Ranked! The Power Index
Italy holds more gold than China. The top of this ranking hasn't changed since 1971.
Monday · July 13, 2026
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The Power Index

Today's Ranking

The 10 Largest Gold Reserves in the World

Gold is trading above $4,100 an ounce. Central banks bought 244 tonnes in Q1 2026 alone. The ranking of who holds the most hasn't meaningfully changed since the collapse of Bretton Woods in 1971. That tells a story worth reading.

1 United States
 
8,133.5
2 Germany
   
3,350.3
3 Italy
   
2,451.8
4 France
   
2,437.0
5 Russia
   
2,317.2
6 China
   
2,307.5
7 Switzerland
   
1,039.9
8 India
   
880.3
9 Japan
   
846.0
10 Netherlands
   
612.5
Gold · #1    2,000+ tonnes    Below 2,000

Values in metric tonnes of official monetary gold.

For Comparison
Turkey 578t   |   Poland 550t   |   ECB 507t   |   Saudi Arabia 323t   |   UK 310t

Source: World Gold Council / IMF IFS, December 2025 edition (updated February–March 2026). Official monetary gold, metric tonnes.

Why Donald’s “Trump card” could be his biggest move yet

They impeached him. Twice. They indicted him. They raided his home. They tried to remove him from the ballot. Someone even tried to take his life.

Every single time, he found a way.

Now he's facing something bigger than all of that. A $38 trillion debt bomb. 

Interest payments crossing a trillion a year. Markets swinging wildly. A war in the Middle East. And an economy that 63% of Americans say is headed in the wrong direction.

The talking heads say there's no way out. The math is impossible. The hole is too deep.

But 45 has always had a "Trump card" nobody saw coming.

And right now, there's one move he can make that doesn't require Congress. Doesn't require a vote. Doesn't add a single penny to the debt.

One executive order that could add over $1 trillion to the government's balance sheet overnight and potentially create a wave of new American millionaires in the process.

It's not a theory. The legal authority already exists. A president used it before in 1934. The legislation is in Congress right now. And his own Treasury Secretary has hinted at it publicly.

We put together a free report called "The Great Gold Reset" that breaks down the entire play.

Inside you'll discover:

→ The one executive action Trump can take that could reshape the economy overnight, without Congress

→ The $1.2 trillion accounting error the government has ignored for 50 years, and why it can't be ignored much longer

→ The 1934 precedent that shows exactly what happens when a president plays this card, and how it created generational wealth

→ The "IRA Loophole" that lets everyday Americans get positioned in about 15 minutes, tax-free and penalty-free

→ The midterm pressure that could force Trump's hand before November, and why analysts say the timeline is accelerating

They've thrown everything at this man. Nothing has stopped him.

And if he plays this final card, the Americans who saw it coming won't just be protected. They could be set for life.

What's Surprising

Italy has 59 million people and 2,452 tonnes of gold. China has 1.4 billion people and 2,308 tonnes. Per person, Italy holds 42 grams. China holds 1.6. That is a 26-to-1 ratio between the world's 8th-largest economy and its 2nd-largest.

The cause is Bretton Woods. After 1944, the dollar was pegged to gold, and the US and its Western European allies accumulated reserves at scale. When the system collapsed in 1971, those countries kept the gold. They've barely touched it since. The top four — the US, Germany, Italy, France — hold a combined 16,373 tonnes. That's about 45% of all official gold on Earth, and none of them have actively bought a single tonne in years.

The gap between #1 and #2 is equally striking. The United States holds 2.4 times more gold than Germany — more than Germany and Italy combined. No other major reserve ranking has this kind of dominance at the top. At today's market price, the US hoard is worth roughly $1.1 trillion. On the Treasury's books, it is valued at $42.22 per ounce — the statutory price set in 1973. Book value: around $11 billion. The gap between those two numbers is one of the largest unrealized gains on any government balance sheet in the world.

What's Not Surprising

The real action is happening below the top 10. In February 2022, Western governments froze roughly $300 billion in Russian central bank reserves. That single event rewired how dozens of countries think about reserve safety. Gold in a sovereign vault cannot be frozen by a foreign government. That property went from theoretical to operational overnight.

Central banks bought 1,082 tonnes in 2022 — a 55-year record. They bought 1,037 in 2023. In Q1 2026, another 244 tonnes. The buying has not stopped.

Poland is the clearest example. In 2018, it held 103 tonnes. By Q1 2026, it held 550. In January 2026, the National Bank of Poland formally adopted a target of 700 tonnes. That would place it in the top 10. Meanwhile, Russia — which spent 17 years buying — is now selling from its National Wealth Fund to maintain liquidity under sanctions. The old buyers are holding. The new buyers are accelerating.

Five Numbers Worth Remembering

$1.1 trillion

Market value of America's 8,133.5 tonnes of gold at current prices. On the government's books: $11 billion.

 

117 grams

Switzerland's gold per person — the highest in the world. And that's after it sold about 60% of its gold reserves between 1999 and 2008.

 

8.6%

China's gold as a share of total reserves. The US: 84%. China has the tonnes but not the concentration. That gap explains the buying.

 

434%

Poland's increase in gold reserves since 2018. From 103 tonnes to 550. Target: 700. No Western central bank has moved this fast.

 

1,082 tonnes

Central bank gold purchases in 2022 — the highest annual total in more than five decades. The trigger: $300 billion in frozen Russian reserves.

The Bottom Line

Italy has 59 million people and more gold than China. The top of this list is frozen in 1971. The bottom is where the race is on.

What to Watch

Poland's 700-tonne target. At its current buying pace — 82 tonnes in the first half of 2026 — it could reach that goal before year-end, which would push it into the top 10 and bump the Netherlands out. The World Gold Council publishes its Q2 2026 demand report later this month. China's disclosed buying has continued for 20 straight months, but the real question is how much is undisclosed. We'll be watching.

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