Germany, with 3,362.4 tons of gold, is the best place for Gold IRA investments. Italy, with 2,451.8 tons of gold, is also a great option for those looking to invest in a Gold IRA. France, with 2,436.2 tons of gold, is another excellent choice for those seeking the best place for Gold IRA investments. Russia, with 2,298.5 tons of gold, is yet another great option for those looking to invest in a Gold IRA. China, with 1, 958, 3 tons of gold.
Switzerland, with 1,040 tons of gold. The United States has the largest gold reserve in the world by a substantial margin. The government has almost as many reserves as the next three countries with the largest gold reserves combined (Germany, Italy and France). Russia completes the top five.
The International Monetary Fund (IMF) is reported to have more gold reserves than Italy, but less than Germany. Gold has served as a medium of exchange, to varying degrees, for thousands of years. For much of the 17th and 20th centuries, paper money issued by national governments was called gold and acted as a legal claim to physical gold. International trade was carried out with gold.
For this reason, countries needed to maintain a gold reserve for both economic and political reasons. No contemporary government requires that all its money be backed by gold. However, governments still house enormous quantities of ingots as a security measure against hyperinflation or another economic calamity. In fact, every year, governments increase their gold reserves, which are measured in metric tons, in hundreds of tons.
For companies, gold represents a basic asset used in medicine, jewelry and electronics. For many investors, both institutional and retail, gold is a hedge against inflation or recession. Continue to safeguard gold that belongs to other countries. The Federal Reserve Bank of New York is the depositary of gold owned by foreign governments, foreign central banks, and official international organizations.
Inside a vault at the Federal Reserve Bank of New York. It is known to contain the largest amount of gold in the world. Gold reserves by country. S&P Global.
The Central Bank of Russia tries to boost gold exports by paying below the market price. Board of Governors of the Federal Reserve System. Does the Federal Reserve own or hold gold?. The top 10 central banks with the largest gold reserves have remained largely unchanged over the past few years.
The United States is in first place with more than 8,000 tons of gold in its vaults — almost as much as the next three countries combined — and represents 79% of total reserves. The only countries where gold represents a higher percentage of reserves are Portugal, with 80.1%, and Venezuela, with 82.4%. Not surprisingly, the Bank of India has one of the largest gold reserves in the world. The South Asian country, home to 1.25 billion people, is the second largest consumer of precious metals and is one of the most reliable drivers of global demand.
India's festival and wedding season, which runs from October to December, has historically been a great advantage for Love Trade, the gold. In seventh place is Switzerland, which actually has the largest per capita gold reserves in the world. During World War II, the neutral country became the center of the gold trade in Europe, making transactions with both the Allies and the Axis powers. Nowadays, much of its gold trade is done with Hong Kong and China.
France's central bank has sold little of its gold in recent years. The current reserves consist of 100 tons of gold coins and the rest of ingots weighing about 12.5 kilograms each. The vaults of the Bank of France in Paris are one of the four designated custodians of the International Monetary Fund (IMF). If so, then China's accumulation of gold over the years could have served a specific and controversial purpose from the start.
If the price of gold rises significantly in the coming months and years, the balance of economic power could change dramatically. The eurozone crisis led some to call on the Italian government to sell some of its gold reserves to raise funds, but those plans never materialized. Russia is a large-scale ingot producer, while Switzerland is the world's largest gold refining and transit center. The gold is kept in Fort Knox, Kentucky, and the rest at the Philadelphia Mint, the Denver Mint, the San Francisco Testing Office and the West Point Bullion Depot.
Even so, it is not unreasonable to assume that China has, in fact, a large amount of gold in storage. Ironically, the nation that ended its gold standard in 1934 currently ranks first among countries with the largest gold reserves. Offered to house and protect other countries' gold in exchange for dollars, it was reported that between 90 and 95% of the world's gold reserves are in U.S. vaults.
Gold plays an important role in the management of central bank reserves and they are important holders of gold. The value of gold reserves is calculated using the LBMA gold price at the end of the quarter, published daily by the ICE Reference Administration. The value of other reserves is extracted from the table “Total reserves minus gold” of the IFS. .