russia gold, medvedev looking at gold
Image: AP Images
Gold has been plummeting today, and is currently trading below the $1,600 per ounce level.  It's well off its 52-week high of $1,916.20.
In the 1990s, when gold fell to $252 per ounce, central banks began dumping gold.  The ECB eventually issued a statement on the behalf of 15 central banks pledging that annual sales be capped -- that Central Bank Gold Agreement will expire in 2014.
But this year, central banks became net buyers of gold, according to a World Gold Council report. Purchases are at a 40-year high, and rose to 148.4 tonnes in the third quarter, with most of the demand driven by emerging markets.
We put together a list of the countries with the biggest official gold holdings, as reported by the World Gold Council, that are being hit by gold's dramatic fall.
10 Countries That Have Been Getting Crushed In The Latest Gold Collapse

#10 India

#10 India
Reserve Bank of India, Mumbai
Image: Wikimedia Commons
Official gold holdings: 557.7 tonnes
Percent of reserves: 9.0%
India's gold reserves climbed to $28.05 billion,
 but the country's central bank gold holdings lag those of major economies. 
The RBI is known to buy IMF gold and considers gold to be a safe investment,
 but rarely comments on its plans to buy gold.

#9 Netherlands

#9 Netherlands
De Nederlandsche Bank, Amsterdam
Image: Wikimedia Commons
Official gold holdings: 612.5 tonnes
Percent of reserves: 61.0%
Between 1991 - 2011 the Dutch National Bank (DNB) has sold 1,100 tones of gold.
 But a spokesman for the bank said it stopped loaning out gold in 2008. 
The bank considers gold to be "the ultimate reserve and anchor of trust in times of financial crisis,"
 according to Zero Hedge, and holds it for diversification purposes. 
Nout Wellink, president of the Dutch central bank has previously said that the DNB doesn't intend to sell gold.

#8 Japan

#8 Japan
Bank of Japan, Chuo, Tokyo
Image: Wikimedia Commons
Official gold holdings: 765.2 tonnes
Percent of reserves: 3.3%
Earlier this year, the Bank of Japan sold gold
 to pump ¥20 trillion into the economy to calm investors after the tsunami
 and resulting nuclear disaster in Japan.
 Meanwhile, the country's gold exports (which include private exports) 
are expected to reach 100 metric tonnes in 2011.

#7 Russia

#7 Russia
Bank of Russia, Moscow
Image: Wikimedia Commons
Official gold holdings: 851.5 tonnes
Percent of reserves: 8.6%
The Bank of Russia bought 15 tons of gold in third quarter, part of a long-term plan to accumulate gold.
 It has however been buying from the domestic market.

#6 Switzerland

#6 Switzerland
Swiss National Bank, Bern
Image: Wikimedia Commons
Official gold holdings: 1,040.1 tonnes
Percent of reserves: 14.3%
Between 2000 - 2005 the Swiss National Bank sold 1,300 tonnes of gold
 which was in part tied to the launch of the euro. 
In 2010, its gold reserves reached a quarter of its total reserves.



#5 China

#5 China
People's Bank of China, Beijing
Image: Wikimedia Commons
Official gold holdings: 1,054.1 tonnes
Percent of reserves: 1.7%
The People's Bank of China is looking to buy more gold as
 it looks to hedge itself against property bubbles, inflation, 
and currencies like the euro and dollar.
 China buys gold from its domestic market but doesn't always immediately put it towards its reserves.

#4 France

#4 France
Banque de France, Paris
Image: Wikimedia Commons
Official gold holdings: 2,435.4 tonnes
Percent of reserves: 71.0%
France is in a pact with other European central banks to limit gold sales. 
The 19 signatories sold nearly 10 tonnes of gold
 in the first year of their new agreement (Sept. 2009 - Sept. 2010).

#3 Italy

#3 Italy
Banca d'Italia, Rome
Image: Wikimedia Commons
Official gold holdings: 2,451.8 tonnes
Percent of reserves: 72.2%
Italy's gold holdings are one-tenth of the estimated total bailout it would need.
 Earlier this year Italian banks were looking to the Bank of Italy
 to buy gold and bolster their balance sheets ahead of stress tests.

#2 Germany

#2 Germany
Image: Wikimedia Commons
Official gold holdings: 3,401.0 tonnes
Percent of reserves: 72.6%
 according to the IMF. 
The gold was sold to the ministry of finance to mint commemorative coins. 
Germany has denied reports that European officials will use their gold holdings to boost the EFSF.

#1 United States

#1 United States
Federal Reserve Eccles Building, Washington D.C.
Image: Wikimedia Commons
Official gold holdings: 8,133.5 tonnes
Percent of reserves: 75.5%
Central bankers around the world may be reacting to the weakness of the dollar with their gold purchases.