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For 5,000 years, gold has proved its status as an ultimate reserve of value. Today's investors rush to buy the precious metal in the lowest market uncertainty. Over the past decade, global central banks have joined the gold rush.
Gold volumes swallowed by regulators worldwide in 2018 reached the second highest annual total ever recorded, the World Gold Council (WGC) announced earlier this year. The industrial research firm pointed out that last year, central banks had bought 651.5 tons of precious metal, which represented an increase of 74% over the previous year.
Gold possession by monetary regulators is at its highest level in 50 years. The following states are currently on the list of the world's largest gold holders.
5. Russia
Over the past six years, the Russian central bank has been remarkably optimistic about its gold purchases. In 2017, the country has removed China from the list of the five largest gold holders. Last year, Russia became the largest buyer of gold in the world, with net purchases reaching 651.5 metric tons. In February, the Russian central bank increased its foreign exchange reserves by 31.1 tons of gold, bringing the holdings of precious metals to 2,149 tons.
The dumping of American treasuries for gold purchases is part of the policy approved by the government and focused on the dedollarization of the country's economy.
4. France
Paris would hold 2,518 tonnes of this precious metal, which represents about 60% of all foreign exchange reserves in France. French politician Marine Le Pen, leader of the National Rally, has repeatedly called for a freeze on the sale of gold from the country, as well as the repatriation of all French bullion held by foreign states .
3. Italy
With 2,534 tonnes of gold in its coffers, Italy has landed in third place in the rankings. This amount represents nearly 70% of the country's foreign exchange reserves. According to Bank of Italy policy, gold is the safest investment in times of economic turbulence and protection against volatility of the US dollar.
2. Germany
The Deutsche Bundesbank currently holds 3,483 tonnes of gold, representing more than 70% of Germany's foreign exchange reserves. The regulator is trying to repatriate some 674 tons of gold held by the Bank of France and the Federal Reserve. The repatriation of gold from the nation is expected to be completed by 2020.
1. United States
Washington would hold the largest gold reserves in the world at 8,407 tons. This represents more than 75% of national foreign exchange reserves. The Fed has not been as active in buying gold as other countries to prevent the devaluation of the dollar.
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