Yearly central bank gold purchases since 2019.

Chart via the WGC.

A record 95 percent of respondents to the WGC survey stated their belief that central banks will continue to grow their holdings, with 5 percent suggesting they would hold at current levels. For the second year in a row, no respondents expected reserves to decrease.

The Council found that sentiment was consistent across advanced and emerging economies and reflected the strategic role of gold amid dynamic economic and geopolitical uncertainty.

1. United States

Gold reserves: 8,133.46 metric tons

When it comes to the largest gold depository in the world, the American central bank is number one with 8,133.46 metric tons of gold.

A large percentage of US gold is held in “deep storage” in Denver, Fort Knox and West Point. As the US Treasury explains, deep storage is “that portion of the US Government-owned gold bullion reserve which the Mint secures in sealed vaults that are examined annually by the Treasury Department’s Office of the Inspector General and consists primarily of gold bars.”

The rest of US-owned reserves are held as working stock, which the country’s mint uses as raw material to mint congressionally authorized coins.

2. Germany

Gold reserves: 3,350.3 metric tons

The Bundesbank, Germany’s central bank, currently owns 3,351.53 metric tons of gold. Like many of the central banks on this list, the German national bank stores a significant portion of its gold in foreign central banks.

Today, just over half of Germany’s gold holdings are stored within Frankfurt, while internationally 1,236 MT of gold is stored in the vaults of the New York Federal Reserve, and 12 percent of its holdings are in London.

The Bundesbank’s foreign gold reserves came into question in 2012, when the German Federal Court of Auditors, the Bundesrechnungshof, was openly critical of the Bundesbank’s gold auditing. The German bank issued a public statement defending the security of foreign banks. Privately, the Bundesbank then began the arduous process of repatriating some of its gold stock back to German soil. By 2016, more than 583 MT of gold had been transferred back to Germany.

The economic upheaval and geopolitical volatility brought about by US President Donald Trump’s tariff wars and adversarial posturing toward Europe has led to calls for Germany to consider further repatriating its gold, reported The Guardian in January 2026.

3. Italy

Gold reserves: 2,451.9 metric tons

Banca d’Italia, the national bank of Italy, holds 2,451.84 metric tons of gold. The central bank began amassing its gold in 1893, when three separate financial institutions merged into one. From there, its 78 MT of holdings slowly grew into the large gold reserves it holds today.

Like Germany, Italy stores parts of its reserves offshore. In total, 141.2 MT are located in the UK, 149.3 MT are in Switzerland and 1,061 MT are kept in the US Federal Reserve. Italy houses 1,100 MT of gold domestically.

4. France

Gold reserves: 2,437 metric tons

The Banque de France has 2,437 metric tons of gold reserves, all of which it keeps on hand. The precious metal is stored in the bank’s secure underground vault, dubbed La Souterraine, which is located 27 meters below street level.

La Souterraine’s gold vaults are one of the four designated gold depositories of the International Monetary Fund.

According to Investopedia, the collapse of the Bretton Woods gold standard system was in part due to former French President Charles de Gaulle, who “called the U.S. bluff and began actually trading dollars in for gold from the Fort Knox reserves.” At the time, US President Richard Nixon “was forced to take the U.S. off the gold standard, ending the dollar’s automatic convertibility into gold.”

5. Russia

Gold reserves: 2,326.5 metric tons

The Bank of Russia is the official central bank of the Russian Federation and owns 2,332.74 metric tons of gold. Like France, Russia’s central bank has opted to store all its physical gold domestically. The Bank of Russia stores two-thirds of its gold reserves in a bank building in Moscow, and the remaining one-third in Saint Petersburg.

The majority of the yellow metal is in the form of large, variable-weight standard gold bars weighing between 10 and 14 kilograms. There are also smaller bars on site weighing as much as 1 kilogram each.

