Countries With The Most Gold

Countries With The Most Gold

Countries with the most gold reserves in 2024 make the USA stand head and shoulders amongst the top ten gold reserve countries. 

Perhaps it is no surprise that the world’s largest economy with the reserve currency, USD, holds the most gold reserves. 

But the sheer magnitude of gold reserves held within US sovereign borders, compared with other countries, is mindblowing.

In 2024, the Federal Reserve holds the largest gold reserves in the world at 8, 133 tonnes, according to the World Gold Council.

Countries with the most gold have relatively stable currencies

In uncertain times, such as geopolitical tensions, war or waning confidence in a country’s monetary and fiscal policy, gold is a bedrock of support for the fiat currency, preventing it from debasing into oblivion.

In the first half of 2024, central banks purchased 483 tonnes of gold, setting a new record as hedged to their monetary policy.

“Safe haven currencies, USD and CHF, and precious metals, BTC, outperform making headlines in 2024,”  I wrote in a piece, Headlines in 2024, in December 2023. 

That call was bang on the money.

CHF is amongst the top-performing currencies in 2024, up 7.20% in three months at the time of writing. 

Gold keeps making new highs as I write this piece.

BTC reached a record high above 69,000 USD in March 2024, and the US Dollar Index DXY hit a year high, almost hitting 106 in April.   

Gold prices are up over 20% IN 2024 in a backdrop of ongoing wars in Europe and the Middle East, rising geopolitical tensions and ballooning global debts.

Central banks buying gold in 2024 is driving the great gold bull run. Moreover, robust consumer demand from China and India is energizing the gold bull run in 2024.   

World Gold Council has listed the top ten countries with the most gold reserves.

As noted above, the US has most of the gold, with 8,133 tonnes valued at $628 billion. Approximately half of the gold reserves are stored at the US Bullion Depository, which is known as Fort Knox, a US Army installation in Kentucky. 

Germany ranks second with 3,351 tonnes, followed by Italy with 2,452 tonnes.

List of countries with the most gold reserves in 2024

1  United States 8,133

2  Germany 3,351

3  Italy 2,452

4  France 2,437

5  Russia 2,336

6  China 2,264

7  Switzerland 1,040

8  Japan 846

9  India 831

10  Netherlands 612

Central banks hold most of the gold, one-fifth of all the gold mined throughout history, and maintain these reserves due to their safety, liquidity, and return characteristics. 

Turkey was the largest buyer of gold in the first half of this year, acquiring a total of 45 tonnes. India ranked second, purchasing 37 tonnes of gold in the first six months. 

China recently slowed its gold purchases, suspending them in May and June. Before this, the Chinese central bank increased its gold reserves for 18 consecutive months.