The 10 Countries Sitting On The Biggest Piles Of Gold (GLD)

Central banks have been diversifying their foreign reserves to include gold. 

Global central banks bought 534.6 metric tons of gold last year.

The World Gold Council reports that official global gold holdings increased to 31,671.4 tonnes as of March.

We pulled the numbers on the 10 biggest official reserves.

Note: CBGA refers to the Central Bank Gold Agreements. The first Agreement (CBGA 1) ran from September 27, 1999 to September 26, 2004.  The second Agreement (CBGA 2) ran from September 27, 2004 to September 26, 2009. The third Agreement (CBGA 3) will run for five years from September 2009.

10. India

Official gold holdings:
557.7 tonnes

Percent of foreign reserves in gold:
9.9 percent

The Reserve Bank of India is known to buy IMF gold and considers gold to be a safe investment, but rarely comments on its plans to buy it. Meanwhile, the government has been trying to deter people from purchasing the precious metal. Gold imports are blamed for the nation's deficit.

Source: World Gold Council

9. Netherlands

Official gold holdings:
612.5 tonnes

Percent of foreign reserves in gold:
59.2 percent.

Back in 1999, the Netherlands announced under the Central Bank Gold Agreement (CB GA1) that it would sell 300 tonnes of gold during the next five years, but only managed to sell 235 tonnes. 

Under CBGA2 (2004/2005 –'08/'09) it said it would sell a total of 165 tonnes (which included the 65 tonnes left over from CBGA1), and it announced no sales under CBGA3 (from 2008/2009 – '13/'14).

Source: World Gold Council

8. Japan

Official gold holdings:
765.2 tonnes

Percent of foreign reserves in gold:
3.2 percent

Japan's gold reserves were at just 6 tonnes in 1950, and its central bank registered its first serious jump in gold holdings in 1959, with purchases increasing by 169 tonnes from the previous year.

In 2011, the Bank of Japan sold gold to pump ¥20 trillion into the economy to calm investors after the tsunami and nuclear disaster.

Source: World Gold Council

Please follow Money Game on Twitter and Facebook.