Central banks around the world continue to add gold to their reserves, with 270 tons of gold added since the beginning of the year to June.
Governor of the Polish National Bank, Adam Glapinski, summed up why central banks hold gold: “Gold is the safest reserve asset: it diversifies geopolitical risks and is an anchor of confidence, especially in times of stress and crisis.”
A spokesperson for the Hungarian Central Bank said that gold increases financial stability and enhances market confidence.
In line with the historical value of gold, it remains one of the safest instruments in the world, which, even under normal market conditions, is known for its stability and reliability, he added.
Poland’s central bank has been one of the biggest buyers in recent years, along with Hungary, Kazakhstan, Uzbekistan, Turkey and India, according to SchiffGold and Al Arabiya.net.
Below are the 20 largest gold hoarders in the world based on the latest data from the World Gold Council:
US – 8,133.5 tons
Germany – 3,355.1 tons
Italy – 2,451.8 tons
France – 2436.6 tons
Russia – 2298.5 tons
China – 1948.3 tons
Switzerland – 1040.0 tons
Japan – 846.0 tons
India – 768.8 tons
Netherlands – 612.5 tons
Turkey – 457.7 tons
Taiwan – 423.6 tons
Kazakhstan – 383.9 tons
Portugal – 382.6 tons
Uzbekistan – 363.9 tons
Saudi Arabia – 323.1 tons
UK – 310.3 tons
Lebanon – 286.8 tons
Spain – 281.6 tons
Austria – 280.0 tons
The International Monetary Fund (IMF) also owns 2,814.0 tons of gold, which would have ranked it third in the world if it were considered a country. The European Central Bank owns 504.8 tons of gold, ranking 12th.
Source: Egypt Independent