Top 10 countries with the largest gold reserves

Gold has played a significant role in the economies of various countries, both historically and in the present day. National gold reserves not only serve as a safe haven during economically uncertain and unstable times but also constitute a strategic asset for the countries involved.
 
The gold reserves of countries worldwide vary greatly. The Silver Mountain provides insights into the top 10 countries with the largest gold reserves. Additionally, we offer an understanding of why these countries choose to maintain such substantial gold reserves.

The current top 10 countries

Below is a convenient table displaying the top 10 countries with the largest gold reserves. It also provides an impression of the gold value (expressed in euros) distributed per capita.
 

Country	Gold reserves (tons)	Population (millions)	Gold per capita (euros)*
United States	8,133.5	331	1,050
Germany	3,362.4	83	1,210
Italy	2,451.8	60	1,130
France	2,436.0	67	1,060
Russia	2,299.2	146	345
China	1,948.3	1,400	90
Switzerland	1,040.0	8.5	3,530
Japan	765.2	126	145
India	657.7	1,366	30
Netherlands	612.5	17	1,060

*Gold price based on an estimated value of EUR 50,000 per kilogram

Why do countries hold such large gold reserves?

Countries choose to maintain significant gold reserves for several reasons. Primarily, this is linked to historical gold mining. Various countries, including the United States and Russia, have a long history of gold mining, which has enabled them to build substantial reserves over time.
 
Gold serves as a safe haven during periods of economic uncertainty and instability. It acts as a buffer against currency devaluation and inflation, retaining value more effectively than other assets. Therefore, there is also an economic strategy behind this practice. Additionally, investment policies play a role. Central banks use gold as part of their monetary policy to mitigate risks in national reserves and to ensure diversification.
 

Historical development of gold reserves

The historical development of gold reserves varies by country, influenced by multiple historical, geopolitical, and economic factors. The United States began large-scale gold mining in the nineteenth century during the so-called 'Gold Rush,' and its gold reserves were bolstered both during and after World War II.
 
Germany built up its gold reserves after World War II as part of its economic rebuilding efforts and to stabilize the Deutsche Mark. In recent decades, Russia and China have significantly increased their gold reserves to reduce dependence on the U.S. dollar and other foreign currencies.

Gold in international trade

Countries benefit from direct advantages in international trade when they hold significant gold reserves. These reserves enhance financial credibility, making international trade relationships more reliable. Gold can also serve as collateral when securing international loans and provides greater stability in financial transactions.
 
For other countries and international institutions involved in investment and trade, gold offers increased security. Large gold reserves also support the value of the national currency, which is crucial for maintaining both foreign investor confidence and economic stability. Gold continues to play a significant role in the international trading system and the global economy.

Disclaimer: The Silver Mountain does not provide investment advice, and this article should not be considered as such. Past performance is not indicative of future results.