The UK has the 17th largest gold reserves in the world, but some of the EU’s key players make up the top 10.
A gold reserve is the gold held at a national central bank which acts as a guarantee to pay depositors, holders of paper money and trading partners.
It is critical for the economic stability of a country, acting as a reliable store of value, particularly during financial uncertainties.
Reserves are a hangover from the era of the gold standard, which was the basis for the international monetary system from the 1870s to the 1970s.
In this time, countries backed the value of their money by establishing a fixed exchange rate for gold. Each unit of currency had a corresponding value in gold and individuals could exchange their paper money for actual gold at this set rate.
According to the World Gold Council, the United States of America has the biggest gold reserve in the world with 8,133 metric tons.
It has nearly as many reserves as the combined total of the next three countries with the largest gold holdings: Germany, Italy, and France.
The UK comes in 17th, with 26 times less gold reserves than the USA – just 310 metric tons. It has the sixth largest gold reserves in western Europe, which is the region with the largest reserves overall.