Here Are 10 Countries Hoarding Enormous Piles Of Gold (GLD)

Central banks purchased 118 tonnes 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 says the central banks "currently do not have plans to sell significant amounts of gold," and that it will last for five 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 tonnes as of August 2014, according to the latest report from the World Gold Council.

Business Insider identified the 10 countries with the largest gold reserves.

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

10. India

Official gold holdings:
557.7 tonnes

Percent of foreign reserves in gold:
7.3%

Gold imports by India are expected to decline for the third year, while the Indian central bank is monitoring the imports. In June, the Reserve Bank of India relaxed loan rules that banks can sanction against the pledging of gold "where the end use is not for agricultural purposes."

The government has been trying to deter people from purchasing the precious metal. Gold imports have been blamed for the nation's high current account deficit. India's central bank governor Raghuram Rajan has previously said the country can pay off its debt in gold.

Source: World Gold Council

9. Netherlands

Official gold holdings:
612.5 tonnes

Percent of foreign reserves in gold:
54.3%

A large portion of the Netherlands' gold reserves are held in the U.S., and some are held in Canada and the U.K. About 10% is expected to be held in Amsterdam. Earlier this year the Netherlands wanted to repatriate its gold.

Source: World Gold Council

8. Japan

Official gold holdings:
765.2 tonnes

Percent of foreign reserves in gold:
2.5%

Japan's gold reserves were at just 6 tonnes in 1950, and its central bank registered its first serious jump in gold holdings in 1959, with purchases increasing by 169 tonnes from the previous year.

In 2011, the Bank of Japan sold gold to pump ¥20 trillion into the economy to calm investors after the tsunami and nuclear disaster.

Source: World Gold Council