Russia, which is the second largest gold producer by country, has been a steady purchaser of the precious metal since roughly 2007, with sales ramping up significantly between 2015 and 2020. However, Russia’s refineries were banned from selling gold bullion into the London market following the country’s invasion of Ukraine. Sanctions by the west also include a freeze on about half of Russia’s gold reserves.

In early 2022, Russia tied its currency, the ruble, to the yellow metal. ‘The plan was to shift the currency away from a pegged value and into the gold standard itself so the ruble would become a credible gold substitute at a fixed rate,’ according to Robert Huish, an Associate Professor in International Development Studies at Dalhousie University.

6. China

Gold reserves: 2,306.3 metric tons

The central bank for Mainland China is the People’s Bank of China (PBoC), located in Beijing. According to the WGC, the national financial institute stores 2,279.56 metric tons of gold, most which has been purchased since 2000. In 2001, the PBoC had 400 MT of gold in reserve, but in just a little more than two decades that total has climbed by 459 percent.

The PBoC issues the Panda gold coin, which was first created in 1982. The Panda coin is now one of the top five bullion coins issued by a central bank. It is among the ranks of the American Eagle, Canadian Maple Leaf, South African Krugerrand and Australian Gold Nugget.

The PBoC was one of the top gold buyers of the world’s central banks for 2024 and 2025, purchasing 44 MT and 27 MT of gold during the years respectively. April 2024 marked the 18th consecutive month of gold buying for China’s central bank, which paused its purchases afterward until picking them up again in November. As of January 2026, it has purchased gold for a further 15 consecutive months.

7. Switzerland

Gold reserves: 1,039.9 metric tons

The Swiss National Bank (SNB) holds the seventh largest central bank gold reserves. Its 1,039.94 metric tons of gold are owned by the state of Switzerland, but the central bank manages and maintains the reserve. The Swiss constitution allows the SNB to buy and sell gold with market trends, but it is not required to report the sales.

After years of opaqueness regarding the country’s golden treasure trove and increased selling in 2011 as prices rose, the Swiss Gold Initiative was launched in 2011.

The initiative called for an amendment to the constitution to add three new points to it. The first was a mandate for all reserve gold to be held physically in Switzerland. The other two dealt with the central bank’s ability to sell its gold reserves, along with a decree that 20 percent of the Swiss bank’s assets be held in gold.

This culminated in a national referendum in 2014 that failed to reach a majority of votes. However, the public conversation did prompt the bank to be more transparent.

According to a 2013 release, the central bank reported that 70 percent of its gold reserve was held domestically, 20 percent was located at the Bank of England and 10 percent was stored with the Bank of Canada.

8. India

Gold reserves: 880.2 metric tons

The Reserve Bank of India is another central bank that has fervently acted to increase its holdings in recent years. It began adding to its gold assets in 2017; however, the majority of its purchases have taken place in the past four years.

Strikingly, after India’s central bank purchased 16 MT of gold in 2023, the institution scooped up another 72 MT of the precious metal in 2024. However, its 2025 purchases totaled just 4 MT, its lowest in eight years.

While more than half of its gold is held overseas in safe custody with the Bank of England and the Bank of International Settlements, about a third of its gold is held domestically. In June 2024, India repatriated 100 MT of gold from the United Kingdom. This was the first time since 1991 that the Reserve Bank of India moved its overseas gold holdings back home.

9. Japan

Gold reserves: 846 metric tons

The Bank of Japan currently holds 846 metric tons of gold. Public information about the Bank of Japan’s gold reserves is hard to come by.

In 2000, the island nation was holding approximately 753 MT of the yellow metal, and by 2004, the Bank of Japan’s gold store had grown to 765.2 MT. Its gold reserves remained at that level until March 2021, when the country purchased 80.76 MT of gold, bringing it to its current total.

