Canada and Norway Defy Global Trend on Gold Reserves

Canada and Norway are among two advanced economies that stand out for holding zero gold reserves in their central banks, despite a global trend of increasing demand. According to World Gold Council data, Poland was the largest official buyer of gold in 2025, adding 102 tonnes, followed by Kazakhstan (57 tonnes), Azerbaijan (53.4 tonnes), Brazil (42.8 tonnes), and China (26.8 tonnes).

The Bank of Canada has gradually sold all its bullion holdings over the past two decades, opting instead for highly liquid assets such as U.S. Treasury securities and other government bonds.

Norges Bank in Norway also holds no gold reserves, having sold nearly all its remaining stockpile in 2004. The country retains only seven gold bars and a small collection of coins for historical purposes.