The United States: Fort Knox and the World's Largest Gold Hoard
The United States holds 8,133 tonnes of gold — approximately 22% of all official gold held by central banks globally. The reserves are stored across three locations: the United States Bullion Depository at Fort Knox, Kentucky (4,580t); the United States Mint at West Point, New York (1,740t); and the Federal Reserve Bank of New York vault in Lower Manhattan (418t held for the US Treasury, plus approximately 6,000t held in custody for foreign central banks). Additional smaller amounts are held at the Denver and Philadelphia Mints.
Fort Knox, built in 1936, is one of the most secure facilities in the world. It has never been audited by an independent external party — the last official audit was conducted internally in 1953. This has generated periodic conspiracy theories, but the consensus among monetary economists is that the gold exists and is where it is said to be.
The US gold reserve represents 77.5% of total US foreign reserves — an extraordinarily high proportion for a country that has not been on the gold standard since 1971. Most other reserve currencies (euro, yuan, yen) are backed at 3–10% by gold. The US reserve is a legacy of the Bretton Woods era, when the dollar was explicitly backed by gold. Nixon closed the gold window in August 1971 — but the gold remained.
Canada: The Country That Sold Its Gold
Canada's decision to sell all of its gold reserves is one of the most controversial monetary policy decisions of the 21st century. Between 1980 and 2016, Canada systematically liquidated its entire gold holding — approximately 1,000 tonnes at peak — through a programme described by successive Finance Ministers as a “modernisation” of reserve management. The rationale: gold earns no interest, costs money to store, and is illiquid compared to treasury securities.
The timing was unfortunate. Canada sold most of its gold between 2001 and 2014, when gold prices were rising from $250/oz to $1,900/oz. The final bars were sold in early 2016 at approximately $1,200/oz. At today's price of $4,542/oz, Canada's former gold reserves would be worth approximately $145 billion. Canada currently holds $0 in gold.
Mexico: Producer Without Reserves
Mexico produces approximately 120 tonnes of gold per year — the world's 10th-largest producer — primarily from silver-gold polymetallic mines in Sonora, Chihuahua, Guerrero, and Zacatecas states. Yet its central bank holds only 120 tonnes in official reserves, representing just 3.6% of total foreign reserves.
This disconnect between production and holding is a common pattern in resource-exporting nations: the gold is extracted, sold internationally, and the dollar proceeds are invested in US Treasury securities. The country produces the commodity that the world's central banks are accumulating — and takes the cash instead.
North America's Gold Investment Culture
While Canada holds no official gold reserves, North American retail investors are among the world's most active gold buyers. The SPDR Gold Shares ETF (GLD), listed in New York and predominantly owned by US and Canadian investors, holds approximately 900 tonnes — more than most nation-states. IAU, GLDM, and PHYS add another 600+ tonnes of North American investor demand.
For the 2026 World Cup visitor — whether arriving in New York, Dallas, Los Angeles, Toronto, or Mexico City — gold is highly accessible. US coin shops, online dealers (APMEX, JM Bullion), and gold ETFs are available everywhere. Canada has no official gold but its citizens are among the world's most sophisticated gold ETF investors. Mexico City has a significant physical gold market. The tournament is hosted in three of the world's most gold-literate investment markets.