It is a grim reality that both Euro and Dollar are in deep crisis. In this time of building tension when the value of money is waning down, it is imperative to hold a stringent control over gold reserves. While it is important to mention here that while some nations have the world's largest gold reserves, equal importance should be paid to the fact that some nations have control over production of mine gold. United States of America has the world's largest gold reserves. As per official figures available with World Gold Council, United Sates of America has 8,1335 metric tonnes of gold reserves. This is quite contrary to the gold reserve that International Monetary Fund (IMF) owns. As compared to the gold reserves of United States of America, IMF has 2,827.2 metric tonnes of gold reserves. The other countries that follow United States of America in terms of gold reserve are Germany, Italy, France, China, Switzerland, Russia, Japan, Netherlands and India. These gold holding figures are as per gold holdings that central banks in these countries have. In addition private holdings of gold are also available but the figures cannot be quoted, given the unreliable source of data in case of private gold holdings. It is equally important to mention here that over the last few years both China and Russia have significantly increased their gold reserves and it is only a matter of time before they pose a challenge to United States of America, when it comes to having the largest gold reserves. Infact, China could be the biggest competitor of United States of America in coming times as the figures for China are based on data that has been released by People's Bank of China. The official reserves for China could be much higher as what has been quoted by People's Bank of China (1,054.1 metric tons). China seems to be on a gold buying spree these days.A series of steps are being taken to increase the gold reserves as China wants to ensure that Gold replaces the Forex reserves in US dollars. IMF has recently announced that it is willing to sell off its 191 tonnes of Gold. The same would be sold in the open market. With United States of America showing no inclination in buying off this gold, China is mulling the idea of laying hands on this gold reserves. This will push up China's gold reserves and bring it a step closer of United States of America and China might become the biggest gold reserve possessor in coming times. In present times too, China is the biggest producer of gold and it would like to become the largest gold reserve owner too. As per estimates released by goldsheetlinks.com China produced 313.98 metric tonnes of gold in 2009. China was closely followed by Australia with gold production amounting to 227.00 metric tonnes. United States of America had to contend with the third slot with gold production amounting to 216.00 metric tonnes. However, United States of America continues to hold the largest gold reserves to the tune of 8,1335 metric tonnes and China will have to do some hard thinking to catch up with United States of America.