For many years throughout history, countries followed a monetary system called the gold standard, which meant that each country’s currency was linked to a fixed amount of gold. The gold standard is no longer used, but many countries around the world still have metric tons of gold in their reserves. The International Monetary Fund keeps track of such assets as reported by each country. Which country has the most gold in their reserve?
The team at Madison Trust took a look at gold reserves around the world to determine which country had the most metric tons of gold. At the top of the list is the United States, with 8,133 metric tons of gold in their reserve. That amounts to more than $480 billion in gold. Number 2 on the list is Germany with 3,355 metric tons of gold that are worth more than $198 billion. Italy is third on the list. The country has 2,437 metric tons of gold worth $144 billion.
Even though the United States abandoned the gold standard and cut all ties currency had with gold in the 1970s, the country still has the largest gold reserve in the world. One of the reasons why the U.S. still has its gold reserve is to maintain the credibility of the U.S. dollar. In the case of extreme devaluation, the gold reserve would help to “back up” the dollar. The Fort Knox Bullion Depository located in Fort Knox, Kentucky is home to much of the U.S.’s gold. In fact, about half of the Department of the Treasury’s gold is housed at Fort Knox. Fort Knox was built in 1936 and has been on the National Register of Historic Places since 1988 for its importance in the United States’ economic history.
Which country’s gold reserve is the most surprising to you?