Gold is something magnificent and expensive. It is an element loved by all. There are huge reserves of it in some countries and usually, that’s the reason for that country to be rich. In this article, we have compared Saudi Arabia gold reserves with the gold reserves of other countries.
Gold prices fluctuate a lot, ranging from very low to twice or thrice the price. These days for an ounce of Gold, it revolves around $1,317. According to the World Gold Council, I would like to share the following top 20 countries with the highest gold reserves.
You will be amazed to know that Saudi Arabia gold reserves are not even in the top 10. Saudi Arabia gold reserves rank at number 15 in the countries with the highest Gold reserves. India has more Gold reserves than Saudi Arabia.
United States Gold Reserves
On the top lies the U.S with its gold reserves of 8,133.5 tons with 76% of foreign gold reserves.
Germany Gold Reserves
On the 2nd position is Germany holding gold reserves of 3,378.2 tons with 70% of foreign gold reserves.
Italy Gold Reserves
About 2,451.8 tons of gold reserves are with Italy taking it to the third position. The foreign gold reserves are 69 percent
France Gold Reserves
France ranks 4th with reserves of 2,435.8 tons and the percentage of foreign reserves in gold is 65%
China Gold Reserves
With Official gold holdings of 1,823 tons, China is on 5th and 2% foreign gold reserves.
Russia Gold Reserves
1498 tons are with Russia of gold and 16% reserves of foreign gold.
Switzerland Gold Reserves
1,040 tons of official gold reserves are with Switzerland with foreign gold reserves of 7%
Japan Gold Reserves
On 8th position is Japan with 765.2 tons and 3% of foreign reserves in gold.
Netherlands Gold Reserves
The Netherlands is on the 9th position with 612.5 tons and 63% of foreign gold reserves.
India Gold Reserves
India is on 10th highest rank with 557.7 tons of gold reserves. Foreign gold reserves are 6%.
Turkey Gold Reserves
474 tons of reserves of gold take Turkey on 11th position with also 17% foreign reserves of gold
Taiwan Gold Reserves
Taiwan lies on 12th position with 422 tons of reserves of gold. It has 4% of foreign gold reserves.
Portugal Gold Reserves
Portugal is at 13th rank with 382.5 tons of gold reserves. Also, there are 71% of foreign reserves of gold.
Saudi Arabia Gold Reserves
The Kingdom of Saudi Arabia is gold-rich country ranking on 14th position worldwide with 322.9 tons of gold reserves. It is with 2% of foreign gold reserves.
United Kingdom Gold Reserves
U.K is on 15th position with 310.3 tons of gold reserves and foreign reserves in gold of 9%
Lebanon Gold Reserves
Lebanon ranks 16th worldwide gold rich country with 286 tons of gold and foreign reserves in gold of about 24%
Spain Gold Reserves
Spain with 281.6 tons reserves of gold ranks on the 18th. The foreign gold reserves are 20%
Austria Gold Reserves
280.0 tons of reserves of gold are with Austria which takes it to 18th position with foreign reserves in gold of 45%
Kazakhstan Gold Reserves
Kazakhstan has recently been promoted to a 19th position in the list with gold reserves of 238 tons and 33% of the gold share of foreign exchange reserves.
Belgium Gold Reserves
The last but not the least 20th position is of Belgium with 227.5 tons of reserves of gold and foreign gold reserves of 38%.
Many people raise a question that when Saudi Arabia is going through a comparatively bad financial situation, why don't they liquidate their gold reserves? Well, it is not so simple. As soon as you start doing this, the gold price will significantly fall causing losses to all these countries.