While central banks worldwide are actively increasing their gold reserves to hedge against geopolitical risks, inflation, and economic uncertainty, two advanced economies—Canada and Norway—stand out by holding no official gold. This unique approach contrasts sharply with a broader global trend, as highlighted by the World Gold Council (WGC).
Canada's Strategic Shift from Gold
Canada, paradoxically one of the world's largest gold-producing nations, reports zero tonnes of gold in its official international reserves. The Bank of Canada systematically divested all of its bullion holdings over the past two decades. Instead of gold, the nation's central bank opts to hold highly liquid assets, such as U.S. Treasury securities and other government bonds.
Former Bank of Canada Deputy Governor Timothy Lane explained this strategy, stating that gold no longer aligned with the country's "asset-matching framework." This reflects the central bank's view that interest-bearing, highly liquid assets are better suited for modern reserve management than non-yielding bullion.
Norway's Historical Exit from Gold Holdings
Norway represents another significant exception to the global gold accumulation trend. During the Second World War, Norges Bank transferred approximately 50 tonnes of gold to the United Kingdom and the United States to safeguard national wealth while the Norwegian government operated in exile. A portion of this stockpile was returned after the war.
However, in 2004, Norges Bank sold nearly all of its remaining gold reserves. Today, the central bank officially reports zero tonnes of gold, retaining only seven gold bars and a small collection of coins purely for historical and exhibition purposes.
Global Central Bank Gold Trends
The strategies adopted by Canada and Norway diverge significantly from those of most central banks. According to World Gold Council data, 2025 saw substantial official gold purchases:
- Poland: Added 102 tonnes
- Kazakhstan: Added 57 tonnes
- Azerbaijan: Added 53.4 tonnes
- Brazil: Added 42.8 tonnes
- China: Added 26.8 tonnes
- Turkey: Added 25.8 tonnes
The WGC's 2026 Central Bank Gold Reserves Survey indicated that 89% of reserve managers anticipate continued growth in global central bank gold reserves over the next 12 months. Furthermore, 45% of respondents planned to increase their own institutions' gold holdings, with many citing gold's ability to protect against geopolitical risks as a primary motivator.
Leading Gold Holders (as of 2026)
The United States remains the largest official gold holder globally, with 8,133.46 tonnes, accounting for over 83% of its total reserves. Germany ranks second with 3,349.48 tonnes, followed by Italy, France, China, and Russia. India held 880.52 tonnes of gold as of May 2026, representing 18.4% of its total foreign exchange reserves.
Diversifying Storage and Future Outlook
Beyond increasing holdings, central banks are also evolving their gold storage practices. The WGC survey found that 9% of reserve managers had increased domestic gold storage capacity over the past year, while 10% diversified their overseas storage locations. The Bank of England remains a preferred overseas storage center for 57% of respondents.
The contrasting approaches of Canada and Norway underscore that there is no universal model for reserve management. While many central banks view gold as a crucial hedge against market volatility and uncertainty, these two nations continue to rely on portfolios centered on highly liquid financial assets, remaining notable exceptions in a period of strong official sector demand for gold.