Impressive Gold Reserves: Countries with the Most Gold | Integral University Lucknow


12 Feb, 2018 |Facebook |Twitter |Email |

The impressive and bountiful Gold – Countries with most gold reserves.
Integral’s Professor explains that more gold is to be discovered as 80% of earth gold is still buried underground.

Gold glitters and impresses anyone almost instantly. In India "au ”dazzles each ceremony single handedly on its shoulders. Fascinating Dubai and other Middle Eastern markets seems to be flooded with yellow ornaments. World banks too are heavily piling up the precious metal. So the question arises that how much of Gold is there in the world.

Warren Buffett, one of the world's richest investors, says the total amount of gold in the world - the gold above ground, that is - could fit into a cube with sides of just 20m (67ft). A figure from Thomson Reuters GFMS, which produces an annual gold survey, for all the gold in the world is a whopping 171,300 tones.

Prof Abdul Rehman Khan, HOD Chemistry department ,Integral University explains that this figure is bound to go up significantly in coming years as 80% of earth gold is still buried underground. There is an estimated total of 10 billion tons of gold in the world oceans, that is 25 tons of gold for every cubic mile of seawater.

“A noble metal, gold is prone neither to rust nor tarnish and does not form an oxide film, on its surface when coming into contact with air, making it rare and precious and most treasured metal around the globe”, informs Prof Rehman.

From a common household to the international stock markets, Gold holds its ground firmly. The value of global currencies used to be directly linked to the value of gold. The so-called Gold Standard is no longer in use, but many countries and institutions still hold large reserves of this most precious of metals.

World Gold Council recently issued a list of countries that are stock piling the most gold.

1. United States of America - The United States of America is the country with the most gold in the world with 8,133.5 tons of gold bullion. The majority of this gold is thought to be held in depositories across America.

2. Germany - Germany is the second largest hoarder of gold in the world with 3,373 tons of it. Concern over its gold falling under Soviet control during the Cold War led to the stockpile being spread around the world. It was thought it was divided between the Federal Reserve Bank in New York, the Bank of England and the Banque de France. Recently at least half of this bounty has been bought back home to Frankfurt.

3. International Monetary Fund -The International Monetary Fund (IMF) is a group of 189 countries that work to foster global monetary co-operation. When it was founded in 1944 it was decided that 25% of initial quota subscriptions and subsequent quota increases were to be paid in gold. That remains the main source of the 2,814 tons of gold it holds.

4. Italy - Italy holds 2,451 tons. Unlike most countries, where the gold reserves are owned by the state and managed by its central bank, Italy’s gold is actually owned by the Banca d’Italia. This gold is held in vaults in Rome and on foreign soil at the Swiss National Bank, the Federal Reserve Bank in New York and the Bank of England.

5. France - France has stockpiled 2,435.9 tons of gold. Although some is held abroad, most of this gold is said to be held in vaults under the Banque de France in Paris. A few hundred tons of French gold was sold off in the early part of this century, but its stocks have remained stable since about 2009.

6. China - China has 1,842.6 tons of gold in its reserves. It is also the world's biggest gold producer and the local demand for gold has been boosted by the burgeoning wealth of its middle class.

7. Russia - Russia holds 1,778.9 tons of the stuff. The country can't get enough of this precious metal and has been busy expanding its reserves over recent years. It doesn't need to import to add to its stockpile either, as it has a billion-dollar gold mining industry.

8. Switzerland - The country stocks 1,040 tons. The majority of this gold is held on home soil, but some of it is stored at the Bank of England and Bank of Canada.

9. Japan - Japan holds 765.2 tons of gold in stock. It also has its own veins of gold running through its land, which has been mined on a small scale for centuries. Recent exploratory gold searches have proved positive and Japan is now looking to exploit those reserves further.

10. Neitherland - The Netherlands takes the number 10 spot on the World Official Gold Holding Chart with 612.5 tons of gold in its stocks.

11. India - holds the 11th spot –Interestingly Indian households are known to hold more gold than most other nations, largely in the form of jewelry, and the country itself also places a high value on gold storage. Although India does have a small gold mining industry it can't support the national demand and most of its yellow metal is bought in from abroad