Gold reserves - additional information
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. China ranked sixth for the amount of gold it has on reserve, but more gold is being mined in China than any other country in the world. While the share of gold reserves constituted 67 percent of the U.S. central bank holdings, in China this figure amounted to only 3.6 percent.
Australia on the other hand, is home to the largest gold mine reserves in addition to being the second largest producer of gold, after China. While gold no longer serves as an object of exchange and as a confirmation value, gold remains an investment asset for governments and it could provide a safeguard against inflation or recession. The average price of gold reached a new record in 2020, as investors sought a safe haven due to the economic effects of the global coronavirus (COVID-19) pandemic.