8. Japan

Gold Holdings: 765.2 tonnes

Percent of Foreign Reserves in Gold: 2.9 percent

The Bank of Japan sold gold to push ¥20 trillion into the economy to calm down the investors after the tsunami and nuclear disaster in Japan, in 2011. Japan also holds a significant number of U.S. dollars in its reserves. Meanwhile, Japan's gold exports (which include private exports) are expected to reach 100 metric tonnes in 2011. Japan's gold reserves are worth approximately $45 billion.

7. Russia

Gold Holdings: 883.3 tonnes

Percent of Foreign Reserves in Gold: 9.1 percent

Russia bought 15 tonnes of gold in the quarter of 2011. The Central Bank of Russia mostly buys gold from the domestic market and Russian bullion banks. Early 2011, the Central Bank of Russia said it planned to purchase over 100 tonnes of gold to rebuild its gold and Forex reserves. Russia’s gold reserves are worth approximately $50 billion.