Here Are 10 Countries Hoarding Enormous Piles Of Gold

Central banks purchased 118 tones in net gold in Q2 2014, representing a 28% year-over-year increase, according to The World Gold Council.

In May 2014, the European Central Bank and other European central banks signed the fourth Central Bank Gold Agreement (CBGA). The agreement states that the central banks "currently do not have plans to sell significant amounts of gold", and it will last for 5 years starting in the end of September 2014.

Country-wise, Russia saw a major increase in official reserves since February 2014, moving its place up two spots in the ranking.

Global official gold holdings totaled 31,812.0 tonnes as of August 2014, according to the latest report from the World Gold Council.

Business Insider identified the ten countries with the largest gold reserves.

Note: CBGA refers to the Central Bank Gold Agreements. The first Agreement (CBGA 1) ran from September 27, 1999 to September 26, 2004. The second Agreement (CBGA 2) ran from September 27, 2004 to September 26, 2009. The third Agreement (CBGA 3) will run for five years from September 2009.