Why Canada and Norway hold zero gold reserves despite global central bank buying

Gold has become an increasingly important reserve asset for central banks worldwide, with many countries adding to their bullion holdings amid geopolitical tensions, inflation concerns and economic uncertainty. Yet, despite the global buying spree, two advanced economies—Canada and Norway—stand out for taking a very different approach. Both countries officially hold zero gold in their central bank reserves.

Their strategy contrasts with a broader trend highlighted by the World Gold Council's (WGC) 2026 Central Bank Gold Reserves Survey, which found that 89% of reserve managers expect global central bank gold reserves to continue growing over the next 12 months. Additionally, 45% of respondents said their own institutions plan to increase gold holdings, with many identifying gold's ability to protect against geopolitical risks as a key reason for buying more of the precious metal.

Canada: A major gold producer

Canada's position is particularly unusual because it is one of the world's largest gold-producing countries. Despite its significant mining industry, the Bank of Canada reports zero tonnes of gold as part of its official international reserves.

The country's central bank gradually sold all of its bullion holdings over the past two decades. Instead of maintaining gold reserves, Canada opted to hold highly liquid assets such as U.S. Treasury securities and other government bonds.

Former Bank of Canada Deputy Governor Timothy Lane had explained that gold no longer fit the country's "asset-matching framework," reflecting the central bank's view that interest-bearing, highly liquid assets are better suited for reserve management than bullion.

Norway's historical exit from gold

Norway is another notable exception.

During the Second World War, Norges Bank transferred around 50 tonnes of gold to the United Kingdom and the United States to safeguard the country's wealth while the Norwegian government operated in exile. Following the war, part of the stockpile was returned.

However, in 2004, Norges Bank sold nearly all of its remaining gold reserves. Today, it retains only seven gold bars and a small collection of coins for historical and exhibition purposes, while officially reporting zero tonnes of gold in its reserves.

Most central banks are moving the other way

The approaches adopted by Canada and Norway differ sharply from those of most central banks.

According to BestBrokers' analysis based on World Gold Council data, Poland emerged as the largest official buyer of gold in 2025, adding 102 tonnes to its reserves. It was followed by Kazakhstan (57 tonnes), Azerbaijan (53.4 tonnes), Brazil (42.8 tonnes), China (26.8 tonnes) and Turkey (25.8 tonnes), highlighting the continued appetite for bullion among monetary authorities.

The United States remains the world's largest official gold holder with 8,133.46 tonnes, accounting for more than 83% of its total reserves. Germany ranks second with 3,349.48 tonnes, followed by Italy, France, China and Russia. India held 880.52 tonnes of gold as of May 2026, representing 18.4% of its total foreign exchange reserves.

Top Central Bank Gold Holders vs Countries With Zero Gold Reserves (2026)

Country	Gold Holdings (Tonnes)	Share of Total Reserves	Gold Per Capita (grams)
United States	8,133.46	83.1%	23.30
Germany	3,349.48	82.8%	40.04
Italy	2,451.83	79.1%	41.61
France	2,436.97	80.5%	36.51
China	2,331.50	8.8%	1.65
Russia	2,292.31	44.4%	15.99
India	880.52	18.4%	0.60
Canada	0.00	0%	0.00
Norway	0.00	0%	0.00

Beyond buying more gold, central banks are also changing how they store it. The WGC survey found that 9% of reserve managers have increased domestic gold storage capacity over the past year, while 10% have diversified their overseas storage locations. The Bank of England remains the preferred overseas storage centre, chosen by 57% of respondents, while 49% also maintain domestic storage facilities.

The contrasting strategies underline that there is no single model for reserve management. While a growing number of central banks view gold as an important hedge against geopolitical uncertainty, inflation and financial market volatility, Canada and Norway continue to rely on portfolios centred on liquid financial assets rather than bullion. Their decisions remain exceptions at a time when official sector demand for gold is expected to stay strong.