612 tonnes of gold, but not all of it is in the Netherlands

In September 2026, the United States held approximately 8,133 tonnes of gold. That is more than 2.4 times Germany's reserve, which ranks second. The Netherlands also holds a notable amount: 612.5 tonnes, worth approximately €72.2 billion at the end of 2025.

There is an important detail behind these figures. A country can own gold stored thousands of kilometres away. And the amount reported by a central bank does not automatically tell you who has physically checked every gold bar.

The United States has the largest gold reserve

Central banks hold gold as part of their official reserves. These are assets that a country can use to meet financial obligations and support confidence. Reserves also include foreign currencies and other financial assets.

The United States is far ahead of every other country. According to the latest available international reserve data, it holds approximately 8,133.5 tonnes. Germany follows with 3,349.1 tonnes.

The figures come from international reserve data published through the IMF, supplemented by central bank information. Reporting months differ. Most figures refer to September 2026, but an earlier month is available for some countries. The table is therefore not a physical count carried out in every country on the same day.

What does that mean? One tonne of gold equals 1,000 kilograms. The US reserve of more than 8,133 tonnes represents over eight million kilograms of gold. These figures cover official monetary gold, not gold owned privately by companies, investors or residents.

There is another detail worth watching. Türkiye's figures can fluctuate because the reported reserve also includes gold that commercial banks hold at the central bank. This makes comparisons less straightforward than a simple ranking might suggest.

The Netherlands ranks twelfth and Spain ranks twentieth

The Netherlands is not among the ten largest gold holders, but it still ranks high internationally. Its gold reserve stands at approximately 612.5 tonnes. Spain holds about 281.6 tonnes.

That is a significant difference. The Netherlands holds more than twice as much gold as Spain. These figures do not include gold owned privately by residents, jewellers or companies. They cover official reserves only.

Gold also represents a relatively large share of the Netherlands' official reserves. This makes it an important part of the country's reserve structure.

Spain publishes its total holding but provides less information about the exact distribution between storage locations. According to reporting by El País, most of the gold is held in the Banco de España's gold vault in Madrid. Another part is held by foreign institutions.

For Spain, this has become a sensitive subject. Several European countries have reviewed where their gold is stored in recent years. The question is not only who owns it, but also how quickly the gold is available when a crisis breaks out.

A country does not have to store its gold at home

The Dutch reserve shows why storage locations matter. On 2 September 2026, De Nederlandsche Bank announced that it had changed the distribution of its gold.

Before the operation, 30.8 percent was held in Zeist, 18.1 percent in London, 31.3 percent in New York and 19.7 percent in Ottawa. After the change, the share in Zeist remained the same. London's share rose to 32.1 percent, while New York and Ottawa each held 18.5 percent.

Between March and August 2026, DNB moved approximately 86 tonnes from the combined reserve held in the United States and Canada to London. Some gold was sold in New York and replaced with gold in London that meets international trading standards. More than 27 tonnes were also physically transported to Zeist.

Example: Imagine a central bank wants to sell gold quickly or use it as collateral during an international crisis. Gold in London is more readily available to the international gold market than gold that first has to be moved from a vault in North America.

Storing gold abroad is therefore not automatically a sign of distrust. Central banks also consider access, trading opportunities and the distribution of risk.

The Dutch arrangement illustrates this clearly. After the relocation, London became the largest single storage location. The Netherlands therefore does not keep its entire reserve on its own territory, even though it remains the owner.

Countries hold gold to preserve financial flexibility

Why do countries hold gold at all? A central bank can use gold as a reserve asset when confidence in currencies or financial markets comes under pressure. Gold is not a debt owed by another government or bank. That makes it different from government bonds, for example.

Gold does not pay interest. Its value moves with the international gold price. Even so, central banks consider it useful to hold part of their reserves in gold.

On 3 November 2026, the World Gold Council reported that central banks added a net 321 tonnes of gold to their reserves in the third quarter of 2026. Net demand for the first nine months of the year reached 675 tonnes. That was 6 percent higher than during the same period in 2025.

The largest countries are not the only buyers. Poland and China also added gold during 2026. The World Gold Council identifies reserve diversification and risk management as important reasons for these purchases.

A country holding large amounts of foreign currency depends on the financial systems in which those currencies are held. Gold has a different feature: it is a physical asset that is not directly a liability of another government. That makes it a different type of reserve for central banks.

Official figures do not mean every bar is under a camera

Gold rankings are based on figures reported by countries and central banks to international organisations, including the IMF. The World Gold Council collects and processes this information. It also notes that some countries report later than others.

That distinction matters. An official report is a statement of the amount of gold an institution declares as a reserve. It is not the same as a public independent inspection in which every bar is weighed, photographed and published with its serial number.

Foreign storage also involves a custodian. A central bank needs arrangements covering ownership, access, records and delivery. The exact inspection procedures differ between countries and storage locations.

On 9 November 2026, the US Federal Reserve published an analysis of gold reserve relocations. It explains how storage location affects access and the risks countries may face if they fear sanctions or seizure of assets.

Watch out: Always check the date and source behind a gold ranking. A reserve measured in tonnes is not the same as its current value in euros. That value changes daily with the gold price and the exchange rate.

There is no simple public global list proving that every reported gold bar has recently undergone an independent inspection. Official figures are useful for comparing countries, but they do not tell the whole story about physical checks.

A rising gold price increases the value of reserves

The amount of gold can remain unchanged while the value of a reserve rises or falls. This happens because gold is valued at a market price.

In the third quarter of 2026, the average gold price was US$4,262 per troy ounce, according to the World Gold Council. That was 23 percent higher than the average in the third quarter of 2025. Compared with the second quarter of 2026, however, the average was 5 percent lower.

That difference also matters to private investors. A higher gold price increases the value of an existing reserve, but a fall has the opposite effect.

In numbers: Imagine you own €1,000 worth of gold and the gold price rises by 23 percent. If the exchange rate stays unchanged, your holding would be worth approximately €1,230. If the price then falls by 5 percent, its value drops to approximately €1,168.50. This simplified example excludes storage costs, buying and selling margins, and exchange rate effects.

A central bank does not usually hold gold to make a quick profit. Its reserves form part of a country's financial safety net. For a private investor, the situation is different: price changes are reflected directly in the value of the holding.

Questions worth asking

• Are the figures for central bank gold, or do they also include gold funds and private holdings?
• What date do the figures refer to?
• Has the reserve been physically inspected, or is the figure based on an official report?
• In which country is the gold stored, and who operates the vault?
• Is the value based on the current gold price or an accounting valuation?

This article is for educational purposes and is not financial advice.

Sources

• World Gold Council, Gold Reserves by Country, 4 November 2026
• IMF, International Reserves and Foreign Currency Liquidity
• De Nederlandsche Bank, DNB improves tradability of gold reserves, 2 September 2026
• Federal Reserve, Gold Reserve Relocations, 9 November 2026
• World Gold Council, Gold Demand Trends Q3 2026, 3 November 2026
• World Gold Council, Central Bank Gold Reserves Survey 2026, 16 June 2026
• El País, España afronta el dilema de qué hacer con el oro depositado en la Reserva Federal de EE UU, 8 September 2026