In addition to the People's Bank of China, the State Administration of Foreign Exchange (SAFE) and the China Investment Corporation (CIC) are also thought to hold large gold reserves. Due to state secrecy there is a great deal of confusion about how much gold China actually has.
Through it's central bank, the People's Republic of China holds the world's 6th largest central bank gold holdings, with over 1800 tonnes of gold held in its official reserves of the People's Bank of China.
China's central bank added 23 tons of gold to its reserves in June, marking an eighth consecutive increase. The country is stockpiling the safe-haven asset amid economic and geopolitical turmoil. The turn to gold also chips away at the US dollar's dominance, a traditional reserve currency.
Now, the People's Bank of China holds 2,330 tons of gold in its reserves, according to official data cited by Bloomberg. The gold stockpiling comes amid the country's bid to erode the dollar's global dominance as well as growing economic and geopolitical uneasiness.
Gold Reserves in China averaged 1140.48 Tonnes from 2000 until 2023, reaching an all time high of 2068.36 Tonnes in the first quarter of 2023 and a record low of 395.01 Tonnes in the second quarter of 2000.
Australia is estimated to have the world's largest gold reserves, with 9,500 tonnes or 17 per cent of the total world estimated gold reserves of 57,000 tonnes. Geoscience Australia estimates that 60 per cent of Australia's gold reserves are in Western Australia.
The United States has the largest gold reserve, with more than 8,000 metric tons of gold. This was more than twice the gold reserves of Germany and more than three times the gold reserves of Italy and France.
According to my analysis, the Chinese central bank owned 4,309 tonnes of gold on December 31, 2022, which is more than double than what is officially disclosed. My estimate would make China the second largest gold reserve country after the US.
Over half of Chinese gold production is state-owned – the China National Gold Group Corporation alone accounts for 20%. And China keeps the gold it mines – the export of domestic mine production is not allowed.
Overall, Russian gold exports to China soared by 67.3% in physical terms and by 63.3% in monetary terms from 2021. However, Russia's share in Chinese gold purchases remains small. The main supplier of gold to China is Switzerland, with sales in 2021 totaling over US$34 billion.
Australia and Russia hold the largest reserves of gold
Australia and Russia hold a large share of the world's gold mine reserves, accounting for 8,400 metric tons and 6,800 metric tons, respectively.
Indian households have the largest private gold holdings in the world, standing at an estimated 24,000 metric tons. That figure surpasses the combined official gold reserves of the United States, Germany, Italy, France, China and Russia.
China has recently discovered a huge gold deposit with a reserve of nearly 50 tonnes, which can be sold for around $3 trillion at current market price. The deposit is located in rural Rushan City, eastern China's Shandong Province, according to province mineral resource authority.
China. With the production of 330 Metric Tons (MT), China is the world's largest producer of gold and is maintaining its position for more than a decade.
The United States holds the distinction of having the most gold reserves among all countries, with a substantial holding of 8,133.47 metric tons.
As the country with the largest known gold resources in the world, Australia has a significant opportunity to supply the world's growing demand for gold.
Major markets for Australia's gold exports
Some countries have strong demand for jewellery (particularly India and other Asian countries), some have demand for gold for financial purposes (such as the United Kingdom and China), and some countries require gold for use in industrial applications.
Well, it turns out “925 China” is a standard marking on jewelry to denote sterling silver jewelry. If you see “925” or “925 China” stamped on what you thought was your gold jewelry, then the jewelry has 92.5% sterling silver content and is merely gold-plated.
According to the World Gold Council, India and China were the largest gold consuming countries in 2010, and both nations maintained this status in 2022 with a consumption of 824.9 and 774 metric tons, respectively. Following China and India, are the United States, Saudi Arabia, Germany, Turkey, and Iran.
Russia Now Has World's Fourth Largest Gold Reserves and Foreign Exchange Assets. Russia is now ranked in the global top four countries in terms of gold and foreign exchange reserves with a total of US$582 billion.
Starting in the early 2000s, the Bank of Canada sold its gold reserves. Canada is currently the only G7 nation without any official gold holdings. "[The] issue is quite clear, that it costs to hold gold, whereas holding U.S. or Chinese or Euro bonds yields you a return," said Dodge. "…
Either way, there is financial uncertainty. Precious metals are the counterbalance to that uncertainty. Russia, China, Brazil, Egypt, India, Turkey, Qatar, and many other countries are stockpiling gold to overthrow the Dollar and ensure sovereignty.
If you have a preference for gold coins of high purity, look for ones with a stated purity of . 9999. Coins of this purity are produced in many countries around the world, including Australia, Austria, Canada, Israel, Kazakhstan, Malaysia, New Zealand, Poland, and the United States.
Where is All the Gold? The World Gold Council estimates that miners have historically extracted a total of 201,296 tonnes of gold, leaving another 53,000 tonnes left in identified underground reserves.