With threats of a trade war between our friends US and China, the resultant weight on dollar and equity market, gold caught its highest price in over a month the last week. Yes, it closed at Rs. 31,925 this Saturday, and all eyes are once again on gold! And that reminds me, we are the country with the largest consumption of gold since time immemorial. But does that mean we are also on the top of the list when it comes to having gold reserves? Surprisingly, not.
So the latest Federal Reserve announcement has created a slight tingle in the gold market as a whole. We also found a list of the top 10 countries in terms of having highest gold reserves, according to Forbes. Here’s the list, let’s see if India has made into it!
Number 10: India
We may be the biggest buyers of gold, but Reserve Bank of India get the 10th rank with 557.7 tonnes of gold stacked in its vaults.
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Number 9: The Netherlands
They stand 9th with 612.5 tonnes of gold in their reserves in The Dutch Central Bank. They had recently repatriated a huge amount of gold back from the US, which as per sources, will be kept at Camp New Amsterdam.
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Number 8: Japan
With 765.2 tonnes of gold stacked in their vaults, Japan made it to rank 8 in the list. In fact, they had so much gold they reduced its interest rate to ‘zero’ in January 2016, causing a shoot up in global gold demand.
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Number 7: Switzerland
Of course, they’re on number 7 with 1,040 tonnes of gold, a huge gap from the last contender! The Swiss National Bank has such a high gold reserve that they recorded a profit of $5.9 billion owing to this.
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Number 6: Russia
Russia stands on number 6 with 1,460.4 tonnes of gold in the reserve; 206 tonnes out of this was purchased in 2015 selling a large portion of its US Treasuries.
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Number 5: China
How could the population cousin of ours stay behind in the list? They have 1,797.5 tonnes of gold. And why not? They’re also world’s largest producer of the yellow metal!
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Number 4: France
The cheese loving, wine drinking country France is also on 4th rank when it comes to gold in its reserves. They have 2,435.7 tonnes of gold in The Banque De France.
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Number 3: Italy
After France, the close neighbour Italy comes at rank 3 with 2,451.8 tonnes of gold in the vaults of The Banca d’Italia.
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Number 2: Germany
They have the second largest reserves of gold in Deutsche Bundesbank at 3,381 tonnes. They’re all set to bring back all their gold from New York and Paris by 2020.
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Number 1: The United States
They’re at the top with 8,133.5 tonnes of gold, almost 5,000 tonnes higher than their closest competitor! Majority of this gold is lying in Fort Knox in Kentucky, and the remaining in West Point Bullion Depository, Denver Mint, Philadelphia Mint, and San Francisco Assay Office.
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So, being the country that has gold on the top of its list when it comes to investment, or shopping, we have also made it to the list of top 10 countries with largest gold reserves. Well, how much does your household have in the reserves? Install augment app and buy now!