4. France

Gold Holdings: 2,435.4 tonnes

Percent of Foreign Reserves in Gold: 71.1 percent

France has signed the Central Bank Gold Agreement which limits gold sales by European countries. It sold nearly 10 tonnes of gold in the first year of the new agreement. The French National Bank, Banque De France, has a quarter of the country's gold holdings, whose worth is approximately $146 billion.

3. Italy

Gold Holdings: 2,451.8 tonnes

Percent of Foreign Reserves in Gold: 71.0 percent

Italy's gold reserves are worth only 10 percent of the post security it needs. Italian banks were looking forward to the Bank of Italy to buy gold to strengthen their balance sheets ahead of stress tests, in 2011. Italy is the only country in this top 10 list which is in the prestigious "PIIGS" list of Euro-zone countries. Italy's gold reserves are worth approximately $147 billion, which is a very near fight to France.