TAIPEI (Taiwan News) — Taiwan ranked 12th globally in gold reserves in the first quarter of 2024.
The World Gold Council (WGC) released the latest rankings for gold reserves for the first quarter of this year. The top three countries are the U.S., Germany, and Italy, with Taiwan cracking the top 20, ranking 12th with 422.38 tonnes of gold, valued at approximately US$28.225 billion (NT$916 billion).
Global Rankings
The United States ranked first, holding 8,133.46 tonnes of gold reserves, valued at approximately US$579 billion. Germany was second with 3,352.65 tonnes of gold reserves, valued at approximately US$238.6 billion, and Italy was third with 2,451.84 tonnes, valued at approximately US$174.5 billion.
France came in fourth at (2,436.88 tonnes), followed by Russia (2,332.74 tonnes), China (2,262.45 tonnes), Switzerland (1,040 tonnes), Japan (845.97 tonnes), India (822.09 tonnes), and the Netherlands (612.45 tonnes), rounding out the top 10. The countries ranked 11th to 15th are Turkey (570.30 tonnes), Taiwan, Portugal (382.63 tonnes), Poland (359.89 tonnes), and Uzbekistan (357.69 tonnes).
Asian Rankings
Taiwan ranked fifth in Asia, trailing only China, Japan, India, and Turkey.
Saudi Arabia came in 16th at (323.07 tonnes), followed by Kazakhstan (310.62 tonnes), the U.K. (310.29 tonnes), Lebanon (286.83 tonnes), and Spain (281.58 tonnes), finishing off the top 20.
Insight on Gold as a Reserve Asset
According to WCG, gold is a critical element in the reserves of central banks due to its “safety, liquidity, and return characteristics.” It said central banks hold around one-fifth of the gold mined in history.
The demand for gold is surging because of increasing economic uncertainty, reported Forbes. Central Banks are again favoring gold as the “preferred safe-haven asset.” Insight: In times of economic instability, gold often serves as a reliable and valuable asset for central banks to hold onto, providing stability and security amidst uncertainty.
