DNVN - In 2023, central banks around the world bought 1,037 tons of gold, marking the second largest annual purchase volume in history, only behind the record 1,082 tons in 2022. Countries such as Russia, China, Turkey, Poland and India have also actively increased their gold reserves over the past 10 years.
The complexity of the geopolitical and financial environment is fueling the need to hold gold. According to a survey by the World Gold Council (WGC), 29% of central banks plan to increase their gold reserves in the coming year, the highest number since similar surveys began in 2018.
The WGC study found that central banks’ increased gold holdings are largely driven by concerns about financial risks, including higher risks of crises and soaring inflation. This gold is stored in many locations around the world, and RBC Investments editors explored where the 10 countries with the world’s largest gold reserves keep their gold.
The United States tops the list, with gold reserves of 8,133.5 tonnes, according to WGC data as of Q2/2024. Gold's share of the US's total foreign exchange reserves (GFR) is 72.4%. The majority of US gold is stored in vaults at the former military base in Fort Knox, Kentucky, along with other vaults at West Point, New York, the Denver Mint in Colorado and the New York Fed Reserve.
Second place belongs to Germany, the country with the largest gold reserves in Europe with 3,351.5 tons of gold. The percentage of gold in Germany's GFR is 71.5%. Before 2013, most of Germany's gold was held in banks in New York, London and Paris. However, since 2013, Germany has begun to repatriate its gold under public pressure, and by 2017, half of Germany's gold was stored at the German central bank, the Bundesbank. As of 2023, 36.6% of Germany's gold is still held at the Fed in New York, and 12.8% at the Bank of England in London.
Italy ranks third with 2,451.8 tonnes of gold, accounting for 68.3% of its GFR. This gold is mostly held in bars, with a total of 95,493 bars weighing between 4.2 kg and 19.7 kg, along with 4.1 tonnes of gold coins held by the Bank of Italy.
France ranks fourth with 2,436.8 tonnes of gold, accounting for 69.9% of the GFR. The size of France’s gold reserves has not changed since 2009, when the country last sold some of its gold reserves. France has no plans to change its gold reserves in the coming years.
Russia ranked fifth, with a record $179.6 billion in gold reserves as of August 1, 2024, and a gold volume of 2,335.9 tonnes. The share of gold in Russia's GFR is 29.5%. The Central Bank of Russia stores gold in vaults across the country, with a purity of at least 995, and gold bars weighing 10-14 kg.
China holds the sixth spot with 2,264.3 tonnes of gold, accounting for 4.9% of the GFR. China’s official gold reserves are located in Beijing. Since the early 2000s, China has increased its gold reserves more than fivefold, from about 400 tonnes in 2001 to over 2,264 tonnes in the second quarter of 2024. China is also the world’s largest gold mining country.
The next three countries on the list are Switzerland with 1,040 tonnes of gold, Japan with 845.9 tonnes and India with 840.8 tonnes. Some of India's gold reserves are held in the UK. In 1991, to avoid default during the financial crisis, India used its gold reserves. About 8 tonnes of gold were deposited with the Bank of England as a credit guarantee. In early 2024, the Reserve Bank of India repatriated 100 tonnes of gold from the UK, the first time since 1991. A similar amount of gold is likely to be repatriated in the future.
The Netherlands is in 10th place, with 612.5 tonnes of gold, accounting for 61.6% of its GFR. The Netherlands' gold is managed by the central bank De Nederlandsche Bank. The gold vault at the headquarters of De Nederlandsche Bank contains 14,000 gold bars weighing 12.5 kg each and 1,000 boxes of gold coins, with a total weight of 200,000 kg, worth 12 billion euros as of March 2024. This gold accounts for 31% of the bank's total gold reserves.
Hung Le (t/h)
Source: https://doanhnghiepvn.vn/kinh-te/10-quoc-gia-co-du-tru-vang-lon-nhat-the-gioi/20241008100944931
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