10 Countries with Highest Gold Reserves
6. Switzerland
Official Gold Holdings: 1,040.1 Tonnes
Percent of Foreign Reserves in Gold: 10.0 Percent
Switzerland occupies the sixth position in holding the highest gold reserves around the globe. According to the World Gold Council, in 1997 it was announced that a portion of Switzerland’s gold reserves will be sold because they were no more considered important for monetary policy purposes. In May 2000 Switzerland began selling 1,300 tonnes, which was considered as the surplus gold.
Under Central Bank Gold Agreement 1, 170 tonnes of gold were sold and under Central Bank Gold Agreement 2, 130 tonnes were sold. The country also plans to sell gold under Central Bank Gold Agreement 3.
5. China
Official gold holdings: 1,054.1 tonnes
Percent of foreign reserves in gold: 1.6 Percent
China’s official gold holding account for 1,054.1 tonnes and the percent of foreign reserves in gold is 1.6 percent. Commenting on the current ups and downs in gold prices, Vice governor of the People's Bank of China (PBOC) Yi Gang said, “Compared with China's 3.3-trillion-U.S.-dollar foreign exchange reserves, the size of the gold market is too small”, reported China.org.cn.
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