10. Turkey

Gold reserves: 613.7 metric tons

The Central Bank of Turkey holds 613.7 metric tons of gold. Turkey has been a consistent gold buyer over the past several years, with its central bank adding 75 MT to its holdings in 2024. While the pace of the country’s buying slowed in 2025, the country accumulated another 27 metric tons through the end of November, making it the year’s fifth-largest gold buyer.

*11. International Monetary Fund

Gold reserves: 2,814 metric tons

The gold reserve held by the International Monetary Fund is the third largest in terms of size at 2,814 metric tons. The large gold reserve was amassed primarily during the founding of the international organization in 1944.

In that inaugural year, it was decided that “25 percent of initial quota subscriptions and subsequent quota increases were to be paid in gold.”

Since 1944, the International Monetary Fund has added gold through the repayment of debts owed by member countries. Nations can also exchange gold for another member country’s currency.

Silverco Mining (TSXV:SICO) is a production-stage silver company targeting opportunities in Mexico’s Sierra Madre Occidental belt. Its primary technical focus is optimizing the wholly owned Cusi Mining Complex in Chihuahua, an 11,665-hectare district-scale property. The site benefits from established, institutional-quality infrastructure—such as direct access to the national power grid and paved roads—significantly lowering the capital requirements for restarting operations.

The company is undertaking a definitive transition toward mid-tier producer status through a binding agreement to acquire Nuevo Silver. This deal gives Silverco control of the La Negra mine in Querétaro, a currently producing asset that delivers immediate top-line revenue. By pairing the near-term restart of the Cusi 1,200 tpd mill with ongoing production at La Negra, Silverco is effectively bypassing the multi-year development cycle typically faced by junior miners.

This “buy-and-build” strategy is driven by a technical team with specialized expertise in Mexican epithermal vein systems and complex underground mine engineering, positioning the company to accelerate growth while maintaining operational discipline.

Company Highlights

• The $62.5 million upsized bought deal financing (closing Q1 2026) and Eric Sprott’s $10 million lead order provide cornerstone validation from a legendary mining investor and the necessary liquidity to fast-track production restarts.
• The updated Mineral Resource Estimate of 41.2 million ounces of silver equivalent (AgEq) in the Measured and Indicated category establishes a high-confidence geological foundation at Cusi, supporting long-term mine planning.
• The dual-track growth strategy involving the Cusi restart and the Nuevo Silver/La Negra acquisition provides immediate production scale and a diversified cash-flow profile across two distinct Mexican mining jurisdictions.
• Pure-play silver exposure with significant de-risking is achieved via the 1,200 tonne-per-day (tpd) Cusi mill, which was producing as recently as 2023, ensuring that surface infrastructure is ‘warm’ and capable of a rapid return to service.
• Imminent exploration catalysts exist following the completion of a 15,000-metre drill program at Cusi; results are currently pending and are expected to define high-grade extensions at the San Miguel vein.

This Silverco Mining profile is part of a paid investor education campaign.*

Click here to connect with Silverco Mining (TSXV:SICO) to receive an Investor Presentation

1. Wheaton Precious Metals (TSX:WPM,NYSE:WPM)

TSX market cap: C$88.43 billion
NYSE market cap: US$64.53 billion

Wheaton Precious Metals is the world’s biggest precious metals streaming company.

Its business model involves making upfront payments to precious metals companies in order to gain the right to purchase all or a portion of their metal production at a low, fixed cost. Investors benefit from gaining exposure to a wide range of precious metals companies operating in politically stable jurisdictions, while reducing the risk associated with investing in individual mining stocks. The company pays a quarterly dividend.

Wheaton currently has streaming agreements in place for 23 operating mines and 25 development-stage projects across five continents. This includes investments in Newmont’s (NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico, Sibanye Stillwater’s (NYSE:SBSW) Stillwater and East Boulder mines in Montana, US, and Glencore’s (LSE:GLEN,OTCPL:GLCNF) Antamina silver mine in Peru.

