In this article, we will discuss the 25 countries with the most gold reserves in 2024. This article will focus on recent gold mining industry trends and the major players in the industry. If you want to skip our analysis, you can proceed to the section highlighting the 5 Countries with Most Gold Reserves in 2024.
Gold has played several roles over the centuries as a medium of exchange. Most national currencies were backed by gold during the 17th to late 19th centuries. Paper money and coins were legal claims to physical gold and global trade transactions were settled in gold. Therefore, nations needed to maintain reserves of this precious metal. Although most countries abandoned the gold standard for their currencies by the mid-1900s, Switzerland was the last country to do so in 1999. However, even today, countries hold substantial quantities of gold to safeguard against hyperinflation, currency fluctuations, and economic crises. Investors also invest in gold as it is relatively safe, preserves their capital, and diversifies risk due to its rarity, indestructibility, and worldwide acceptance.
Gold has been used in jewelry for thousands of years for its intrinsic value and as a symbol representing wealth, stability, and prosperity. In many religions and philosophies, gold is associated with purity, spiritual enlightenment, and wisdom. Because of its softness, gold can easily be crafted into jewelry designs and yet remain very durable. Gold is also an essential material in the electronics industry due to its high conductivity and resistance to corrosion. It is used in printed circuit boards (PCBs), cell phones, and CPUs.
Gold Market Insights: Supply, Demand, and Industry Trends
According to a study by the United States Geological Survey, 244,000 metric tons of gold have been discovered till now, of which 187,000 metric tons are already extracted, and almost 57,000 metric tons are held in the reserves. Most of that gold comes from China, Australia, and South Africa. Based on a value of $65.44 million per metric ton, as of February 24, 2024, the total gold reserves globally would stand at $15.97 trillion.
According to the annual report by the World Gold Council, the total global demand for gold rose by 3% in 2023 compared to the previous year. Meanwhile, the worldwide production of gold from mining reached 3,644 metric tons, marking a 1% increase year-over-year.
In another report by Mordor Intelligence, the gold market is estimated to have reached 4,420 metric tons in 2024. It is expected to reach 6,320 metric tons by 2029, growing at a CAGR of 7.38% during the forecasted period 2024-2029. European countries, particularly Germany, the United Kingdom, Italy, and France, are expected to be the fastest-growing markets. However, the Asia-Pacific region, especially China and India, dominates the market with the highest consumption.
Due to the strong demand, gold prices have surged over the past several months. On December 1, 2023, gold spot prices reached an all-time high of $2,075.09 per ounce, Reuters reported. This trend is likely to intensify in the coming months. Gold mining companies are increasing their operational scale and expanding their mining and processing infrastructure. Some of the key players in the gold mining industry include Barrick Gold Corporation (NYSE:GOLD), Agnico Eagle Mines Limited (NYSE:AEM), B2Gold Corp (NYSE:BTG) and Newmont Corporation (NYSE:NEM).
Barrick Gold Corporation (NYSE:GOLD), in a joint venture with Newmont Corporation (NYSE:NEM), operates Nevada Gold Mines, the largest gold mine in the world. Barrick Gold Corporation (NYSE:GOLD) also manages gold mining operations in various countries, including Mali, Tanzania, Canada, DR Congo, and the Dominican Republic. Barrick Gold Corporation (NYSE:GOLD) reported extraction of 115 metric tons of gold in 2023, alongside a 50% surge in free cash flows and a remarkable 200% rise in net earnings per share. Commenting on the annual results 2023, Barrick Gold Corporation’s (NYSE:GOLD) President and Chief Executive Mark Bristow said:
“The 2023 financial results again demonstrated the ability of Barrick’s peerless asset portfolio to create value. Operating cash flows increased year-on-year by 7% to $3.7 billion and free cash flow was up by 50% at $646 million. Net earnings increased by 200% to $0.72 per share, and adjusted net earnings increased by 12% to $0.84 per share, while the quarterly dividend was maintained at 10 cents per share. Barrick has one of the strongest balance sheets in the industry, with almost no net debt.”
Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company that operates in Canada, Australia, Finland, and Mexico. The company has a diverse portfolio of assets, including mines and exploration offices in different regions. On February 15, 2024, Agnico Eagle Mines Limited (NYSE:AEM) reported mining 95 metric tons of gold in 2023, up 6.4% as compared to the previous year. The company plans to enhance gold production in less risky jurisdictions, thereby increasing operating and free cash flows, offering significant dividends, minimizing share dilution, and maintaining efficient operations.
B2Gold Corp. (NYSE:BTG) is a Canadian company specializing in exploration, development, and production spanning multiple countries, including Colombia, Mali, Namibia, the Philippines, Uzbekistan, Finland, and Canada. B2Gold Corp. (NYSE:BTG) reported gold production of 30 metric tons in 2023.
