount of gold, increasing its holdings by 18%.
Adding to its reserves at such a rapid pace will help Russia achieve its goal of becoming the largest holder of gold in just a few years.
4. France
France’s Gold Reserve in 2022 – 2436.49 Metric Tonnes
As of 2022, France holds the fourth largest amount of gold reserves with 2,436.4 tonnes. This is equivalent to $103.6 billion USD. The majority of France’s gold is stored in the vaults of the Banque de France in Paris.
Gold has been used as a form of currency, jewelry, and other decorative items for centuries. In more recent years, it has also been used as an investment vehicle and store of value. Gold is abundant enough that coins can be created, but also rare enough that it can only be produced selectively. The first gold coin was minted by King Croesus of Lydia in Asia Minor around 560 BC.
France became an early adopter of gold as a monetary standard during the Ancien Regime under King Louis XIV. In 1717, Louis established the French franc as the nation’s standard unit of currency, and each franc was worth one livre tournois (a French weight unit) or 24 grams of silver. The use of gold coins continued until 1800 when Napoleon issued an edict banning their circulation.
After the Napoleonic Wars ended in 1815, the Bank Restoration Act was passed, which re-established the Banque de France and gave it a monopoly on issuing banknotes. At this time, France also switched to using a gold standard system in which paper money could be redeemed for an equivalent amount of gold coinage.
3. Italy
Italy’s Gold Reserve in 2022 – 2451.86 Metric Tonnes
In 2022, Italy was the world’s ninth-largest gold holder with 2,451.8 tonnes (80.2 million ounces) of gold in its central bank reserves. This is equivalent to about 2.4% of Italy’s total foreign reserves.
With a population of over 60 million people, Italy is the fifth most populous country in Europe and the 23rd most populous country in the world. The Italian economy is the 8th largest in the world and is forecast to grow by 1.5% in 2018.
Italy is also one of the largest consumers of gold, with demand for the precious metal remaining high despite economic uncertainty in recent years. Gold is seen as a safe haven investment by many Italians and is often used to store wealth or as a hedge against inflation.
2. Germany
Germany’s Gold Reserve in 2022 – 3358.52
Germany is the largest gold-producing country in Europe and ranks fourth in the world with an annual production of approximately 3,400 metric tonnes. The country has a long history of gold mining and has some of the richest gold deposits in the world.
In addition to its annual gold production, Germany also has the largest gold reserves in Europe, totaling over 12,000 metric tonnes. The majority of these reserves are held by the Bundesbank, Germany’s central bank. As of 2019, the Bundesbank held approximately 66% of Germany’s total gold reserves.
The German government does not disclose how much gold it holds in reserve, but it is believed to be a significant amount. In 2022, a report from Bloomberg claimed that the German government was holding 3,369 metric tonnes of gold in reserve, worth roughly $156 billion at that time.
While Germany’s Gold Reserve is not as large as those held by some other countries, such as the United States or China, it is still a significant amount of wealth. If the current trend continues, Germany is on track to become the holder of the largest amount of gold in 2022.
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1. United States
USA’s Gold Reserve in 2022 – 8133.54 Tonnes
As of 2022, the United States is expected to have the largest gold reserves in the world. The country is projected to hold 8,133 tonnes of gold or about 261 million ounces. This is more than twice the amount of gold held by China.
The United States has been increasing its gold holdings in recent years. In 2020, the country added nearly 300 tonnes of gold to its reserves. This was the largest annual increase since 1950. Much of this new gold came from central banks around the world that were looking to diversify their holdings away from US dollars.
The US is also expected to continue increasing its gold reserves in the coming years. The country has a number of large gold Depository Centers where it stores its Gold bullion bars and coins. In addition, the US Mint produces a variety of Gold coins for collectors and investors.
