Several Countries Increasing Their National Gold Reserves

The World Gold Council released a report showing that several of the wold’s largest nations are in the process of increasing their national gold reserves in 2014. The increases occurred mainly in the second quarter of this year and came on the heels of an announcement that the European Central Bank and various related European banks penned their 4th Central Bank Gold Agreement, in which they pledged to refrain from selling any significant amounts of gold. The contract is binding for the next five years and is slated to go into effect at the end of this month.

several countries are increasing gold reserves
Russia has been one of the largest players in the gold market so far in 2014, now holding 1,097 tonnes of gold which accounts for nearly 10% of their foreign reserves, putting them in 5th place overall in terms of nations with the largest gold holdings. India came in 10th place in the rankings with 557 tons of gold, reflecting 7.3% of their foreign reserve wealth.

The Netherlands are just above Russia in the rankings with 612 tons, which accounts for over 54% of their foreign reserves. Japan is listed at #8 with 765 tons of gold in reserve, although it reflects only 2.5% of their wealth. Switzerland registered an impressive gold holdings of 1,040 tons of gold, coming in at 8% of their wealth, and China came in at 1,040 tons which represents only just over 1% of their foreign reserves.

Countries with the most gold reserve

The top countries holding major stakes in gold proved to be a bit surprising, with France holding a whopping 2,435 tons which is a remarkable 65% of their foreign reserves wealth, and Italy was in a similar position compared to France – the Italians hold 2,451 tons of gold representing an astounding 67% of their foreign reserves. The top holders are the usual suspects, with Germany owning 3,384 tons of gold which is an impressive 68% of their foreign reserves and the United States dwarfs all other countries with 8,133 tons of gold, which is also the leader in terms of foreign reserves percentage of assets at 72%. The numbers are impressive as to major world powers increasing their gold stakes; those who buy rare gold coins and gold bullion can only wonder to what extent the price of gold will rise if China decides to increases its gold reserves substantially higher than its paltry 1% of foreign reserve assets devoted to gold.

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2016-10-31T12:19:59-04:00By |Categories: Gold News, Invest in Gold|

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