Newmont Corporation (NYSE:NEM) became the largest gold mining company when it acquired Newcrest Mining Limited back in November 2023. On February 22, 2024, Newmont Corporation (NYSE:NEM), reported that it mined 156 metric tons of gold in 2023 and expects to produce 195 metric tons in 2024. Newmont Corporation’s (NYSE:NEM) President and Chief Executive Officer, Tom Palmer, talked about his outlook on the market in 2024.
“2023 was a transformational year for Newmont, and for all of our stakeholders. With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world’s best gold and copper operations and projects. With stable production and structured reinvestment throughout the year, we are strongly positioned to deliver on our commitments in 2024 and set the stage for meaningful growth in 2025 and beyond.”
Gold reserves reflect the economic stability of a nation and its position in international trade and monetary policies. Gold is an essential asset in times of currency decline; physical gold can be used to repay debts and issue money. Therefore, Gold is an important component of central bank reserves around the world. With that said, here is the list of 25 countries with the most gold reserves in 2024.
A close-up of the company’s gold bars and certificates of authenticity, lit up by a spotlight.
Our Methodology
To make our list of the countries with the most gold reserves in 2024, we utilized the data provided by the World Gold Council Q4 2023 report. We compiled a list of the countries with the highest gold reserves. According to The World Gold Council, the value of gold is $65.44 million per metric ton, as of February 24, 2024. We also calculated and mentioned the monetary value of gold reserves held by each nation based on this value. Here are the countries with the most gold reserves in 2024, ranked in ascending order of their gold reserves as of Q4 2023.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
25 Countries with Most Gold Reserves in 2024
25. Algeria
Gold Reserves in Q4 2023: 174 metric tons
Algeria has a gold reserve of 174 metric tons. The government of Algeria manages these reserves. It is worth $11.60 billion as of February 24, 2024. Gold reserves are crucial for supporting monetary policies and controlling inflation in the country. Algeria ranks 25th among the countries with most gold reserves in 2024.
24. Belgium
Gold Reserves in Q4 2023: 227 metric tons
Belgium ranks 24th among the countries with most gold reserves in 2024. Belgium reserves 227 metric tons of gold to support the nation’s economic stability. The National Bank of Belgium administers these reserves, which are essential for countering economic pressures and unexpected developments in global financial markets. The value of Belgium’s gold reserves stands at an estimated $15.20 billion as of February 24, 2024.
23. Singapore
Gold Reserves in Q4 2023: 230 metric tons
Singapore is a gold distribution center for Southeast Asia. Most of the gold is sourced from Switzerland. Singapore’s gold reserve stands at 230 metric tons, managed by the Monetary Authority of Singapore. The reserves are used as a strategic resource to mitigate the unpredictability of the economy. As of February 24, 2021, the value of the reserves was worth $15.37 billion.
22. Thailand
Gold Reserves in Q4 2023: 244 metric tons
Thailand holds 244 metric tons of gold reserves, valued at $16.31 billion as of February 24, 2024. The Bank of Thailand has favored gold in its reserves as a safeguard against inflation.As of February 24, 2024, Thailand’s gold reserves are valued at $16.31 billion. Thailand ranks among the countries with most gold reserves in 2024.
21. Austria
Gold Reserves in Q4 2023: 280 metric tons
Austria maintains a significant gold reserve of 280 metric tons, managed by the Oesterreichische Nationalbank (OeNB). The Austrian Mint, a famous precious metal refinery, is one of the world’s oldest and largest producers of gold bullion coins. As of February 24, 2024, Austria’s gold reserves are estimated at $18.71 billion.
20. Spain
Gold Reserves in Q4 2023: 282 metric tons
Spain has a gold reserve of 282.4 metric tons managed by the Banco de España (Bank of Spain). Las Medulas is a UNESCO World Heritage Site in Spain that produced gold during the reign of the Roman Empire. Spain ranks twentieth as the country with the most gold reserves, valued at $18.82 billion as of February 24, 2024.
19. Lebanon
Gold Reserves in Q4 2023: 287 metric tons
Lebanon maintains a gold reserve of 287 metric tons, managed by the Central Bank of Lebanon. As of February 24, 2024, the value of Lebanon’s gold reserves stands at $17.25 billion. In the realm of ongoing economic crises, Lebanon’s gold reserves have proved to be a vital asset for financial stability.
18. Kazakhstan
Gold Reserves in Q4 2023: 294 metric tons
Kazakhstan is a prominent player in the global gold market. Kazakhstan has gold reserves totaling 294 metric tons, managed by the National Bank of Kazakhstan. As of February 24, 2024, Kazakhstan’s gold reserves are estimated at $19.66 billion. Kazakhstan is also a notable gold producer. In 2023, Kazakhstan produced 130 metric tons of gold. The Altyntau Kokshetau mine is the largest gold mine in Kazakhstan.
