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With more than 8 thousand tons of the precious metal, the largest gold reserve in the world has been consolidated in the USA for years, guaranteeing its global leadership position. Check out the details!
With more than 8 thousand tons of the valuable metal, the largest gold reserve in the world has been located in one place for years: the United States. The country not only leads in quantity, but also in influence over the global gold market. The story and strategy behind this accumulation of wealth They are fascinating, and show how gold became a pillar in the American and world economy.
Country with the largest gold reserves in the world
Largest gold reserve in the USA: Since 2017, the United States has been in 1st place with the largest gold reserves in the world, having more than 8 thousand tons of gold in its coffers. Next comes Germany, with more than 3 thousand tons of gold and Italy, with more than 2 thousand tons.
During the economic system of Bretton Woods, the US offered to hold the gold in exchange for dollars. There are reports that at least 95% of the world's gold reserves were kept by the Americans. Years later it was found that the largest gold reserve in the USA was consolidated precisely at that time, as more than 75% of foreign reserves remain in US coffers.
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In contrast, we have the Russia as the largest buyer of gold, with more than 224 tons, according to research by GFMS, a consultancy specializing in metals market analysis. The year 2018 saw strong demand for gold, according to the World Gold Council (WGC). The WGC found that demand in the first quarter of 2018 grew by around 42%, with total purchases of 116,5 tonnes of gold.
The strategy of central banks
Since 2010, central banks in several countries have changed their strategies, becoming more sellers than buyers of gold. In 2018, this trend grew by 36%, with 366 tons sold, a considerable increase compared to previous years. Today, the scenario remains similar, with gold maintaining its value and being one of the most traded metals globally.
Since 2017, the United States has been the country with the largest gold reserves in the world, housing more than 8 thousand tons. Second place goes to Germany, with more than 3 thousand tons, followed by Italy, with more than 2 thousand tons.
During the Bretton Woods economic system, the US offered to store other countries' gold in exchange for dollars, resulting in about 95% of the world's gold reserve being stored in the US. This system solidified the US position as the world's largest gold custodian, and currently, more than 75% of foreign reserves remain in American coffers.
The global demand for Gold
In contrast to the USA, Russia stands out as the largest buyer of gold, with more than 224 tons acquired, according to consultancy GFMS. In 2018, the World Gold Council (WGC) noted strong demand, with a 42% increase in the first quarter, totaling 116,5 tonnes purchased.
Ranking of Countries with the Largest Gold Reserves
- United States: 8 thousand tons
- Germany: 3.381 tons
- Italy: 2.451,8 tons
- France: 2.435,7 tons
- China: 2.257 tons
- Russia: 970 tons
- Switzerland: 1.040 tons
- Japan: 765,2 tons
- The Netherlands: 612,45 tons
- India: 557,3 tons
The US role in the gold market
The USA, with its more than 8 thousand tons of gold, has around 74,9% of international precious metal reserves. This volume not only symbolizes the wealth but also the economic influence of the United States. Gold is stored in highly secure locations such as the famous Fort Knox and the Federal Reserve Bank of New York.
The history of US gold accumulation began well before the Bretton Woods system. During the Great Depression, the American government purchased large amounts of gold to stabilize the economy. In 1933, President Franklin D. Roosevelt signed Executive Order 6102, which prohibited the private possession of gold coins, bars, and certificates within the United States. This led to a significant increase in government reserves.
Bretton Woods and American supremacy
The Bretton Woods system, established in 1944, consolidated the US position as the guardian of world gold. At the Bretton Woods conference, it was agreed that the US dollar would be the global reserve currency, backed by gold. This meant that other countries could convert their dollars into gold at a fixed rate of $35 per ounce. This system worked well until 1971, when President Richard Nixon “closed the gold window”, suspending the direct conversion of the dollar into gold, which marked the end of the Bretton Woods system.
Fort Knox, one of the best-known places where American gold is stored, is famous for its impenetrable security. The facility, located in the state of Kentucky, has granite walls covered in reinforced concrete, steel doors that weigh several tons and is surrounded by armed guards and high-tech security systems. Although the gold at Fort Knox is rarely seen by the public, it symbolizes the economic stability of the United States.
The New York Federal Reserve
Another important location for gold storage in the US is the Federal Reserve Bank of New York. The Federal Reserve's gold vault is located 25 feet below street level and 15 feet below sea level. This vault contains not only gold from the US, but also from many other countries, which trust the security and stability offered by the Federal Reserve.
The large US gold reserve has a significant impact on the global economy. Gold is seen as a safe asset, especially in times of economic uncertainty. When the global economy faces crises, investors tend to buy gold, increasing its price. This, in turn, strengthens the US position as a global economic leader.
The future of gold reserves
While the amount of gold in U.S. reserves has remained relatively stable over the past few decades, the future may bring changes. Fluctuations in gold prices, changes in global economic policies, and the discovery of new sources of gold can influence the amount of gold the U.S. and other countries hold. However, the US is likely to continue to be one of the world's top gold holders due to its history and robust storage infrastructure.
The United States, with its more than 8 thousand tons of gold, not only leads in quantity, but also in global influence. The history of the US gold reserve is a saga of economic strategy and financial might. From the Bretton Woods era to the present day, gold has been a central pillar of the American economy, ensuring stability and confidence in times of uncertainty. As the world watches, U.S. gold remains an enduring symbol of wealth and economic power.
For investors and economists, the US gold reserve offers a valuable lesson in the importance of the precious metal as an asset of security and stability. And looking into the future, the story continues to unfold, with gold maintaining its prominent place at the heart of the global economy.
