Top 20 countries with highest gold reserves: Turkey ranks 10th

By Ahmet Taş | Wise News Press

ANKARA, TURKEY — As geopolitical tensions and economic uncertainties continue to drive global demand for safe-haven assets, Turkey has successfully climbed to the 10th position in the worldwide gold reserves ranking with 641 tons.

The achievement highlights a significant shift in Turkey's macroeconomic strategy, emphasizing economic independence by repatriating gold previously stored abroad. With gold prices surging by 27 percent this year, this strategic accumulation has provided a massive $21 billion boost to the Central Bank's reserves, cementing the country's place among the world's financial heavyweights.

A safe haven amid global uncertainties

Gold is traditionally defined as the portion of a nation's monetary reserves held by central banks in the form of bullion. Amid ongoing global conflicts, post-pandemic economic fluctuations, and persistent inflationary pressures, governments and individual investors alike are increasingly turning to gold as the ultimate financial safe harbor.

These reserves act as a critical shield against economic volatility. During times of crisis or international sanctions, gold serves as a universally accepted and highly liquid means of payment. While it remains a preferred investment tool for citizens, for sovereign states, gold is a premier symbol of macroeconomic independence and stability.

Turkey's gold repatriation strategy

Turkey's ascent into the top 10 is the result of a deliberate and long-term accumulation strategy. For decades, the majority of the country's national gold wealth was kept overseas. In 2002, approximately 90 percent of Turkey's 120-ton gold inventory was stored in vaults located in the United Kingdom, Switzerland, and the United States.

A major strategic pivot occurred in 2017 under the tenure of former Minister of Treasury and Finance Berat Albayrak. The government initiated a comprehensive operation to repatriate the national gold reserves to the vaults of the Central Bank of the Republic of Turkey (CBRT). According to official economic records, the 28.7 tons of gold held at the US Federal Reserve in 2016 were completely withdrawn by 2017. Similarly, 18.7 tons held at the Bank for International Settlements (BIS) in Switzerland were successfully brought back. In total, nearly 350 tons of gold previously kept in the US, Switzerland, and the UK were transferred to Turkey, ensuring domestic control over national assets.

A massive $21 billion boost to the economy

The timing of physical repatriation and aggressive reserve expansion has yielded substantial financial dividends for the nation. As the international price of gold per ounce spiked by 27 percent this year alone, the CBRT's holdings experienced unprecedented valuation gains.

The Central Bank, which currently holds between 641 and 766 tons depending on periodic purchases and market activities, gained an estimated $21 billion in added value purely from this price appreciation. Financial analysts note that this proactive reserve management approach has created a robust buffer for the Turkish economy against external shocks and currency fluctuations.

The top 20 countries with the highest gold reserves

According to the latest updated data, the world's largest economies predictably dominate the gold reserve rankings. The United States leads by a very wide margin, followed by the European economic powerhouse Germany. By surpassing European nations like the Netherlands, Poland, and Spain, Turkey has officially established its presence in the top tier.

Here is the current list of the top 20 entities with the largest gold reserves shaping global financial markets:

1. United States: 8,133 tons

2. Germany: 3,350 tons

3. Italy: 2,452 tons

4. France: 2,437 tons

5. Russia: 2,330 tons

6. China: 2,304 tons

7. Switzerland: 1,040 tons

8. India: 880 tons

9. Japan: 846 tons

10. Turkey: 641 tons

11. Netherlands: 612 tons

12. Poland: 515 tons

13. Eurozone (ECB): 507 tons

14. Taiwan: 424 tons

15. Portugal: 383 tons

16. Uzbekistan: 361 tons

17. Kazakhstan: 361 tons

18. Saudi Arabia: 323 tons

19. United Kingdom: 310 tons

20. Lebanon: 287 tons

Future outlook on global gold accumulation

Global financial experts predict that central banks worldwide will continue their aggressive gold acquisition programs in the coming periods to reduce their dependency on the US dollar and to hedge against rising geopolitical risks. With its consistent purchasing strategy and ongoing efforts to boost domestic gold production capacity, Turkey is heavily expected to further consolidate its prominent position within the top 10 global ranking in the years to come.

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