The United States, the G20 member with the largest central bank gold reserves.
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According to the World Gold Council (WGC), central banks primarily use gold reserves as a hedge against inflation. This is because gold is a finite commodity whose supply cannot be easily increased like money. Among G20 countries, the United States has the largest gold reserves.
Furthermore, the United States is also the country with the largest central bank gold reserves in the world. In June 2021, the country's gold reserves totaled 8,133 tons. Germany and Italy follow as G20 members with the largest central bank gold reserves, with 3,359 tons and 2,452 tons respectively.
Among other G20 countries, Bank Indonesia (BI)'s gold reserves are the third smallest. BI's gold reserves stood at 79.85 tons in June 2021.
Canada ranks last with no central bank gold reserves at all. Canada sold off its entire gold reserves in 2016.
Quoting *CBC News*, the Canadian government considered the rate of return on gold to be not very profitable, and maintaining gold reserves to be costly.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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