2. Pan American Silver (TSX:PAAS,NASDAQ:PAAS)

TSX market cap: C$33.3 billion
NASDAQ market cap: US$23.67 billion

Pan American Silver holds interest in five silver-producing mines located in four Latin American countries.

This includes its three wholly owned mines: Huaron in Peru, Cerro Moro in Argentina and La Colorada in Mexico — its largest silver-producing asset. The company also holds a 95 percent interest in the San Vicente mine in Bolivia and a 44 percent stake in the Juanicipio mine in Mexico, operated by Fresnillo (LSE:FRES,OTCPL:FNLPF). Pan American’s gold-producing segment includes its second largest silver mine by production, the El Peñon gold-silver mine in Chile.

Ranked among the world’s largest primary silver producers, Pan American’s 2025 silver production total came in at 22.8 million ounces, alongside 742,200 ounces of gold. It’s set its silver production guidance for 2026 to between 25 million and 27 million ounces, white its expected gold production for the year is 700,000 to 750,000 ounces.

3. Industrias Penoles (OTCPL:IPOAF)

OTC market cap: US$26.14 billion

Founded in 1887, Mexico-based Industrias Peñoles is a vertically integrated metals company and a global leader in refined silver production. The company holds a majority stake in Fresnillo, the world’s leading primary silver producer.

Industrias Peñoles is also a top producer of refined gold and lead in Latin America, and one of the world’s leading producers of refined zinc and sodium sulfate. Its mining portfolio includes the Sabinas mine in Zacatecas, the Tizapa mine in Zacazonapan and the Velardeña mine in Durango. In the first half of 2025, Industrias Peñoles’ overall silver production from its mining operations came in at 30.3 million ounces of the metal.

4. AbraSilver Resource (TSXV:ABRA,OTCQX:ABBRF)

TSXV market cap: C$2.15 billion
OTC market cap: US$1.57 billion

Canadian junior Abrasilver Resource’s wholly owned flagship asset is the advanced-stage Diablillos silver-gold project in Salta, Argentina. It hosts five significant deposits: Oculto, JAC, Fantasma, Laderas and Sombra.

In December 2024, the company published an updated prefeasibility study for Diablillos, outlining a net present value (NPV) of US$747 million after tax at a 5 percent discount, as well as a 27.6 percent internal rate of return (IRR) and a two year payback period. An updated mineral resource estimate from July 2025 totals approximately 199 million ounces of silver and 1.72 million ounces of gold in the measured and indicated category.

Abrasilver has been busy expanding the upside potential at Diablillos via a Phase 6 drill program. The 15,000 meter campaign is aimed at extensions across various exploration targets. Results coming in from previous campaigns continue to demonstrate the potential for identifying gold and silver resources outside of the current resource estimate.

5. Vizsla Silver (TSXV:VZLA,NYSEAMERICAN:VZLA)

TSX market cap: C$1.73 billion
NYSEAMERICAN market cap: US$1.25 billion

Vizsla Silver is advancing toward production at its Panuco silver-gold project in Sinaloa, Mexico. Its expected to reach first silver production in the second half of 2027. In May 2025, the company acquired the producing Santa Fe silver-gold mine and property located to the south of Panuco. Production at the mine between 2020 and 2024 amounted to 370,366 metric tons of ore, with an average head grade of 203 grams per metric ton (g/t) silver and 2.17 g/t gold.

At Panuco, Vizsla completed a feasibility study in November 2025, outlining over 17.4 million ounces of silver equivalent production annually over an initial 9.4 year mine life, an after-tax NPV of US$1.8 billion at a 5 percent discount, an 111 percent IRR and a seven month payback at US$35.50 silver and US$3,100 per ounce gold.

The company has several upcoming catalysts for 2026. In the first half of the year, management is focused on completing detailed engineering, underground drilling, geophysical surveys and optimization work in order to make a construction decision in the second half of 2026 once permits are received. Throughout 2026, Vizsla is expecting to conduct 60,000 meters of diamond drilling across the Panuco district. A fifth phase of metallurgical testwork to optimize silver and gold recoveries using material from a 10,000 tonne bulk sample program is also planned.

