G20 Countries Further Increase Their Gold Reserves

In 2023, six G20 countries, including Russia, managed to increase their gold reserves by 276 tons, while Turkey, which is experiencing an unprecedented devaluation of the lira, and Germany, this former industrial locomotive of Europe, were forced to sell 60 tons and 2.5 tons of gold, respectively. At the end of 2023, Turkey’s reserves have fallen to 726.5 tons and Germany’s to 3,356 tons of gold.

The leader in purchases last year was China, which increased its gold reserves by another 226 tons to 2236 tons of the precious metal. In 2023, Australia climbed to the second place of the 21st century’s King Midas ranking, increasing its gold reserve to 77.5 tons (+21 tons). India, which, according to international analysts, could take away China’s position as the world’s second largest economy, bought 17 tons of the precious metal to increase its gold reserves to 804 tons. Russia increased its gold reserves by another 16 tons to 2351 tons, and the country now ranks fifth in the world. Mexico has bought about one ton of gold and now controls a stockpile of 121 tons, while France has invested very little or nothing in gold and has bought only 300 kilograms, thinking perhaps that the 2347 tons of gold jealously guarded in the basement of the Bank of France will suffice for the moment.

Also in 2023, the USA retained the record for the country with the largest gold reserves in the world at 8133 tons. The gold reserves of Italy, Japan, the UK, and South Korea were unchanged last year and currently stand at 2452 tons, 846 tons, 310 tons, and 104.5 tons respectively.

Among the emerging economies that have “untouched” their gold reserves in 2023 are Saudi Arabia with its 323 tons of the yellow metal, Brazil, which has accumulated 130 tons of bullion, Indonesia (79 tons), and Argentina (62 tons).

Finally, it is worth remembering that the only G20 country that has no gold reserves is Canada.