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According to the first-quarter report of the World Gold Council, the United States held 8,134 tonnes (1.1 short tons) of gold, more than double the next two countries on the list.

Referring to the larger action by central banks, the organization wrote:

Russia and China – the two largest purchasers last year – continue to accumulate significant quantities of gold. Russia increased its gold reserves by 45.8t in the first quarter, 52% higher than the same period in 2015 (30.1t). And China purchased 35.1t between January-March, 14 adding to the 103.9t bought in H2 2015. Kazakhstan’s gold reserves increased in each of the first three months of 2016, extending the country’s impressive buying streak to 42 consecutive months. Conversely, selling activity remains contained. Although Canada sold 1.7t in Q1, notably reducing its gold reserves to a mere 68 ounces,15 this was part of a longer term policy initiated almost four decades ago.16 Malaysia (1.9t), Mozambique (1.9t) and Mongolia (1.3t) were the only other significant net sellers during the quarter.

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