After the interview with Rule took place, 10 workers were abducted from Panuco. Mexican authorities have since recovered 10 bodies as part of an investigation into the incident, with five being identified as Vizsla workers. The company has suspended operations at the site, although engineering-based remote work continues.

Silver supply in 2026

On the supply side, total global silver output is forecast to increase by 1.5 percent in 2026 to 1.05 billion ounces, the highest level in a decade. Mine production is expected to edge up 1 percent to 820 million ounces, supported by stronger output from existing operations and newly commissioned projects.

Mexico is forecast to deliver much of the growth from primary silver mines. In China, higher output is expected from China Gold International Resources’ (TSX:CGG,OTCPL:JINFF) Jiama polymetallic mine as expansion continues.

Canada is projected to see gains from projects such as Hecla Mining’s (NYSE:HL) Keno Hill and New Gold’s (TSX:NGD,NYSEAMERICAN:NGD) New Afton, which is being acquired by Coeur Mining (NYSE:CDE). Morocco’s Zgounder mine is also ramping up production, while Peru is expected to record declines at certain operations.

By-product silver from primary gold mines is forecast to increase. Contributions are expected from Barrick Mining’s (TSX:ABX,NYSE:B) Pueblo Viejo in the Dominican Republic, Gold Fields’ (NYSE:GFI) Salares Norte in Chile and the Nezhda project in Russia, owned by SolidCore (formerly Polymetal International).

Output from primary silver mines is expected to remain largely flat, accounting for 28 percent of total mine supply.

Silver recycling supply is projected to rise 7 percent, exceeding 200 million ounces for the first time since 2012, as elevated price levels encourage scrap flows, particularly from silverware.

Although the silver price has cooled since this year’s highs, the Institute notes that it’s established technical support and remains underpinned by tight physical supply and ongoing macroeconomic uncertainty.

Many forces that drove silver in 2025 remain in place. Constrained physical availability in London, geopolitical tensions, US policy uncertainty and concerns about the US Federal Reserve’s independence continue to provide support.

Silver demand in 2026

On the demand side, total global silver consumption is forecast to remain broadly flat in 2026. Gains in physical investment are expected to offset weakness in jewelry, silverware and some industrial segments.

Meanwhile, industrial fabrication, the largest component of silver demand, is projected to decline by 2 percent to around 650 million ounces, marking a four year low.

As in 2025, the drag is seen coming primarily from the photovoltaic (PV) sector.

Although solar installations worldwide are expected to continue expanding, manufacturers are reducing silver use per panel through thrifting and substitution, resulting in lower silver demand from PV applications.

Other industrial uses offer partial relief. Growth in data centers, artificial intelligence technologies and automotive electronics is expected to sustain silver consumption across several end uses, mitigating some of the PV losses.

Consumer demand, however, remains under pressure from record-high prices. Jewelry demand is forecast to fall more than 9 percent to 178 million ounces, marking the lowest level since 2020.

In contrast, physical investment demand is set to strengthen considerably.

The Institute projects a 20 percent rise to a three year high in physical investment to 227 million ounces.

After three consecutive annual declines, western retail demand is expected to rebound as investors respond to silver’s price momentum and persistent macroeconomic risks.

Exchange-traded product holdings currently stand at an estimated 1.31 billion ounces, and coin and bar demand has firmed in recent months. As of February 9, the silver price was up 11 percent year-to-date.

Silver deficit to persist

Even with higher supply and recycling, the silver deficit is set to persist. The Institute notes that the global silver market will continue to rely on the drawdown of aboveground bullion inventories to bridge the gap.

While volatility is likely to continue, the Institute forecasts that strength in gold and sustained physical tightness may help cushion risks for silver as it navigates another year defined by deficit and demand.