According to the World Gold Council, over the past decade (2013-2023) only Russia and China have significantly increased their gold reserves. The publication reports that Visual Capitalist.
During this period, Russia increased its reserves from 1,035 tons to 2,333 tons, and China from 1,054 tons to 2,235 tons. Turkey ranked third by increasing its reserves from 116 tons to 540 tons.
Experts attribute the increased interest in gold to worsening geopolitical tensions, increasing sanctions and discussions about eliminating the dollar. Central banks see gold as a safe, liquid asset with yield potential.
Despite other countries actively purchasing gold, the US remains the country with the world’s largest gold reserves, at 8,133 tons. Half of America’s gold is stored in Fort Knox in Kentucky.
Germany ranks second in total gold reserves with 3,351 tons, followed by Italy with 2,452 tons. Russia and China are in fifth and sixth place respectively.
Previously, the world’s central banks diversify reserves are getting rid of dollars and yuan in favor of gold.
Previously global gold demand reached historic peak.
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Source: Gazeta
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