Canada and Norway Buck Global Trend with Zero Gold Reserves

Canada and Norway are two advanced economies that stand out for not holding any gold reserves in their central banks, despite the global trend of central banks adding to their bullion holdings amid geopolitical tensions, inflation concerns, and economic uncertainty.

The World Gold Council's (WGC) 2026 Central Bank Gold Reserves Survey found that 89% of reserve managers expect global central bank gold reserves to continue growing over the next 12 months, with 45% planning to increase their own institutions' gold holdings. However, Canada and Norway have opted for a different approach.

Canada, one of the world's largest gold-producing countries, has been gradually selling its bullion holdings over the past two decades. The Bank of Canada reports zero tonnes of gold as part of its official international reserves, instead holding highly liquid assets such as U.S. Treasury securities and other government bonds.

Norway also sold nearly all of its remaining gold reserves in 2004, retaining only seven gold bars and a small collection of coins for historical and exhibition purposes. Both countries' approaches contrast with the views of most central banks, which are moving towards increasing their gold holdings to protect against geopolitical risks.