central banks purchased 118 tones in net gold in q2 2014 representing a 28 yearoveryear increase according to the world gold council in may 2014 the european central bank and other european central banks signed the fourth central bank gold agreement cbga the agreement states that the central banks currently do not have plans to sell significant amounts of gold and it will last for 5 years starting in the end of september 2014 countrywise russia saw a major increase in official reserves since february 2014 moving its place up two spots in the ranking global official gold holdings totalled 318120 tonnes as of august 2014 according to the latest report from the world gold council business insider identified the ten countries with the largest gold reserves 1 united states official gold holdings 81335 tonnes percentage of foreign reserves in gold 719 the us had its largest gold reserves in volume terms in 1952 when reserves totaled 20663 tonnes holdings first fell below the 10000 mark in 1968 2 germany official gold holdings 33842 tonnes percentage of foreign reserves in gold 684 germany reduced its gold holdings in october the bunesbank sells six to seven tons to the finance ministry every year germany sold gold under cbga 1 and 2 for the purposes of minting commemorative gold coins in the first year of cbga3 2008 2009 the bundesbank sold approximately 6 tonnes and it has sold 47 tonnes of gold since september 7 2011 3 italy official gold holdings 24518 tonnes percentage of foreign reserves in gold 670 italy sold no gold under cbga 1 or 2 and has announced no sales under cbga3 but in 2011 italian banks were looking to the bank of italy to buy gold and bolster their balance sheets ahead of stress tests 4 france official gold holdings 24354 tonnes percentage of foreign reserves in gold 651 france sold 572 tonnes of gold under cbga 2 and outside of the agreement france transferred about 17 tonnes to the bank for international settlements in late 2004 as part of a purchase of bis shares france announced no plans for sales of gold reserves under cbga 3 bank of france has said it sells gold reserves because it provides confidence and diversification and can absorb volatility in its balance sheet reuters reported5 russia official gold holdings 10947 tonnes percentage of foreign reserves in gold 97 russia has increased its gold holding since february 2014 and has eclipsed both switzerland and china in august russias central bank has decided to buy up even more gold and diversify away from the dollar and the euro as a result of the economic sanctions by the west russias central bank gold holdings crossed the 1000 tonne mark for the first time in q3 2013 6 china official gold holdings 10541 tonnes percentage of foreign reserves in gold 11 china overtook india to be the worlds largest gold consumer in 2013 gold still accounts for a very small percentage of chinas