When people think of gold stockpiles, they tend to think first of Fort Knox. In the history of gold, no place is arguably more associated with gold than Fort Knox, unless the mythological El Dorado is counted.
No one knows for sure how much gold Fort Knox has held or how much is there currently. What is known is that the holdings for central banks, governments and international entities around the globe are quite impressive. Making gold news in recent years was a rundown of gold holdings around the world. The rundown came with figures and information about gold that show a side of international economies perhaps not previously seen by the average person.
The United States was ranked in first place with a total of 8,965.6 tons of the more than 24,000 tonnes controlled by the top ten gold owners in the world. The gold held by the United States is said to be in Fort Knox, the San Francisco Assay Office, the Denver and Philadelphia Mints and the West Point Bullion Depository.
Ranked in second place is Germany’s central bank, the Deutsche Bank. This bank also happens to be the member of the European System of Central Banks that is the most influential. Germany is said to hold gold reserves totaling 3,447.9 tons.
Overseeing the macroeconomic policies of its 185 member countries, the International Monetary Fund was ranked in third place with holdings of 3,101 tons of gold reserves. The International Monetary Fund was set up to help add stability to international exchange rates. It also serves as an aid to development and leveraged loans to poor, developing countries.
In fourth place sits Banca D’Italia, otherwise known as the Italian National Bank. This bank holds an estimated 2,701.9 tons of gold reserves.Coming in at a very close fifth place is the Banque De France, with 2,683.8 tons of gold holdings.
Other top gold holders, in order of the quantity held, are: SPDR Gold Shares ETF with 1,213.9 tons; China with 1,161.6 tons; Switzerland with 1,146.2 tons; Russia with 926.9 tons; Japan with 843.3 tons; De Nederlandsche Bank (the Netherlands central bank) with 674.9 tons; India with 614.6 tons; the European Central Bank with 553.3 tons; Taiwan with 466.8 tons; and Portugal with 421.5 tons.
Though some worry that nations in economic trouble may try to get cash for gold by purging some of their gold holdings, experts state that doing so would make things worse for those economies due to the market being then flooded with gold, which would devalue it significantly.