17. United Kingdom
Gold Reserves in Q4 2023: 310 metric tons
The United Kingdom maintains a gold reserve of 310 metric tons. The UK’s central bank, the Bank of England, manages these reserves. The UK does not produce significant amounts of gold domestically. As of February 24, 2024, the value of the United Kingdom’s gold reserves stands at $20.73 billion.
16. Saudi Arabia
Gold Reserves in Q4 2023: 323 metric tons
Saudi Arabia maintains a gold reserve of 323 metric tons, valued at $19.43 billion as of February 24, 2024. Saudi Arabia has been actively exploring and discovering gold deposits through extensive exploration initiatives and investments in cutting-edge mining technologies. On December 28, 2023, Saudi Arabian Mining Company (Ma’aden) (TADAWUL:1211) announced that it discovered multiple gold deposits south of its existing Mansourah Massarah gold mine.
15. Poland
Gold Reserves in Q4 2023: 359 metric tons
Poland has been actively buying gold to align its gold-to-GDP ratio with the European average. The National Bank manages these reserves. Poland’s gold reserves increased by 130 metric tons in 2023. Poland has 359 metric tons of gold reserves, managed by the National Bank of Poland. Poland’s gold reserve is valued at $23.97 billion as of February 24, 2024.
14. Uzbekistan
Gold Reserves in Q4 2023: 371 metric tons
Uzbekistan has the 14th most gold reserves in the world, at 371 metric tons. The Muruntau mine, a state-owned facility in Uzbekistan, stands out as one of the world’s deepest open-pit mining ventures. In 2023, Uzbekistan produced 100 metric tons of gold. As of February 24, 2024, Uzbekistan’s gold reserves are valued at $24.82 billion.
13. Portugal
Gold Reserves in Q4 2023: 383 metric tons
Portugal has a gold reserve of 383 metric tons. The Banco de Portugal manages and oversees the reserves. As of February 24, 2024, the reserves were valued at roughly $25.57 billion. Portugal ranks 13th among the countries with the most gold reserves in 2024.
12. Taiwan
Gold Reserves in Q4 2023: 424 metric tons
Taiwan holds a major 424 metric tons gold reserve, and its global importance remains significant. These gold reserves are managed by the Central Bank of the Republic of China (Taiwan). As of February 24, 2024, the market value of Taiwan’s gold reserve was $25.48 billion.
11. Turkey
Gold Reserves in Q4 2023: 540 metric tons
Turkey’s gold reserves stood at 540 metric tons as of 2024, the Central Bank of the Republic of Turkey manages these reserves. In Q4 2023, Turkey increased its gold reserves by 61.21 metric tons. Turkey’s gold reserves as of 24 February 2024 were valued at $36.10 billion.
10. Netherlands
Gold Reserves in Q4 2023: 612 metric tons
The Netherlands has the 10th most gold reserves in the world, standing at 612 metric tons. The Dutch central bank, De Nederlandsche Bank (DNB), manages the country’s gold reserve. As of February 24, 2024, the value of the Netherlands’ gold reserves was listed at $40.93 billion.
9. India
Gold Reserves in Q4 2023: 804 metric tons
India is the world’s second-largest gold importer after China. In December 2023, India’s gold imports skyrocketed 156.5% to $3 billion from $1.16 billion last year. Switzerland is the largest source of gold imports. As of February 24, 2024, India’s gold reserves are valued at $53.70 billion, ranking it the 9th country with the most gold reserves in 2024.
8. Japan
Gold Reserves in Q4 2023: 846 metric tons
Japan’s gold reserves of 846 metric tons are managed by the Bank of Japan, valued at $52.01 billion. Japan’s Hishikari is the country’s only major gold mine, but most gold is imported. Japan’s demand for gold jewelry is relatively low compared to the rest of Asia. However, a healthy market is maintained through gold demand for investment, primarily in the form of bars and coins. As of February 24, 2024, Japan’s gold reserves are valued at $56.53 billion.
7. Switzerland
Gold Reserves in Q4 2023: 1,040 metric tons
Switzerland is the world’s biggest bullion refining and transit hub. It is home to several globally renowned gold refineries, including Valcambi, PAMP, Argor-Heraeus, and Metalor. Switzerland imports bullion from mines around the world for processing and re-export. As of February 24, 2024, Switzerland has gold reserves of 1,040 metric tons, valued at $62.54 billion.
6. China
Gold Reserves in Q4 2023: 2,235 metric tons.
China, often regarded as the primary geopolitical adversary of the United States, has emerged as the most significant purchaser of gold. China is also the world’s largest producer of gold. According to the World Gold Council, in 2023, China produced over 370 metric tons of gold, and the Chinese gold reserve increased by 224.88 metric tons. Analysts predict that China is not fully disclosing information about its gold reserve, leading to uncertainties about the actual size of its reserves. China has one of the largest estimated gold reserves, amounting to 2,235 tons, valued at $149.38 billion as of February 24, 2024.
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Disclosure: None. 25 Countries with Most Gold Reserves in 2024 was originally published at Insider Monkey.