Gold has an attraction that no one can resist and throughout our history battles have been fought over it. Our liking for gold is never ending. Want to know who has the largest gold deposits. Read on to know more.
Gold has been the center of attraction for men for many a generations. With Gold near the record highs of $1000, let us take a look at who has the most of this precious metal. Here is a list of the top ten countries banking the most bullion! (Data is based on the World Gold Council’s Monthly report and is converted to US short tons at a rate of 1 T = 1.102311 US tons. All monetary estimates are calculated at the rate of 1oz gold = $1000 US)
- China - 661.4 Tons, $21.16 Billion. The world’s most populous country also has the world’s tenth largest gold reserve. Expect it to be higher? Well, consider that China’s gold only accounts for 0.9 percent of the country’s foreign reserves. With a population of 1.3 billion, the country holds about $16 worth of gold per person, worth a total of $21.16 billion.
- European Central Bank, 666.5 Tons, $21.32 Billion. Established in 1998 by the European Union, the European Central Bank is responsible for the monetary policy of the member nations of the Euro zone and is headquartered in Frankfurt, Germany. The 666.5 tons of gold accounts for 23.7 percent of the ECB’s foreign reserves and would be worth about $21.32 billion in the open market.
- Netherlands, 688.39 Tons, $22.02 Billion. The eight largest reserve on our list with 688.39 tons of gold is The Netherlands. The Netherland Bank manages the national finances of the country, including the gold reserves, which amount to approximately $22.02 billion in the current market and account for 55.6 percent of the country’s foreign reserves.
- Japan, 843.5 Tons, $26.99 Billion. Although, Japan is seventh on the list, its 843.5 tons of gold account for only 1.8 percent of total foreign reserves. On the open market, Japan’s gold reserves are worth around $26.99 billion and are overseen by the Bank of Japan.
- Switzerland, 1,285.6 Tons, $41.13 Billion. Conducting Switzerland’s monetary policy is the Swiss National Bank, which manages the country’s 1,285.6 tons of gold. With the world’s sixth largest reserve of the precious metal, Switzerland’s stockpile would fetch approximately $41.13 billion in today’s gold market, accounting for 40.3 percent of the country’s foreign reserves.
- Italy, 2,702.6 Tons, $86.48 Billion. The Banca D’Italia is responsible for Italy’s foreign reserves, which have been reported at about 2,702.6 tons by the World Gold Council. The fifth largest gold reserve in the world, Italy’s holdings amount to about $86.48 billion, accounting for 64 percent of the country’s foreign reserves.
- France, 2,930.4 Tons, $94.50 Billion. The French National Bank, Banque De France, is the home of the country’s large gold holdings, which account for 55.2 percent of its foreign reserves. With approximately 2,890.6 tons of gold in reserve, France’s holdings are worth approximately $94.50 billion.
- The IMF, 3,546.1 Tons, $113.48 Billion. The IMF oversees international economic operations of 185 member countries. The IMF’s gold policies have changed in the last quarter century, but the reserves remain in place for use in stabilizing international markets and aiding national economies, such as in December 1999 when it sold a portion of its reserves to aid the Heavily Indebted Poor Countries (HIPC) Initiative. The 3,546.1 tons of IMF Gold would fetch approximately $113.48 billion in today’s market.
- Germany, 3767.1 Tons, $120.55 Billion. The Deutsche Bundes bank, Germany’s central bank, has 3,767.1 tons of gold reserves, which are valued at about $120.55 billion. For Germany, its gold reserves account for 62.7 percent of total foreign reserves, according to the World Gold Council.
- United States, 8,965.6 Tons, $286.89 Billion. Perhaps the most famous gold depository in the world is the United States Bullion Depository in Fort Knox, Kentucky. It holds a majority of the US gold reserves, which are estimated by the US Mint to be approximately 147.3 million ounces, or approximately 4,603 tons. The United States’ total gold reserves, 8,965.6 tons, are valued at approximately $286.89 billion. The remainder of the US reserves are held at the Philadelphia Mint, the Denver Mint, the West Point Bullion Depository and the San Francisco Assay Office.