Oct 9, 2012
10 countries sitting on gigantic piles of gold
Gold prices have been supported by central bank gold purchases.
According to the World Gold Council (WGC), global central banks bought 157.5 tonnes of gold in the second quarter, up 63 percent quarter-over-quarter and up 137.9 percent year-over-year.
In fact, there is a school of thought that suggests euro zone members use gold as collateral for sovereign debt issuance to keep bond yields.
We put together a list of the countries with the biggest official gold holdings as reported by the WGC last week. We also included the percent of their foreign reserves they have in gold.
#10 India
Official gold holdings: 557.7 tonnes
Percent of foreign reserves in gold: 10.0%
#9 Netherlands
Official gold holdings: 612.5 tonnes
Percent of foreign reserves in gold: 59.8%
#8 Japan
Official gold holdings: 765.2 tonnes
Percent of foreign reserves in gold: 3.2%
#7 Russia
Official gold holdings: 936.7 tonnes
Percent of foreign reserves in gold: 9.6%
Russia has been building its gold reserves since 2006 to diversify its Forex reserves, and to help build the ruble as an international reserve currency. The central bank typically buys gold from the domestic market and increased purchases in September.
#6 Switzerland
Official gold holdings: 1,040.1 tonnes
Percent of foreign reserves in gold: 11.5%
#5 China
Official gold holdings: 1,054.1 tonnes
Percent of foreign reserves in gold: 1.7%
#4 France
Official gold holdings: 2,435.4 tonnes
Percent of foreign reserves in gold: 71.6%
#3 Italy
Official gold holdings: 2,451.8 tonnes
Percent of foreign reserves in gold: 72.0%
#2 Germany
Official gold holdings: 3,395.5 tonnes
Percent of foreign reserves in gold: 72.4%
#1 United States
Official gold holdings: 8,133.5 tonnes
Percent of foreign reserves in gold: 75.4%
10 countries sitting on gigantic piles of gold
Gold prices have been supported by central bank gold purchases.
According to the World Gold Council (WGC), global central banks bought 157.5 tonnes of gold in the second quarter, up 63 percent quarter-over-quarter and up 137.9 percent year-over-year.
In fact, there is a school of thought that suggests euro zone members use gold as collateral for sovereign debt issuance to keep bond yields.
We put together a list of the countries with the biggest official gold holdings as reported by the WGC last week. We also included the percent of their foreign reserves they have in gold.
#10 India
Official gold holdings: 557.7 tonnes
Percent of foreign reserves in gold: 10.0%
#9 Netherlands
Official gold holdings: 612.5 tonnes
Percent of foreign reserves in gold: 59.8%
#8 Japan
Official gold holdings: 765.2 tonnes
Percent of foreign reserves in gold: 3.2%
#7 Russia
Official gold holdings: 936.7 tonnes
Percent of foreign reserves in gold: 9.6%
Russia has been building its gold reserves since 2006 to diversify its Forex reserves, and to help build the ruble as an international reserve currency. The central bank typically buys gold from the domestic market and increased purchases in September.
#6 Switzerland
Official gold holdings: 1,040.1 tonnes
Percent of foreign reserves in gold: 11.5%
#5 China
Official gold holdings: 1,054.1 tonnes
Percent of foreign reserves in gold: 1.7%
#4 France
Official gold holdings: 2,435.4 tonnes
Percent of foreign reserves in gold: 71.6%
#3 Italy
Official gold holdings: 2,451.8 tonnes
Percent of foreign reserves in gold: 72.0%
#2 Germany
Official gold holdings: 3,395.5 tonnes
Percent of foreign reserves in gold: 72.4%
#1 United States
Official gold holdings: 8,133.5 tonnes
Percent of foreign reserves in gold: 75.4%
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