Countries with Largest Gold Reserves | Top 10 Countries  Largest Gold Reserves
Channel: easy one tutorials
Date: 2019-11-10

Beginning in 2010, central banks around the world turned from being net sellers of gold to net buyers of gold. In 2018, official sector activity rose 46 percent to 536 tonnes of purchases – the second highest level of demand this century, according to the GFMS Gold Survey.

The top 10 central banks with the largest gold reserves have remained mostly unchanged for the last few years. The United States holds the number one spot with over 8,000 tonnes of gold in its vaults – nearly as much as the next three countries combined. For seven consecutive years the Russian Central Bank has been the largest purchaser of gold, increasing its holdings by 274 tonnes in 2018. Kazakhstan was the second largest buyer and holds spot number 14 of the world’s largest central bank gold holdings.

Not every central bank is a net buyer. Venezuela has been selling off its gold reserves in order to support its struggling government. However, gross official sector sales declined by 26 percent last year, to the lowest since 2013, indicating that central banks are happy to keep their reserves in gold, historically viewed as a safe-haven asset.